The U.S. Treasury announced that on April 11, 2014, India agreed "in substance" to sign a…
Information Sharing of Account Holder Information Officially Begins
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 also receive information from the US regarding their taxpayers with U.S. accounts.
According to IRS pronouncements, the IRS has said that the following 34 countries, including most developed countries, have already met all the requirements to receive information from the IRS:
- Czech Republic
- Isle of Man
- New Zealand
- South Africa
- United Kingdom
International families with U.S. connections are exposed to the legal risk of being involuntarily discovered by the US were their own local government.
U.S. citizens and tax residents, living in the U.S. or abroad, who have accidentally or intentionally failed to report income, bank accounts, corporations, trusts or other assets outside the U.S. are increasingly at risk of being detected, fined and in some cases prosecuted.
It is strongly recommended that you speak with a tax attorney with experience in international tax planning in the context of an attorney client privileged conversation.