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hello this is Chris from fatgaservices.ca today I will be going over the information returns that you may be required to file as the foreign account tax compliance act has taken into effect on July 1st 2014. this is very important since foreign financial institutions will by law be required to file Financial account information of individuals with U.S ties to the IRS the forms I am going to talk about are fbar form 8938 form 8891 form 3520 and form 5471. the report of foreign bank and financial accounts also known as fbar is required to be filed if a U.S citizen has a financial interest or signature authority over at least one Financial account located outside of the United States and the aggregate value of all foreign Financial accounts exceeded over ten thousand dollars at any time during the calendar year to be reported next we have form 8938 which is a statement of specified foreign Financial assets you are required to file the 8938 when the aggregate value of your total Financial
