US taxpayers with foreign financial assets or overseas bank accounts may have additional reporting obligations beyond their annual tax return. Tax Mithra helps individuals and businesses understand and meet FBAR and FATCA compliance requirements accurately and on time.

The FBAR is an annual reporting requirement for certain US persons who have a financial interest in or signature authority over foreign financial accounts exceeding applicable reporting thresholds during the calendar year.

FATCA requires certain US taxpayers to report specified foreign financial assets on their federal income tax return when they exceed applicable reporting thresholds. FBAR and FATCA are separate reporting requirements with different rules.