How about "Fleeced Beyond All Recovery"? Nah. It actually stands for, "Foreign Bank And Financial Accounts". Right. Well, the form terrorizing people now is the Form 8938, which is new for most people this year. I'm addressing US Citizens living overseas now and the threshold of who must file is determined thusly:
If you are a taxpayer living abroad you must file if:
- You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year;
- You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.
This is from the IRS. If you don't have assets like these, rest easy (yes, as in, "calm down") and forget this form, at least this year.