...effective immediately, are linked to the Foreign Account Tax Compliance Act (FATCA). When FATCA was enacted in 2010, the new Section 6083D was added to the Internal Revenue Code requiring...
...FATCA requires individuals to report certain foreign assets and banks to disclose all foreign accounts held by Americans. Key FATCA disclosure rules take effect this year that will make avoiding...
...Regardless, 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...
...of the US government’s effort to address tax evasion. FATCA is rapidly becoming the global standard in the effort to curtail offshore tax evasion. FATCA REQUIREMENTS Put simply, under FATCA,...
A US passport or green-card is losing its glamour and appeal. Some people are surrendering their prized green cards because of the US Foreign Account Tax Compliance Act (FATCA), which...
...30, with no extension possible. A U.S. person with an ownership interest in foreign accounts may also need to file a Form 8938. This form, also known as the Fatca...
...effort to address tax evasion. FATCA is rapidly becoming the global standard in the effort to curtail offshore tax evasion. FATCA REQUIREMENTS Put simply, under FATCA, financial institutions will have...
...on June 30, with no extension possible. Form 8938: This form, also known as the FATCA form, is used to report Specified Foreign Financial Assets and the income derived from...
...(“FATCA”). Indeed, one of the criteria for identifying potential U.S. persons under the FATCA regulations and the Intergovernmental Agreements is whether the person was born in the United States. ...
...FATCA is not a tax. FATCA does not focus on income, tax rates, or tax liability. FATCA seeks to identify U.S. investors with foreign financial interests, making it easier for...
...including the offshore program and streamlined procedures, to come back into full compliance with their tax obligations.” Under the Foreign Account Tax Compliance Act (FATCA) and the network of intergovernmental...
The IRS has begun receiving information regarding tax year 2014 from nations around the world who have agreed to comply with FATCA. Some of those countries negotiated reciprocal agreements to...
