FATCA was enacted in 2010; U.S. taxpayers are required to report to the IRS about financial assets held outside the United States. This reporting requirement is part of the Foreign Account Tax Compliance Act (FATCA), which was part of the larger Hiring incentives to Restore Employment Act (HIRE).

FATCA consists of two parts: a new withholding regime designed to encourage global financial institutions to submit reports to the IRS regarding the international finances of US citizens, and a new reporting mechanism by which US taxpayers self-report to the IRS financial assets held outside the United States.

If you had more than $50,000 in your foreign country in your Bank/Securities/Deposits, then you are required to file FATCA Report using Form 8938 with the IRS along with your Income Tax Return before April15.