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The FATCA, or Foreign Account Tax Compliance Act, is what gives US Citizens and Green card holders living outside of the US the responsibility to report their foreign assets.
It is a law from the US government made to track potential illegal tax activity and monitor American taxpayers and business folks who are earning income abroad. US citizens and Green Card Holders living abroad will need to report their foreign assets if they exceed certain monetary thresholds, under this FATCA law. Plus, foreign institutions (like banks) are also involved and need to report to the IRS the assets from their American clients.
With MyExpatTaxes’ all-in-one software, you can file the FATCA and FBAR. It’s never been easier to become tax compliant!
🇺🇸 Helpful US Expat Tax Tips 🇺🇸
✅ The FATCA For Americans Abroad: www.myexpattax...
✅ How to Get the Stimulus Payment as a US Expat: www.myexpattax...
✅ The Ultimate US Expat Tax Guide: www.myexpattax...
Regular US Expat Tax Content Weekly:
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Intro: (00:00)
For US Citizens living abroad: (00:13)
What is FACTA?: (00:45)
Banking Abroad: (01:09)
Form 8938: (01:52)
FATCA Threshold: (02:07)
File FATCA with MyExpatTaxes (02:21)