FATCA (Form 8938) > Services

FATCA (Foreign Account Tax Compliance Act)

The FATCA Questionnaire only requires the following three information
Name of Financial Institution, Account Number, Maximum Account ValueOur clients can file FATCA (Form 8938) for the lowest price offered in the market.

Do you need to file both FBAR and FATCA?
UNCLE SAM is your solution

FATCA Penalty

PENALTIES FOR FATCA NON-COMPLIANCE
Minimum $10,000
Additional $10,000 penalty for 30 days after receiving IRS notice (Maximum $60,000)
Additional fines may also apply under criminal law

Do you meet the residency status requirement for FATCA?

The following U.S. residents filing Form 1040 must attach Form 8938 (FATCA) to their tax return and file FBAR (Form 114) with FINCEN, a bureau of the U.S. Department of Treasury, if the respective reporting thresholds are met.

· U.S. citizen or permanent resident
· Various working or investment visa holders
· Student visa holders considered as resident aliens (must meet Substantial Presence Test)
· Non-resident alien spouse electing to be treated as a resident alien

Do you meet the reporting threshold for FATCA?

You are required to file FATCA (Form 8938) if the aggregate value of all foreign financial accounts and assets exceed the amounts listed below either at the end of the year or during the year. FATCA is separate from FBAR and, as a result, must be reported to the Internal Revenue Service (IRS) by being attached to a U.S. individual income tax return.

REPORTING THRESHOLD AMOUNT	RESIDED OUTSIDE THE U.S.		RESIDED IN THE U.S.
YEAR END	Single OR Married Filing Separately (MFS)	$200,000	Single OR Married Filing Separately (MFS)	$50,000
YEAR END	Married Filing Jointly (MFJ)	$400,000	Married Filing Jointly (MFJ)	$100,000
DURING THE YEAR	Single OR Married Filing Separately (MFS)	$300,000	Single OR Married Filing Separately (MFS)	$75,000
DURING THE YEAR	Married Filing Jointly (MFJ)	$600,000	Married Filing Jointly (MFJ)	$150,000

IF YOUR FILING STATUS IS MARRIED FILING JOINTLY (MFJ)

As previously mentioned, FATCA (Form 8938) must be attached to your U.S. individual income tax return (Form 1040 or Form 1040-NR is electing a tax treaty). If your filing status is Married Filing Jointly (MFJ), you must report each spouse's foreign financial account in a single Form 8938 (FATCA). However, each spouse must create and complete their own Form 8938 (FATCA) Questionnaire.

IF YOUR FILING STATUS IS MARRIED FILING SEPARATELY (MFS)

Those whose filing status is Married Filing Separately (MFS) must individually determine whether the aggregate value of their foreign financial accounts exceeds the reporting threshold. Moreover, the account balance for all jointly owned accounts with their spouse must be split in half when determining the aggregate value. However, the entire account balance must be reported by each spouse (i.e., do not split the account balance in half) when preparing FATCA.

NOTE The reporting threshold for FATCA changes based on your filing status and where you resided. Thus, please make sure to check the correct reporting threshold amount.

Did you fail to file FATCA for prior years?

The filing method for reporting previously unreported FATCA (Form 8938) depends on whether or not you need to amend your tax return (Form 1040).

CASE 01.

All foreign source income (ex. interest, dividend, investment income), gifts, donations, and inheritances have been properly reported on the U.S. tax return that should have also reported FATCA (Form 8938)

Only Submit Form 8938 (FATCA) (Delinquent International Form Submission Procedure)

CASE 02.

Failed to report FATCA (Form 8938) and omitted foreign source income on a previously filed Form 1040

Streamlined Procedure (SFOP/SDOP) or Amended Return (1040X) Learn more

Service Fee

Please note that FATCA (Form 8938) must be attached and submitted with your Form 1040 if you need to file FATCA for this tax year. UNCLE SAM offers a range of FATCA related services to meet the needs of different clients and their unique situation. Below is a list of services we offer:
1. Prepare FATCA (Form 8938) only
2. Prepare an amended tax return along with FATCA (Form 8938) for a previously filed tax return
3. Prepare a tax return and FATCA (Form 8938) for the current or a prior tax year

Service	Fee
1. Prepare FATCA (Form 8938) OnlyYou are self-preparing or have hired another paid-preparer to prepare Form 1040 and their FATCA service fee is too high	Fixed basic fee $50 (for 10 accounts) + $3 per additional account UNCLE SAM will prepare and then email you Form 8938 (FATCA) to you as a PDF so you or your paid-preparer can attach it to your Form 1040
2. Prepare an amended tax return along with FATCA (Form 8938) for a previously filed tax returnIn cases where foreign income was properly reported on prior year returns, but the FATCA form was omitted or additional foreign accounts were later discovered, an amended return is required.	Prepare Form 8938 Only	Fixed basic fee $50 (for 10 accounts) + $3 per additional account
	Prepare Amended Tax Return (Form 1040X)	· Minimum standard service fee of $250 (may vary depending on originally filed tax return · Additional $250 if submitted under the Delinquent International Form Submission Procedure · Certified international shipping related fee excluded from service fee (e-file is prohibited by the IRS)
3. Prepare a tax return and FATCA (Form 8938) for the current or a prior tax yearYou used or plan on using UNCLE SAM's Form 1040 Questionnaire	Prepare Form 8938 Only	Fixed basic fee $50 (for 10 accounts) + $3 per additional account
	Prepare U.S. Individual Income Tax Return	View UNCLE SAM's Form 1040 Service Fee

※ If you pay in KRW, the fee will be converted using the exchange rate on the day of payment.

The service fee preparing and filing an amended tax return only includes the addition of Form 8938 (FATCA) and, as a result, is subject to change if other adjustments are needed.
The total service fee depends on the number of accounts reported, which is why it is calculated after all information has been entered. If you are requesting an amended return in addition to Form 8938 (FATCA), please kindly go to the 'Enter additional service fee(서비스금액직접결제)' tab and make the payment before we begin preparing your tax return along with related forms.
It will take three business days to finish preparing Form 8938 starting from the day you complete our FATCA Questionnaire and payment. However, additional time may be required if further review with you is necessary.
For joint filers, please create and complete a separate FATCA Questionnaire for each spouse.

Service Limitations / Additional Notes (Terms & Conditions)

* If you own 10% or more of a corporation that requires Form 5471, services can only be provided offline. In such cases, a separate quote will be issued and the service will proceed offline.
* For KRW payments, service fees will be automatically converted based on the official exchange rate of the payment date.
* Unless otherwise specified in the fee schedule, the listed basic fee applies to one income type per service. If two or more income types apply, additional charges will be incurred for each item.
* For certain return types that require paper filing under government regulations, additional postage fees will apply.
* Specific additional charges are automatically calculated by the system and reflected in the payment screen for your confirmation.
* Certain additional charges may only be finalized after review by a tax professional. In such cases, an additional payment request will be sent by email based on the fee schedule.
* For special cases not listed in the fee schedule that require significantly more professional time, industry-standard additional charges will apply. These will be communicated in advance before services are provided.
* The service fee covers the preparation and filing of the return based on documents provided by the client, along with a standard summary of results and a general explanation of the tax due or refund amount.
* Explanations provided for educational purposes, such as detailed calculation methods, legal applications, or step-by-step preparation guidance that go beyond the typical scope of client support, are not included in the standard service fee. If requested, an hourly professional fee will apply.
* Form 1040 services cover federal and state individual income tax returns only. Local taxes (e.g., excise tax) required by specific states or cities will only be prepared upon client request.
* Filing services listed in the fee schedule are considered complete once the client has received either the e-file acceptance record or proof of postal submission. Any subsequent government correspondence or responses are provided as a separate service.
* Refunds are subject to the refund policy provided at the time of payment.

View Refund Policy