HIRE Act’s Foreign Account Tax Compliance Provisions

[sivanyk1234]

Do we need to file FATCA form (HIRE Foreign Account Tax Compliance: Reporting Requirements) also in addition to FBAR for Indian NRI accounts
Are there any issues of not filling FATCA forms after filing FBAR? . I have filed FBAR and payed tax for interest accrued in my NRI account in US for last year.

Any recommendations or comments will be very helpful.

Thanks in advance.

[Jeff4cpa]

FATCA filers alre also likely FBAR filers

Foreign accounts which in total exceed $50K are subject to the FATCA disclosure rules. FACTA and FBAR are two different requirements and have different penalties for failing to comply.