Season 2 Episode 04:

FBAR and FATCA – Filing Pitfalls, Thresholds, and Practical Tips

In Part 2 of our FBAR and FATCA series, Rudo Mugwagwa and Gina Lee move from understanding the rules to addressing where filings most often break down and how to avoid those issues.

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FBAR and FATCA compliance doesn’t start at the filing deadline, it starts with early planning. In Part 2 of our FBAR and FATCA series, Rudo Mugwagwa and Gina Lee move from understanding the rules to addressing where filings most often break down and how to avoid those issues.

For U.S. persons with foreign accounts, global families, financial institutions, and compliance teams, this episode highlights filing thresholds, documentation practices, certifications, and why proactive coordination is critical to avoiding penalties, delays, and unnecessary follow-up during the reporting cycle.

Episode highlights:

  • The importance of reviewing maximum account value, not just year-end balances

  • Why dormant or forgotten foreign accounts still require attention

  • The operational differences between Model 1 and Model 2 FATCA jurisdictions

  • Why financial institutions must review investor certifications, policies, and responsible officer recertifications before March filings

Host: Gina Lee

Gina Lee is your trusted guide for U.S. tax law, corporate compliance, and estate planning, providing personalized, strategic counsel to help achieve your financial and personal goals with confidence.

Host: Rudo Mugwagwa

Rudo advises on investment funds, corporate, and cross-border compliance matters, with experience across fund formation, governance, and investor-side advisory.

If this episode resonates with what you’re working through, contact info@basswoodcounsel.com. We’ll help you bring clarity to the key decisions, risks, and priorities, with the right support across our complementary practice areas.

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