If you hold a foreign bank account, own international investments, or have financial ties outside the United States, you’ve probably heard the terms FBAR and FATCA — sometimes used as if they mean the same thing. They don’t. Understanding the difference matters, because each has its own form, its own deadline, its own threshold, and its own set of penalties for non-compliance. We know — you've heard about FBAR and FATCA before. But there's a reason we keep coming back to this

Now that you have established or become a beneficiary of a foreign trust, you may need to consider whether you have a US income tax return and information reporting requirement. If you are a US citizen, permanent resident, or a US resident taxpayer you may be subject to US taxes and reporting on your worldwide assets.

US citizens and expats with foreign bank accounts face strict IRS and FinCEN reporting requirements. From FBAR to FATCA, learn the most common mistakes — and how to stay compliant.