What is FATCA and how will it impact me?
The Foreign Account Tax Compliance Act (FATCA) is a law that requires foreign banks to share financial information with the U.S. to help combat offshore tax evasion. This may just mean your foreign bank will have you fill out a U.S. tax document (form W-9) so they can comply with these rules.
If you are a U.S. citizen or green card holder living abroad and have foreign assets or foreign bank accounts, you may need to file Form 8938 when you file your U.S. tax return if the value of your assets exceeds certain thresholds.
If you haven't been filing U.S. tax returns, FATCA reporting can result in the IRS discovering your failure to file. Don't worry! H&R Block can help you catch up.
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