What is FATCA and how does it affect me as a US expat?
If you have foreign assets at offshore accounts and a US expat, the Foreign Account Compliance Act (FATCA) will improve tax compliance. Watch the video for additional information.
"What is FATCA and how does it affect me as a US expat?" The Foreign Account Tax Compliance Act is designed to improve tax compliance involving foreign assets at offshore accounts. It's similar to the FBAR, which is a US Treasury form, but it's not the same and the rules around it aren't the same and to be honest I don't know why the Treasury and the IRS can't communicate better and eliminate one form that people need to file, but they don't.
Under FATCA, US taxpayers with specified foreign financial assets, bank accounts, foreign stock, partnership interests, foreign mutual funds, these type of things, foreign life insurance, that exceed certain thresholds must report those assets to the IRS and this is done on form 8938. We have another video about that if you're interested. This is submitted along with your US tax return to the IRS in accordance with your tax deadline."
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