US Tax
FBAR and FATCA: What Cross-Border Business Owners Need to Know
2026-05-07 · 6 min · Felistas Njihia, CPA
FBAR (FinCEN 114) generally applies when foreign account balances exceed $10,000.
FATCA Form 8938 applies at higher thresholds and includes broader foreign assets.
Missed filings can trigger significant civil penalties and potential criminal risk for willful non-compliance.