<prompt> Human: Its in the title really; Im a Norwegian and US citizen, I live and work in Norway and tax to Norway. I just heard about there being new rules for FACTA which prompted me to do some digging; I realise now I may have been required to do all sorts of reporting these last years im mid 30s. Does anyone have experience with what reporting i should be doing, and also what the consequence of my negligence could be?Just as an idea of my financial situation: I am right now employed at around 100k USD annually Own my own house  <response>: Not filing for FATCA comes with certain penalties:Failure to report foreign financial assets on Form 8938 will result in a penalty of 10,000 and a penalty up to 50,000 for continued failure after IRS notification.I think you need an international tax attorney or an accountant with experience in this matter. Also, as far as the Foreign Earned Income Exclusion goes, youre just about at the threshold 