FBAR & FATCA Compliance for U.S. Taxpayers with Foreign Accounts
If you have foreign bank accounts, overseas investments, foreign pensions, or international financial assets, you may be required to file FBAR (FinCEN Form 114) and FATCA Form 8938 with your U.S. tax return. Henriquez Accounting & Tax Services helps individuals, expatriates, dual citizens, foreign investors, and business owners meet their international tax reporting obligations while avoiding costly penalties.
Our firm provides professional FBAR and FATCA reporting services for clients throughout Florida and nationwide.
What Is FBAR Reporting?
FBAR (Foreign Bank Account Report), officially known as FinCEN Form 114, is required when the total value of your foreign financial accounts exceeds $10,000 at any time during the calendar year.
Foreign accounts may include:
- Foreign checking accounts
- Foreign savings accounts
- Foreign investment accounts
- Foreign retirement accounts
- Joint foreign accounts
- Accounts where you have signature authority
Failure to file FBAR can result in significant penalties, even when no tax is owed.
What Is FATCA Form 8938?
The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers to disclose foreign financial assets on Form 8938.
Foreign assets may include:
- Foreign bank accounts
- Foreign brokerage accounts
- Foreign stocks and securities
- Interests in foreign entities
- Foreign trusts
- Foreign pensions
- Certain foreign insurance products
FATCA reporting requirements vary depending on filing status and residency.
FBAR & FATCA Services We Provide
FBAR Preparation (FinCEN Form 114)
We prepare and electronically file FBAR reports for taxpayers with foreign financial accounts.
FATCA Form 8938 Preparation
We determine filing requirements and prepare Form 8938 as part of your tax return.
Foreign Asset Review
We review foreign accounts and investments to identify reporting requirements.
Prior-Year FBAR Compliance
If you failed to file FBARs in previous years, we can help evaluate available compliance options.
International Tax Compliance
We assist taxpayers with a variety of international reporting requirements and foreign asset disclosures.
Common Countries We Work With
We assist clients with foreign accounts and assets located in:
- Dominican Republic
- Puerto Rico
- Mexico
- Canada
- United Kingdom
- Spain
- Colombia
- Venezuela
- Trinidad & Tobago
- Other international jurisdictions
Who Needs FBAR or FATCA Reporting?
You may need FBAR or FATCA reporting if you:
- Maintain foreign bank accounts
- Inherited foreign assets
- Receive foreign pension income
- Own foreign investments
- Have signature authority over foreign accounts
- Live abroad as a U.S. citizen
- Receive income from foreign sources
- Own interests in foreign businesses
Why Choose Henriquez Accounting?
✅ International Tax Experience
✅ FBAR & FATCA Reporting Assistance
✅ Bilingual English & Spanish Service
✅ Enrolled Agent (EA) Representation
✅ Virtual Appointments Available Nationwide
✅ Assistance for Individuals and Businesses
Frequently Asked Questions
What is the FBAR filing threshold?
FBAR filing is generally required when the total value of all foreign financial accounts exceeds $10,000 at any point during the year.
What happens if I forgot to file an FBAR?
There may be compliance options available depending on your circumstances. We can review your situation and determine the appropriate next steps.
Is FBAR the same as FATCA?
No. FBAR (FinCEN Form 114) and FATCA Form 8938 are separate reporting requirements with different filing thresholds and rules.
Do I need to report foreign retirement accounts?
Certain foreign retirement accounts may require reporting. Requirements vary depending on the country and account type.
Can you help with prior-year filings?
Yes. We assist clients with current-year and prior-year international reporting requirements
Do I Need to Report Foreign Accounts if They Earn No Income?
Yes. FBAR reporting requirements are based on the value of your foreign financial accounts, not whether the accounts generated income. Even if your foreign account earned no interest, dividends, or investment income, you may still be required to file an FBAR if the reporting threshold is met.
What Are the Penalties for Not Filing FBAR or FATCA Forms?
Penalties for failing to file FBAR or FATCA forms can be substantial. Depending on the circumstances, penalties may apply even when no tax is due. If you have missed prior-year filings, Henriquez Accounting can review your situation and help determine available compliance options.
Can Dual Citizens Be Required to File FBAR and FATCA Forms?
Yes. U.S. citizens, including dual citizens living abroad, may be required to report foreign financial accounts and assets. Many taxpayers are unaware that maintaining accounts in another country can trigger U.S. reporting requirements even if they already pay taxes in that country.
Do I Need to Report Foreign Accounts Held Jointly With Family Members?
Possibly. Jointly owned foreign accounts may still be subject to FBAR and FATCA reporting requirements. Reporting obligations depend on account ownership, account value, and other factors. We can review your accounts and determine the proper reporting requirements.
Can Henriquez Accounting Help With Late FBAR Filings?
Yes. We assist clients with current-year and prior-year FBAR and FATCA reporting. If you recently discovered a missed filing requirement, we can evaluate your situation and help you become compliant with U.S. reporting regulations.
Need Help With FBAR or FATCA Reporting?
Henriquez Accounting & Tax Services provides professional FBAR, FATCA, Form 8938, and international tax compliance services for individuals and businesses throughout Florida and nationwide.