Foreign Account Tax Compliance Act


If you are a U.S. citizen or permanent resident living in Korea and you have
more than $200,000 of foreign financial assets at the end of the year or $300,000 at any time
during the year, you must submit Form 8938 along with the federal tax return.


Frequently asked questions

1Can I only file one of the FBAR/FATCA?
Because FBAR is filed directly with the U.S. Department of the Treasury and FATCA with the IRS, you must file both FBAR and FATCA if you meet the reporting threshold. If your financial asset is more than $20,000, you do not meet the reporting threshold of FATCA, but of the FBAR. In this situation, you will only need to file an FBAR.

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