The number of countries and jurisdictions that have now signed an agreement with the United States under the Foreign Account Tax Compliance Act (FATCA) has now exceeded one hundred. While this number grew slowly at first, more and more countries are climbing on board as the world realizes banking transparency is becoming a thing of the past.
Ever since the implementation of the Foreign Account Tax Compliance Act (FATCA), the IRS has spent increased time and resources in seeking out undisclosed income and assets among U.S. citizens living abroad. FATCA now requires foreign financial institutions including banks, investment groups, insurance programs, and employers to report information on American account holders. Over 100 countries have already signed agreements with the United States and more are in discussions with the IRS. Because of this … Read More
FATCA, the Foreign Account Tax Compliance Act was passed in 2010, and has since gone into effect as of 2014. The law requires all foreign financial institutions to report information to the United States government regarding U.S. account holders. Those institutions that fail to do so face penalties of up to a 30% sanction on funds transfers from the United States. With such steep penalties on the table, many foreign financial institutions and manufacturing factoring … Read More
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!!
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.
Tax scams are prevalent this time of year, so it is important to understand how to protect yourself against fraudulent information phishing.