Confidently compliant abroad

US Citizens must file an annual US tax return, reporting worldwide income even if you reside abroad. Often, foreign residency triggers additional FBAR and/or FATCA reporting obligations. We’ll advise and guide you if these apply.

Report of Foreign Bank and Financial Accounts (FBAR)

The key points at a glance:

• FBAR is required if your combined non-US financial accounts exceed $10,000 at any time during the year, including business accounts.
• You must report specific details of all qualifying accounts.
• Due by 15 April for the previous year, with a 6-month extension available.
• Penalties: up to $10,000 for non-wilful failures; wilful violations can incur fines up to $100,000 or 50% of account balances, with possible criminal consequences.

The Foreign Accounts Tax Compliance Act (FATCA)

The key points at a glance:

• FATCA requires banks and foreign financial institutions to report accounts held by US citizens and residents, aiming to prevent offshore tax evasion.
• Many US citizens resident in the UK first encounter FATCA via intimidating bank compliance packs – stressful but manageable with guidance.
• FATCA was designed to catch major tax evaders, not the average filer. Nonetheless, falling behind can be serious, so it’s best to get compliant sooner rather than later.

You and your accounts covered

FBAR and FATCA requirements often come as a surprise. Our experienced team will guide you every step of the way, giving you full confidence while ensuring complete IRS compliance.