Foreign Account Tax Compliance Act (FATCA) is a 2010 US law requiring American taxpayers to report foreign financial accounts and foreign financial institutions to report on US account holders. US taxpayers must file Form 8938 if foreign accounts exceed $50K (single) / $100K (joint) at year-end or $75K/$150K at any time during the year. Penalties for non-disclosure: $10K minimum, up to $50K with continued failure. FBAR (separate requirement) reports foreign accounts over $10K aggregate. FATCA has dramatically reduced US offshore tax evasion. Affects: expats, immigrants with home-country accounts, anyone with foreign retirement accounts. Comply religiously — penalties can exceed account values.
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FATCA
August 22, 2026 · Aditya Gupta
Tax
Related terms
Alternative Minimum Tax
Alternative Minimum Tax (AMT) is a parallel tax system designed to ensure high-income taxpayers pay a minimum. Calculate…
American Opportunity Credit
The American Opportunity Credit provides up to $2,500 per student per year for the first four years of…
Bunching Deductions
Bunching deductions is the strategy of concentrating itemizable expenses into alternating years to exceed the standard deduction in…
Charitable Contribution Deduction
Charitable contribution deductions allow taxpayers who itemize to deduct cash donations to qualified 501(c)(3) charities up to 60%…
Child Tax Credit
The Child Tax Credit (CTC) provides $2,000 per qualifying child under 17, with $1,600 refundable as the Additional…
Deductible Business Expense
A deductible business expense must be both 'ordinary' (common in your industry) and 'necessary' (helpful to the business).…
