FATCA made simple for US Expats
We simplify FATCA reporting for US expats, ensuring accurate, efficient, and compliant disclosure of your foreign assets.
Full FATCA compliance support to ensure all reportable foreign assets are disclosed accurately
Tailored guidance based on your residency, filing status, and financial situation
Trusted support from accountants who specialize in US expat tax compliance
As a US expat, you may have opened bank or investment accounts in the country where you live and possibly in other foreign jurisdictions. While this is common for those living abroad, it also creates additional US tax reporting obligations.
Before the IRS and the US Department of the Treasury tightened enforcement, many Americans overseas failed to report income from foreign assets. To address this, Congress enacted the Foreign Account Tax Compliance Act (FATCA) in 2010. FATCA requires US taxpayers, including expats, to disclose their foreign financial accounts and assets by filing Form 8938 (Statement of Specified Foreign Financial Assets) with their annual tax return.
In addition to FATCA compliance, we offer a complete range of US expat tax services, including tax return preparation, FBAR reporting, and catching up on taxes through the Streamlined Amnesty Program.
The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that was enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. It is designed to prevent tax evasion by US taxpayers holding assets outside the United States. It requires both foreign financial institutions (FFIs) and certain US taxpayers to report information about foreign financial accounts and assets to the Internal Revenue Service (IRS).
There are two main reporting requirements under FATCA:
Form 8966 – filed by FFIs to report information about US account holders
Form 8938 (Statement of Specified Foreign Financial Assets) – filed by US taxpayers to report their foreign financial assets directly to the IRS
Whether you’re required to file Form 8938 depends on your filing status and where you live. The IRS sets different thresholds for taxpayers living in the US versus those living abroad.
Single or Married Filing Separately: File Form 8938 if your foreign financial assets exceed $50,000 on the last day of the year (or $75,000 at any time during the year). For those living abroad, the thresholds increase to $200,000 and $300,000, respectively.
Married Filing Jointly: File if your foreign assets exceed $100,000 on the last day of the year (or $150,000 at any time during the year). For expats living abroad, the limits rise to $400,000 and $600,000, respectively.
If the total value of your foreign financial assets exceeds these limits, you must file Form 8938 with your annual US income tax return (Form 1040).
Keep in mind that FATCA reporting is separate from FBAR (FinCEN Form 114). You may be required to file both, depending on the type and value of your foreign accounts.
| Category | Description |
| Foreign Bank Accounts | This includes checking accounts, savings accounts, and certificates of deposit (CDs) held in foreign financial institutions. |
| Foreign Investment Accounts | Accounts held at foreign brokerage firms, including foreign stocks, bonds, mutual funds, and other securities. |
| Foreign Life Insurance Policies | Life insurance policies held outside of the US that have a cash valve. |
| Foreign Partnerships and Businesses | Interests in foreign partnerships, corporations, of businesses that may be held outside of the US. |
| Foreign Real Estate | While real estate itself is not directly reportable, any associated foreign financial accounts related to the property (such as ‘mortgages or income from rental properties) could be. reportable. |
| Foreign Trusts | Interests in foreign trusts, including distributions from foreign trusts or assets held in rust for your benefit. |
| Foreign Commodities | Precious metals (gold, siver, etc.) and other commodities held in foreign accounts. |
| Foreign Exchange Contracts (Forex) | Contracts related to currency exchange or trading that are held in foreign financial institutions. |
Our FATCA Reporting Service is makes international tax compliance simple and stress-free for US expats and other taxpayers with foreign financial assets. Filing under FATCA can be complex, especially since Form 8938 cannot be filed on its own. It must be attached to your annual US tax return (Form 1040). Failing to file both correctly can result in serious IRS penalties.
Here’s what our FATCA reporting service includes:
We determine whether you’re required to file Form 8938 based on your filing status, residency, and total value of foreign assets.
We help you identify which assets are reportable under FATCA and advise on the information and documentation you’ll need to provide.
We accurately complete your Form 8938 and ensure it’s properly attached and filed with your US income tax return.
We offer year-round support to help you stay compliant with FATCA requirements as your financial situation or residency changes.
At Universal Tax Professionals, we provide FATCA reporting services to help US expats stay compliant with their tax obligations. Here’s why you should choose us:
Staying compliant with FATCA reporting requirements is essential for every US expat with foreign financial assets. With the right guidance, the process doesn’t have to be complicated or overwhelming. At Universal Tax Professionals, our experienced team ensures your Form 8938 is filed accurately and on time, helping you maintain full IRS compliance and peace of mind while living abroad.
How It Works
You must report foreign bank and investment accounts, foreign stocks or securities, interests in foreign entities, and any financial instruments or contracts with non-US issuers.
Form 8938 is filed along with your annual US income tax return (Form 1040) — typically due by April 15, with an automatic extension to June 15 for US taxpayers living abroad.
Failure to file can result in a $10,000 penalty, increasing up to $50,000 for continued non-compliance, plus potential 40% accuracy-related penalties on any underreported income from undisclosed assets.
Yes, in many cases you must file both. FATCA (Form 8938) and FBAR (FinCEN Form 114) are separate reporting requirements, they cover different types of accounts and are submitted to different agencies.
We’re here to make FATCA reporting simple and stress-free. When you work with us, you’ll be paired with an experienced accountant who specializes in US expat taxes.
Your dedicated accountant will carefully review your financial situation, identify which foreign assets must be reported under FATCA, and ensure your Form 8938 is filed accurately and on time. We’ll also answer all your questions and guide you through every step of the process.
You can schedule a call with us anytime to discuss your FATCA and US expat tax needs, and experience the personalized, high-quality service that Universal Tax Professionals is known for.
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