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U.S. Tax Declaration Service and Tax Consulting for Overseas Accounts

  • Joy Yang has found that most U.S. tax residents living in Taiwan are familiar with filing individual income tax returns (Form 1040), but many overlook FBAR and FATCA reporting.

  • These two filings must not be missed. Intentional non-filing may result in civil and criminal liability.

  • The chart below helps explain the differences between FBAR and FATCA.
     

    Feature FBAR(FinCEN 114) FATCA(Form 8938)
    Supervising authority Financial Crimes Enforcement Network (FinCEN) Internal Revenue Service (IRS)
    Types of accounts/assets reported Foreign bank accounts, deposit accounts, investment accounts, trust accounts, etc. _
    Filing threshold At any time during the year, the aggregate value of foreign accounts exceeds USD 10,000 USD 50,000 for single or married filing separately; USD 100,000 for married filing jointly
    Filing deadline By April 15 each year; typically can be extended to October 15 _
    Scope of reporting Applies only to foreign financial accounts; does not include other foreign assets _
    Details required Basic information for each foreign account, e.g., account number, financial institution name, maximum balance, etc. Basic information for each specified foreign financial asset, e.g., asset type, account/asset value, etc.


     

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