Foreign Account Tax Compliance Act
FATCA requires filing the Statement of Specified Foreign Financial Assets for tax years beginning after March 18, 2010. For Calendar year filers that means 2011 would be the first required filing year.
The Statement of Foreign Financial Assets is required to be filed by a “specified individual” who exceeds specific reporting thresholds as follows:
Taxpayers living in the United States
Based on their filing status the threshold for filing can be as low as $50,000 to $150,000.
Taxpayers living outside the United States
Based on their filing status the threshold for filing can be as low as $200,000 to $600,000.
Determination of the taxpayer’s Specified Foreign Assets and the Valuation of those assets can be a complex process. It is essential that you consult with an experienced tax professional team.
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