SAI CPA SERVICES IN NJ

  Foreign account reporting can be complex, but at Sai CPA Services , we're here to g uide you through the essential requirements of FATCA (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank Account Report).   FATCA Reporting Requirements U.S. taxpayers holding foreign financial assets exceeding $50,000 must file Form 8938 with their annual tax returns. This requirement encompasses various financial assets, including bank accounts, investment accounts, and certain foreign insurance products. Foreign financial institutions are also mandated to report accounts held by U.S. taxpayers, ensuring comprehensive compliance.   FBAR Filing Obligations If you're a U.S. person with foreign financial accounts totaling over $10,000 at any point during the calendar year, you must file FinCEN Form 114 . This applies to individuals, corporations, partnerships, and trusts with foreign account signature authority or financial interests .   Critical Deadlines   FAT...