FBAR & FATCA Compliances

Introduction about the FBAR & FATCA Compliances

Foreign Account Tax Compliance Act, 2010 has paved the way for various new reporting requirements for US citizens and Foreign Financial Institutions.

It is also applicable for residents whose financial assets are at FFI outside the country. The reporting requirements of FATCA are combined with the existing FBAR (Foreign Bank Account Report).

What is FBRAR?

FBAR has to be filed by any individual who has the signature, financial interest, or authority in more than one bank, financial account, or security. This bank or security should be with a financial institution outside the USA. The reporting requirement becomes necessary once the aggregated amount turns over $10,000.

What is FATCA?

FATCA scrutinises offshore compliance and helps in fighting tax evasion and avoidance. Put to action in 2104, FFIs have to report the financial assets’ aggregate value held by a US citizen. FFI also has to register itself with the Internal Revenue Service to obtain GIIN (Global Intermediary Identification Number). According to the said provisions, the residents, US citizens, and selected non-residents are required to file the 8938 form. This action is performed in case the foreign financial assets’ aggregate value exceeds the threshold.

USB/ Features about the services

At Fellow Tax, we do not believe in compromises. Our team of professionals ensures that the clients comply with every norm laid down by the FBRAR and FATCA.

With us, your data will be secure, timely submitted, and clear all the regulations. Fellow Tax helps with Form 114 under the provided deadline. We always provide you with the exact information about the filing requirement and even organize a one-on-one meeting to resolve your queries.

All our customer representatives are available to assist you. We make sure that your filing requirements are fulfilled and that there’s no scope for contingency.