Individual & Expat Compliance
Form 8938 (FATCA Reporting)
Statement of Specified Foreign Financial Assets
- Sanzione
- $10,000 failure-to-file penalty, escalating up to $50,000 for continued non-compliance after IRS notice, plus 40% accuracy-related penalty on undisclosed assets.
- Scadenza
- Attached to annual Form 1040 (April 15 or October 15 extension).
- Chi deve presentare
- U.S. citizens and residents holding specified foreign financial assets exceeding thresholds (from $50,000 for domestic filers up to $400,000 for married expats abroad).
- Termine di prescrizione
- Statute of limitations extends to 6 years for substantial omissions (> $5,000) or stays open indefinitely if omitted.
- Parti e annessi chiave
- Part I (Deposit Accounts) · Part II (Custodial Accounts) · Part III (Other Foreign Assets & Equity)
Dove falliscono le dichiarazioni
- Confusing Form 8938 with FBAR — both are often required simultaneously with different asset scopes
- Omitting direct ownership in foreign private company equity or offshore partnership interests
Come lo gestiamo
- Complete FATCA asset audit and threshold analysis
- Coordination between Form 8938, FBAR, and foreign tax credits
- Comprehensive multi-year compliance reviews
Prossimo passo
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