FATCA (Form 8938)

FATCA (Form 8938) is a U.S. tax reporting requirement for individuals who hold foreign financial assets above certain thresholds.

Unlike FBAR, FATCA is filed with your tax return, and the IRS uses it to identify unreported foreign income and assets.

If you have Korean bank accounts, securities, pension accounts, or other foreign assets, you may be required to file Form 8938 — even if the accounts produce no income.

Our FATCA service ensures that all your foreign assets are properly identified, valued, and reported in full compliance with IRS rules.

Clients often ask:

• “Do I need to file FATCA if I already filed FBAR”
• “What counts as a foreign financial asset”
• “Do Korean pension accounts or securities accounts count”
• “What are the filing thresholds”
• “How do I report assets with no income”
• “What happens if I missed prior years”

These questions are extremely common — and FATCA rules are broader than most taxpayers expect.

We help you determine whether you must file Form 8938 and ensure accurate, complete reporting.

✔ Determine Filing Requirements

• U.S. residency status
• Filing thresholds (single, married filing jointly, living abroad)
• Asset types and valuation rules

✔ Identify Reportable Korean Assets

• Bank accounts (including KakaoBank)
• Securities and investment accounts
• Korean pension accounts (NPS, IRP, retirement plans)
• Foreign life insurance with cash value
• Business ownership interests
• Foreign trusts or partnerships

✔ Prepare and File Form 8938 Accurately

• Convert asset values to U.S. dollars
• Determine year‑end and maximum values
• Report income associated with foreign assets
• Ensure consistency with your tax return and FBAR

✔ Correct Past Non‑Compliance

• Late FATCA filings
• Reasonable cause statements
• Coordination with amended tax returns
• Alignment with FBAR corrections

FATCA compliance requires accuracy, consistency, and careful coordination with your tax return.

• Precise asset classification: We ensure every required asset is included
• Consistency across forms: FATCA, FBAR, and Schedule B must align
• Penalty‑aware: We help you avoid unnecessary exposure
• Clear explanations: You understand what is being reported and why
• Confidential and secure: Sensitive financial data handled with care