Search Results for: fatca
IRS announces two new intriguing targeted enforcement campaigns
…for not reporting foreign accounts. In 2011, in response to the Foreign Account Tax Compliance Act (FATCA), the IRS announced a new amnesty program called the 2011 Offshore Voluntary Disclosure…
The IRS Large Business and International division (LB&I) has announced a new Post OVDP Compliance enforcement campaign
…Foreign Account Tax Compliance Act (FATCA), the IRS announced a new amnesty program to take the place of the 2009 program; the official title was the 2011 Offshore Voluntary Disclosure…
The IRS Large Business and International division (LB&I) has announced a new Offshore Private Banking enforcement campaign
…activities, otherwise, they are subject to penalties and possible criminal prosecution. Via FATCA and subpoenaed bank records, the IRS is in possession of records that identify taxpayers with transactions or…
The IRS is Hiring: Expect New Enforcement
…Account Tax Compliance Act (“FATCA”). A basic comparison of FATCA data and taxpayers’ filing data could yield many thousands of instances of noncompliance. In other words, the IRS will be…
Make Sure You have Filed FATCA Compliance Certifications
…complete a “FATCA Compliance Certificate”. The reason for the request is that India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA), which allows…
Run to the Door: IRS Terminates Offshore Voluntary Disclosure Program (OVDP) effective September 28, 2018
…Act (FATCA) and the ongoing efforts of the IRS and the Department of Justice to ensure compliance by those with U.S. tax obligations have raised awareness of U.S. tax and…
New Unreported Offshore Assets case: Bad facts leads to bad results
…than $10,000, by filing a FBAR, or Foreign Bank Account Report. Enforcement of this law increased after the signing into law of the Foreign Account Tax Compliance Act, or FATCA,…
IRS Announces New Investigative Units
…leads from information received through the Swiss Banking Program, the Foreign Account Tax Compliance Act (FATCA) and the Panama Papers investigation, among other sources. The effort is also clearly intended…
IRS Releases New IRS Form W8-BEN: U.S. persons beware of completing such form at the request of a third party
…been driven by the changes in the law under FATCA. The new IRS Form W-8BEN and its instructions are accessible here. Importantly, no U.S. citizen can legally sign and certify…
U.S. Taxpayers at New Risk of Audit from OVDP Declines and Withdrawals Campaign
…pre-clearance applications and Offshore Voluntary Disclosure Letters. Foreign Account Tax Compliance Act (FATCA) reporting is not expected to be a source of identification at this time. According to the Service,…
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…
India issues FATCA Self-certifications and KYC Warnings
…Foreign Account Tax Compliance Act (FATCA). FATCA is part of the U.S.’s answer to tracking money hidden in offshore accounts so it can be brought into the US tax net….