The IRS places heavy emphasis on Form 8938, the Statement of Specified Foreign Financial Assets mandated by FATCA, and noncompliance can lead to harsh penalties and extended audit exposure. This...
...(FATCA), enacted in 2010, is a cornerstone of the IRS’s efforts to combat offshore tax evasion. FATCA mandates that foreign financial institutions (FFIs) report information about financial accounts held by...
...of tax underpayment), FBAR violations (50% of account balance per year), and FATCA penalties for undisclosed assets. If the IRS deems the transfer part of a structured effort to evade...
...and India for certain taxpayers India’s Forms ITR Taxable income, reportable accounts, and FBAR/FATCA filings U.S. reporting requirements of India-sourced investments Foreign tax credit considering the fiscal year ITR Key...
...KYC (Know Your Customer) including information provided in FATCA and CRS questionnaire. The new budget proposes a penalty of Rs.5,000 if there is any inaccuracy in the statement of financial...
...a U.S. taxpayer may choose to pay a 5% Title 26 Miscellaneous Offshore Penalty instead of other delinquent FBAR and FATCA penalties. Our firm has successfully filed more than 300...
...Via FATCA and subpoenaed bank records, the IRS is in possession of records that identify taxpayers with transactions or accounts at offshore private banks. Soft letters are IRS correspondence to...
...there are important legal considerations to review, including the Foreign Account Tax Compliance Act (FATCA), which directly deals with foreign compliance matters. This article summarizes international estate planning and tax...
...credit FATCA and FBAR reporting Inheritance taxes Benefits The panel will review these and other key issues: Filing obligations in the U.S. and India for certain taxpayers Taxable income, reportable...
...account disclosures that must now be made on a taxpayer’s annual income U.S. income tax return (e.g. Form 1040, Schedule B; and Form 8938 -“FATCA” disclosure). Beginning for the 2016...
...as FATCA continues to go fully online (and the cooperating bank list grows), the cost and risk of doing nothing has gone up exponentially. In summary, taxpayers with undisclosed offshore...
...income tax and information reporting requirements associated with these foreign activities, otherwise, they are subject to penalties and possible criminal prosecution. Via FATCA and subpoenaed bank records, the IRS is...
