FBAR & FATCA

Report of Foreign Bank and Financial Accounts and Foreign Accounts, that must be filed with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the Treasury Department.

For FINCEN 114 (FBAR) Disclosure

Also make sure if you are maintaining accounts outside of the USA and at any given point of time the accumulated balance in all your accounts, including FD's, accounts in Rupees exceeds $10,000 then you must have to file FBAR form before 04/15 of each year.

If you are a U.S. citizen or resident, you are required to report your worldwide incomeon your tax return. This means that you must not only report income you receive from U.S. sources, but you must also report income you receive from foreignsources.As well also have to report into your tax return any interest or dividend or rental and any other income earned outside of the USA. Please let us know so we can properly report in your return.

FATCA

Form 8938 filing requirement

If The total value of your specified foreign financial assets is more than following:

Single /Unmarried: $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year

Married : $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year

Married filing Seperate: $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

If you are a taxpayer living abroad you must file if:

You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or

You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

Form 3520

Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts-More than $100,000 from a nonresident alien individual or a foreign estate that you treated as gifts or bequests and many other please see the instuctions for form 3520

For Non-Filers

IRS Can Seize Foreign Bank Accounts, Property & Income. If the Internal Revenue Service (IRS) believes you are knowingly or willfully failing to report your foreign accounts, the IRS has many options in order to collect the fines and penalties theycan levy against you