The Foreign Account Tax Compliance Act (FATCA) is a law passed in 2010 that puts additional reporting requirements on individuals with offshore bank accounts.
Under this law, individuals with over $50,000 in offshore "assets" must file a form in addition to the FBAR to the IRS. Assets include bank accounts, stock accounts, interest in a business, etc.
Furthermore, the threshold for requiring this additional form is dependent on multiple factors, such as your marital status or place of residence.
Like many tax laws in the US, the laws under FATCA can be confusing and easily misconstrued. To ensure you properly report your offshore accounts to the IRS, contact a Florida tax evasion attorney at the Law Offices of Horwitz & Citro, P.A..
