Checklist of tax forms for taxpayers with foreign assets
...the trust. Form TD F 90-22.1: Report of Foreign Bank and Financial Accounts (FBAR) — If you own or have authority over a foreign financial account, including a bank account,...
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IRS attempts to demystify its new Form 8938
...10. I have a financial account with a U.S. branch of a foreign financial institution. Do I need to report this account on Form 8938? A financial account, such as...
A limited opportunity for generous gift tax exclusions
...is an irrevocable trust which a grantor would establish for the benefit of others, e.g.children and grandchildren. Normally an irrevocable trust in which the grantor retains no beneficial interest would...
More Tax Complexity: New Form 8938
...been labeled the “Foreign Account Tax Compliance Act”. FATCA is part of the Hiring Incentives to Restore Employment (HIRE) Act, which was designed to enforce higher tax compliance among U.S....
Form 8938, FATCA, FBAR and penalties for all (including bankers)
...Tax Compliance Act”. FATCA is part of the Hiring Incentives to Restore Employment (HIRE) Act, which was designed to enforce higher tax compliance among U.S. taxpayers with foreign accounts and...
Frequent Scenarios in Offshore Voluntary Disclosures
...in foreign accounts, then the accounts are reporting laws and income from the accounts is includable in the U.S. person’s tax returns. If the funds were acquired by gift or...
Eleven foreign financial institutions to share their US customer account information
US authorities have offered eleven financial institutions a settlement agreement in which the US government’s investigations in those financial institutions — for aiding tax evasion — and potential prosecution would...
The Teeth of the Foreign Account Tax Compliance Act (FATCA)
...or less are excluded. For preexisting entity accounts: Accounts of $250,000 or less are excluded; and Much of the due diligence for anti-money laundering and “know your customer” rules counts,...
American Citizens Abroad (ACA) writes letter to IRS Commissioner regarding unfair offshore asset treatment
...to declare even accounts over which they have signature, but which they do not own. This is particularly damaging to the many American women who are married to non-Americans and...
No tax = No Passport?
...some offshore banks are beginning to advise U.S. account holders of their obligations to report the accounts by filing FBARs and report income earned on the foreign accounts for income...
New IRS Form 8938 Statement of Foreign Financial Assets is causing significant confusion
...indirectly asks a problematic question: the date of the account opening (the question specifically asks whether the account was opened in the tax year). For older accounts, this is a...
HSBC officially provides information on clients having accounts in India to the US Department of Justice and IRS
...come forward. The HSBC announcement should persuade offshore accountholders who cannot decide whether to disclose past foreign account noncompliance to enter the IRS’ Offshore Voluntary Disclosure Program (OVDP), which remains...