Tag Archives: FATCA

FATCA-FBAR Update

October 21, 2015  |   Posted by :   |   FATCA/FBAR   |   0 Comments

On 10/2/09, the IRS confirmed it has begun exchanging tax information from certain foreign governments under the Foreign Account Tax Compliance Act (“FATCA”), to meet a September 30, 2015 deadline ( over 5 years after FATCA was passed as law in March 2010). To date Australia has given the US tax information on 30,000 US […]

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IRS Offshore Account Penalties Go Up, More Banks Listed

August 06, 2015  |   Posted by :   |   FATCA/FBAR,Tax Evasion   |   0 Comments

IRS Offshore Account Penalties Go Up, More Banks Listed by Robert W. Wood, Forbes.com Since July 1, eleven more Swiss banks have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the […]

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The Foreign Account Tax Compliance Act (“FATCA”)

July 09, 2015  |   Posted by :   |   FATCA/FBAR   |   0 Comments

The Foreign Account Tax Compliance Act (“FATCA”) became law in March 2010 but implementation did not begin until February 2015 when foreign financial institutions began reporting US tax payer foreign accounts. FATCA targets tax non-compliance by the US Taxpayer with foreign accounts. If the US taxpayer does not report the account, and file Form 8938 […]

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10 Facts About FATCA, America’s Manifest Destiny Law Changing Banking Worldwide

September 05, 2014  |   Posted by :   |   FATCA/FBAR   |   0 Comments

by Robert W. Wood, Forbes.com Never heard of FATCA? You will. FATCA-the Foreign Account Tax Compliance Act-is America’s global tax law. It was quietly enacted in 2010, and after a four-year ramp up, it’s finally in effect. What is most amazing is not its impact on Americans-although that is considerable-but its impact on the world. […]

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FATCA – Intergovernmental Agreements

August 01, 2014  |   Posted by :   |   FATCA/FBAR   |   0 Comments

As of today’s date the U.S. government has signed 80 intergovernmental agreements (IGA). See link for complete list from Dept. of Treasury. The 80 IGAs will implement the Foreign Account Tax Compliance Act (FATCA) effective date 7/1/14. Under the IGA foreign governments will disclose their U.S. account holders whose accounts are in their country (and […]

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IRS Offshore Accounts – Criminal Penalties

April 28, 2014  |   Posted by :   |   Tax Evasion,Unreported Income   |   0 Comments

Criminal Penalties (6 Year Statute of Limitations) 1. Tax Evasion (Willful Evasion of Tax) (lRC Sec. 7201) up to five years in prison Fine: $100,000 (individual) $500,000 (corporation) 2. Obstruct (Impede Tax Collection) (lRC Sec. 7212) up to three years in prison Fine: $5,000 3. Conspiracy to Impede Tax Collection (18 USC 371) separate charges […]

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IRS: FATCA Extended Deadline to 7/1/14

August 23, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

U.S. Treasury extended until July 1, 2014 the enforcement of the new law, Foreign Account Tax Compliance Act (“FATCA”) to give foreign banks more time to comply. FATCA requires foreign banks, insurance companies and investment funds to send the IRS information about American’s offshore accounts worth more than $50,000. Robert Stack, U.S. Treasury deputy assistant […]

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FATCA – Pre-Immigration Planning

April 16, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Under the Foreign Account Tax Compliance Act (“FATCA”), effective 1/1/14, Foreign Financial Institutions (“FFI”) must withhold 30% tax on U.S. source “withholdable payments” (and “pass-through payments’) including: 1. U.S. Source FDAP Income: including portfolio interest; 2. Gross proceeds from U.S. securities. To avoid the withholding tax the foreign financial institution either has an agreement with […]

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FATCA Update – Overseas Accounts

February 25, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

On 1/17/13, the U.S. Treasury Department published new U.S. information- reporting rules on overseas accounts to catch Americans who dodge U.S. taxes by secreting their assets offshore. Targeting foreign banks, the Foreign Account Tax Compliance Act (“FATCA”) rules, published 1/17/13 by the U.S. Treasury, require foreign financial institutions with $50,000 of any American taxpayer’s assets […]

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FATCA Update 2013

January 14, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

On November 8, 2012, the U.S. Treasury Department announced that it is engaged with more than fifty countries to improve international tax compliance and implement the information reporting and withholding tax provisions under the Foreign Account Tax Compliance Act (“FATCA”). The U.S. Treasury is seeking bilateral agreements in which they reciprocally exchange tax information with […]

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