US passport and green-card has lost its glamour
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...
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New FBAR Deadlines and Penalty Relief available
The US Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the Act) has changed the filing date for the Report of Foreign Bank and Financial Accounts (FBAR),...
Protective Filing of Information Returns
...such as a Form 5471, to disclose that ownership. A U.S. person with an ownership interest in a foreign account may need to file a FBAR Form FinCEN 114. This...
What FATCA Means to You and Your Investments
...the Foreign Account Tax Compliance Act (FATCA), which will allow automatic exchange of tax information between the two countries this year. FATCA is an important part of the US government’s...
Beware of Overlooked Common Overseas Tax Forms
...those with children eligible for the additional child tax credit and those interested in contributing to U.S. retirement plans (traditional and Roth IRAs, SEPs, solo 401(k)s, etc.) FBAR Form FinCEN...
ABA COMMENTS ON THE 2014 OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS
...where Institution is Located; and Contact person at this Institution) and 9-12 ( Name under which the account was held; If held by an entity, type of entity; Date account...
IRS Announces New Statistics Regarding Voluntary Disclosures
...accounts an opportunity to get current with their tax returns and information reporting obligations. The program encourages taxpayers to voluntarily disclose foreign accounts now rather than risk detection by the...
Top myths of US tax compliance for Foreign Accountholders
...the IRS chooses to investigate you, your banking activities overseas will be an open book. Myth #5: I’ll just renounce my citizenship and be done with taxes! When you begin...
Offshore Compliance Programs Generate $8 Billion; IRS Urges People to Take Advantage of Voluntary Disclosure Programs
...has given us a much stronger hand in fighting tax evasion,” said IRS Commissioner John Koskinen. “People with undisclosed foreign accounts should carefully consider their options and use available avenues,...
IRS posts its “wins” involving offshore accounts
...permanent U.S. resident, kept between approximately $4,000,000 and $7,500,000 in assets in two bank accounts with UBS from at least 2002 through 2007. March 18, 2014 — California attorney Christopher...
Information Sharing of Account Holder Information Officially Begins
...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...
IRS Announces Key Milestone in FATCA Implementation; U.S. Begins Reciprocal Automatic Exchange of Tax Information under Intergovernmental Agreements
...information exchange is part of the IRS’s overall efforts to implement FATCA, enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts or foreign entities. FATCA...