Instructions for FATCA Reporting
If you have foreign financial assets, be sure to carefully read the new instructions for Form 8938, the form which details foreign financial assets (under FATCA) and which must be attached to your Form 1040 or 1040NR. The link to the instructions is: www.irs.gov/pub/irs-pdf/i8938.pdf
Additional information on filing requirements, penalties for non-filing and thresholds can be found here: https://www.irs.gov/businesses/corporations/information-for-u-s-taxpayers-on-the-requirements-of-form-8938-statement-of-specified-foreign-financial-assets
A complete list of FAQs outlining the types of financial instruments that should be declared on a FATCA Form 8938 can be found at: https://www.irs.gov/businesses/corporations/basic-questions-and-answers-on-form-8938
Since 2014, the IRS has been able to match information on your Form 8938 with information received from foreign financial institutions, so accuracy on your part every year is important.
ACA has prepared a detailed information sheet on these new requirments, available here.
This ACA page was updated in January 2017