Foreign Account Tax Compliance Act (FATCA) Services
The Foreign Account Tax Compliance Act (FATCA), a U.S. legislation, seeks to enhance transparency by requiring U.S. taxpayers to disclose certain foreign banking assets. Expatriates, dual citizens, and those having connections abroad regularly face additional documentation and novel compliance measures in this respect.
At Optimize Tax, we clear the way, secure it, and make it stress-free so that you can stay focused on your life abroad while we take care of all your tax concerns.
Who Needs FATCA Compliance?
If you’re a U.S. citizen or green card holder with financial ties overseas, you may be subject to FATCA. This includes those who have:
- Foreign bank or investment accounts
- Retirement or pension plans held abroad
- Ownership in foreign corporations or trusts
- Other offshore financial interests
Even if these assets are not generating income, FATCA reporting requirements may still apply. Our team ensures you understand your obligations and stay on track.
How Optimize Tax Helps with FATCA Compliance
FATCA may seem daunting, but we make it simple. Our team of seasoned professionals supports you throughout the process.
1. Determining Your Filing Obligation
We review your assets and come to a conclusion as to whether you require the Foreign Account Tax Compliance Act (FATCA) or not.
2. Preparing and Filing the Required Forms
We handle your IRS Form 8938 and coordinate it with your full U.S. tax return to ensure compliance.
3. Tailored Support for Expats and Nomads
Our services are customized to ensure seamless FATCA compliance for expats, digital nomads, and Americans with cross-border finances.
4. Minimizing Red Flags and IRS Scrutiny
We align your FATCA and FBAR filings to maintain accuracy and avoid common pitfalls that can trigger audits or penalties.
Why Choose Optimize Tax?
1. Global Expertise, Personal Support
We work with clients across time zones and tax systems, delivering clear, proactive guidance that keeps you compliant.
2. Secure, Online Process
Our encrypted digital platform makes it easy to upload documents and communicate securely, wherever you are in the world.
3. Stress-Free Compliance
We translate regulations into simple next steps and take the stress out of managing your international tax obligations.
Stay Compliant. Stay Protected.
For the management of even a foreign account or a complex web of international assets, the Optimize Tax stands as a trusted FATCA partner for U.S. citizens abroad. We will keep you compliant, protected, and focused on what really matters.
Book your appointment for consultation today and give us the opportunity to simplify FATCA for you.
FAQs
What is the purpose of FATCA, and who needs to comply?
The purpose of FATCA was to prevent offshore tax evasion through the requirement of U.S. taxpayers to report certain foreign financial assets. If you are a U.S. citizen, green card holder, or resident with bank accounts, investments, or other financial interests abroad, you may be required to file extra forms under FATCA, even if you live abroad full-time.
How is FATCA different from FBAR reporting?
Although both regulations require the reporting of foreign accounts, they do so independently, with different forms, thresholds of accounts, and government agencies involved.
For example, FATCA Form 8938 is submitted with the federal tax return, whereas an FBAR (FinCEN Form 114) is submitted independently by the account holder to the Treasury Department. Most people will have to file under both, and our team helps ensure those filings are properly coordinated.
What happens if I don’t comply with FATCA requirements?
Noncompliance with the FATCA reporting obligations may result in IRS penalties and increased scrutiny of your financial records. But if you have missed filing in the past, there are ways to get back into compliance. Optimize Tax will assist you in determining your options and walking you through the entire process.