Form 8938 – Statement of Specified Foreign Financial Assets Form 8938 uses to report on specified foreign financial assets. The filling required if the total value of all of the assets in which you have an interest, exceeded the reporting threshold. Filing Form 8938 does not relieve you of the requirement...
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The Differences between FBAR reporting and reporting FATCA 8938 The following chart illustrates the main differences between the two reports. Note that once the maximal sum for disclosure has been crossed, both forms are required. FBAR (FinCEN 114) FATCA Form 8938 Report to FinCEN – Financial Crime Enforcement Network...
FACTA 8938 Since 2012 the IRS has been employing an additional requirement of disclosing financial accounts and assets held outside the US. Disclosure via an additional form is required for assets or accounts whose value exceeds: $200,000 on the last day of the calendar year Or $300,000 on any...
FBAR – Foreign Bank Accounts Reporting Obligation Every US citizen/resident is required to provide an annual report of foreign financial accounts (outside the US), if the accumulated balance exceeds $10,000 throughout the year. Financial accounts include, but are not limited to: Banking Investments Pension funds Provident funds Insurance with...
FATCA Agreements In the struggle to fight credit fraud, the US signed FATCA Agreements with several countries worldwide, intended to enforce collaboration and information sharing between the authorities. In 2014, Israel, second only to Switzerland, also signed FACTA. This act demands financial institutions to recognize and pass on client reports from...