New Claims That HSBC Aided Tax Evaders – NYTimes.com. This is a new article that was posted tonight in the NY Times. Very interesting reading….this is not going to end pretty for HSBC or the U.S. taxpayers who hid money in this bank. Just a prediction!
FATCA puts the pressure on taxpayers and foreign financial institutions to come into compliance regarding information sharing and taxes on overseas accounts with upcoming deadlines.
FATCA investigations lead to a prominent overseas bank to agree to a settlement for tax non-compliance charges putting U.S. clients in hot water with the IRS.
60 Minutes Video – Bill Whitaker investigates the biggest leak in Swiss banking history and examines HSBC’s business dealings with a collection of international outlaws – CBS.com. Listen to this!!
Tax scams are prevalent this time of year, so it is important to understand how to protect yourself against fraudulent information phishing.
FATCA is just the tip of the iceberg when it comes to transparency and tax reporting standards among foreign financial institutions.
The strict reporting requirements related to FATCA have caused many global mutual fund investment companies to deny U.S. investors seeking to open accounts.
Taxpayers are directed by the IRS on how to properly report virtual currency exchanges through services such as Bitcoin.