FBAR & FATCA Compliance

The FBAR requirement is triggered if the *aggregate* value of all your foreign accounts exceeds $10,000 at any point during the year. This includes accounts where you have financial interest or mere 'signing authority' — even if the money doesn't belong to you. Common omissions include foreign pensions, joint accounts with non-US family members, and business accounts.

Penalties for non-willful FBAR violations start at $10,000 per violation, while willful violations can be 50% of the account balance. We provide the forensic documentation required to ensure every account is reported, protecting you from automated IRS penalty assessments.

While the FBAR is filed with the Treasury, Form 8938 is part of your IRS tax return. It captures a broader set of assets, including private company interests, foreign partnership interests, and certain foreign trusts. The thresholds for Form 8938 are higher and vary depending on whether you live in the US or abroad.

Failure to file Form 8938 results in a $10,000 penalty and keeps the statute of limitations open indefinitely for your entire tax return. Our team ensures that your Form 8938 and FBAR are perfectly synchronized, eliminating the 'red flags' that trigger international audits.

The IRS now receives data from foreign banks through the Common Reporting Standard (CRS) and FATCA Intergovernmental Agreements (IGA). If a foreign bank reports an account in your name that does not appear on your US filing, an audit is almost certain. We perform 'reconciliation testing' — pre-emptively matching your foreign records to your US disclosures.

Whether it is an inherited account in Switzerland, a business account in London, or a pension in Sydney, we provide the documentation standards required to explain every balance movement and closure, ensuring your global wealth is documented correctly.