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Tag: fatca

Are You Ready For New FATCA Enforcement in 2020?

2 January, 2020

Banks and certain other financial institutions located outside the United States that have U.S. account holders are scrambling to meet a looming IRS deadline. These institutions, known as foreign financial institutions, or FFIs, must achieve

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Reasonable Cause Defense Denied: FBAR Penalties Assessed by Court

19 December, 2019

  In the recent 2019 case U.S. v. Ram Agrawal, a US District Court rejected a taxpayer’s reasonable cause defense against foreign bank account reports (FBARs) penalties. It ruled in favor of the government to

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New Leak of Offshore Accountholders Highlights the Need to Clean Up

5 April, 2016

The U.S. Justice Department is reviewing reports about the offshore financial arrangements of global politicians and public figures based on 11.5 million leaked files from Panamanian law firm Mossack Fonseca, a department spokesman said yesterday.

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What is a “FATCA Compliance Certificate”?

7 December, 2015

Many foreign banks and financial institutions have recently been asking customers for a “FATCA Compliance Certificate”.  The reason for the request is that your country and the US probably signed an agreement to implement the Foreign

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US passport and green-card has lost its glamour

30 November, 2015

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 requires most foreign governments and

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Protective Filing of Information Returns

27 November, 2015

There is an increased focus by the Internal Revenue Service (IRS) on offshore activities.  There are tax return and information return filing obligations that may be associated with foreign income, assets and transactions. Many taxpayers

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Information Sharing of Account Holder Information Officially Begins

7 October, 2015

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

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FATCA Deadlines Extended

18 September, 2015

Many of our tax-noncompliant clients are fearful of being involuntary discovered through the impending FATCA disclosures of their foreign accounts by their foreign banks.  The Internal Revenue Service has issued a notice extending the time

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Watch Out for PFIC Status

31 August, 2015

If you invest internationally a Passive Foreign Investment Company (PFIC) could be a nightmare that could become a reality if you happen to invest in what the IRS deems a PFIC, which are taxed at

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India and US signed FATCA Agreement Today

9 July, 2015

India and the US today signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries starting on October 1, 2015. FATCA was signed

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India Expected to Sign FATCA Agreement Tomorrow

8 July, 2015

India is expected to sign an inter-governmental agreement (IGA) for the US tax compliance law Foreign Account Tax Compliance Act (FATCA) tomorrow. FATCA is aimed at combating possible tax evasion by Americans through financial entities

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Vatican Signs FATCA Agreement

28 June, 2015

Praying may not be enough for non-compliant taxpayers (or evaders) under the Foreign Account Tax Compliance Act (FATCA).  The Vatican has become the latest FATCA signatory to share bank information with the US. The Vatican

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