Compare FATCA and FBAR

What are the differences between FBAR and FATCA reporting requirements

The United States Foreign Accounts Tax Compliance Act (FATCA) and Foreign Bank Account Report (FBAR) are two methods adopted by the US government in an effort to perhaps combat tax evasion by hiding assets/income abroad.

Differences between FATCA & FBAR

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FBAR
FATCA
Who must file
US taxpayers such as for example US citizens, green card holders etc. who have an interest in foreign financial accounts and meet the reporting threshold.
US taxpayers such as for example US citizens, green card holders etc. who have an interest in specific foreign financial assets and meet the reporting threshold.
Reporting Thresholds
Value of your assets is $200,000 on the last day of the tax year or more than $300,000 at any time during the year if filing single. Or If married and filing jointly then, Value of your assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year. Lower thresholds apply for US residents. $50,000 on the last day of the tax year or $75,000 at any time during the tax year.
$10,000 or more at any time during the calendar year, you must file FBAR. The amount of $10,000 is an aggregate balance of adding all your accounts if you hold more than one foreign account.
How Filed
FBARs are now filed electronically on the BSA E-Filing System via FinCEN Form 114.
Form 8938, Statement of Specified Foreign Financial Assets. Form 8938 is filed right along with your US tax return.
Due date
Due by the date tax returns are due
Received by June 30, of the tax year
Penalties
If IRS determines the failure to file is non- willful, up to $10,000 per violation. However, if it is determined that your failure to file was willful, the penalties are up to the greater of $100,000 or 50 percent of account balances.
Penalties for failing to file are up to $10,000 for each failure to disclose and an additional $10,000 for each 30 days of non-filing after receipt of an IRS notification to do so. The maximum penalty is $60,000, however criminal penalties are also possible depending on how IRS views the case.
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Compare FATCA and FBAR

What are the differences between

FBAR and FATCA reporting

requirements

The United States Foreign Accounts Tax Compliance Act (FATCA) and Foreign Bank Account Report (FBAR) are two methods adopted by the US government in an effort to perhaps combat tax evasion by hiding assets/income abroad.

Differences between FATCA & FBAR

FBAR
FBAR
FATCA
Who must file
US taxpayers such as for example US citizens, green card holders etc. who have an interest in foreign financial accounts and meet the reporting threshold.
US taxpayers such as for example US citizens, green card holders etc. who have an interest in specific foreign financial assets and meet the reporting threshold.
$10,000 or more at any time during the calendar year, you must file FBAR. The amount of $10,000 is an aggregate balance of adding all your accounts if you hold more than one foreign account.
Value of your assets is $200,000 on the last day of the tax year or more than $300,000 at any time during the year if filing single. Or If married and filing jointly then, Value of your assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year. Lower thresholds apply for US residents. $50,000 on the last day of the tax year or $75,000 at any time during the tax year.
How Filed
Form 8938, Statement of Specified Foreign Financial Assets. Form 8938 is filed right along with your US tax return.
FBARs are filed electronically on the BSA E-Filing System via FinCEN Form 114.
Due Date
Received by June 30, of the tax year.
Due by the date tax returns are due 
Penalties
If IRS determines the failure to file is non-willful, up to $10,000 per violation. However, if it is determined that your failure to file was willful, the penalties are up to the greater of $100,000 or 50 percent of account balances.
Penalties for failing to file are up to $10,000 for each failure to disclose and an additional $10,000 for each 30 days of non- filing after receipt of an IRS notification to do so. The maximum penalty is $60,000, however criminal penalties are also possible depending on how IRS views the case.
Reporting Threshold