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good afternoon this is shawn golden with golden golden here to go through the basics of foreign account compliance for matters such as fbar fatca pfic what you could do to get into compliance if youamp;#39;re already out of compliance there is a ton of horrible information online i mean a lot of itamp;#39;s inaccurate a lot of itamp;#39;s outdated a lot of it is designed just to scare you unnecessarily because quite frankly majority of the time taxpayers are non-willful and thereamp;#39;s various safe programs developed by the irs to help you safely get into compliance so letamp;#39;s go through some of the basics when someoneamp;#39;s talking about foreign accounts compliance basically three main form slash categories thereamp;#39;s the fbar foreign bank and financial account reporting which is on fincen form 114 technically not a tax form but enforced by the irs then thereamp;#39;s fatca the foreign account tax compliance act individuals and other filers file it on a form 893
