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  • FATCA Noncompliant Accounts may be Frozen or Blocked
    Many of our clients with foreign accounts have received FATCA letters.  The letters seek personal information regarding the account holder in order to comply with the US FATCA law. In recent weeks, government authorities in a few foreign countries have announced that account holders that have received FATCA letters and have not responded with the
  • Complicated Form 5471 filing requirements simplified for dormant foreign corporations
      The reporting requirements for IRS Form 5471 are complex, including ‘category of filer’ and required schedules.  However, very few taxpayers know that there are special simplified filing rules for a foreign dormant corporation. IRS Revenue Procedure 92-70, specifies specific, conditions that must all be met in order for a foreign corporation to be considered
  • The Misunderstood Extension of time to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
    The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced an automatic six-month extension for taxpayers required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Taxpayers now have until October 16 to submit their FBARs for 2016 without being subject to penalties. There is no specific FBAR extension document or form
  • India issues FATCA Self-certifications and KYC Warnings
    The Government of India continues to crackdown on self-certifications and know your customer (KYC) compliance for financial accountholders. Earlier this month the government said that the account holders of any financial institutions need to provide self-certification of compliance under US Foreign Account Tax Compliance Act (FATCA) by April 30, 2017. Failure to provide self-certification of


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