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FBAR and FATCA Explained – Understanding the Differences and Overlap
In this episode of the Under the Basswood Tree podcast, Basswood Counsel attorneys Rudo Mugwagwa and Gina Lee explain two U.S. cross-border reporting regimes that are often confused: FBAR and FATCA.
The discussion breaks down what each regime is designed to do, how they differ, where they overlap, and why many taxpayers and institutions struggle to understand how the rules fit together. The episode also clarifies who is required to file, what types of accounts and assets are reportable, and why FBAR and FATCA compliance extends beyond simply filing a U.S. tax return.
This is Part 1 of a two-part series focused on providing clarity around FBAR and FATCA for U.S. persons with foreign accounts, global families, business owners, and financial institutions navigating cross-border reporting obligations.
Disclaimer:
This podcast is for informational purposes only and does not constitute legal advice. Listening to this podcast does not create an attorney–client relationship. For advice on your specific situation, please reach out to the Basswood Counsel team or consult a qualified attorney.
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By Basswood CounselIn this episode of the Under the Basswood Tree podcast, Basswood Counsel attorneys Rudo Mugwagwa and Gina Lee explain two U.S. cross-border reporting regimes that are often confused: FBAR and FATCA.
The discussion breaks down what each regime is designed to do, how they differ, where they overlap, and why many taxpayers and institutions struggle to understand how the rules fit together. The episode also clarifies who is required to file, what types of accounts and assets are reportable, and why FBAR and FATCA compliance extends beyond simply filing a U.S. tax return.
This is Part 1 of a two-part series focused on providing clarity around FBAR and FATCA for U.S. persons with foreign accounts, global families, business owners, and financial institutions navigating cross-border reporting obligations.
Disclaimer:
This podcast is for informational purposes only and does not constitute legal advice. Listening to this podcast does not create an attorney–client relationship. For advice on your specific situation, please reach out to the Basswood Counsel team or consult a qualified attorney.