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.
FATCA requirements are causing some Hong Kong banks to elect to close U.S. accounts rather than put forth the time and money to comply with the strict reporting requirements.
Continual changes to the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures require attention from taxpayers.
Paying off debt is easier said than done, but it may be easier than you realize. If you have a life insurance policy that you no longer need for any reason, you may be able to sell your life insurance for a lump sum cash payment and be able to find a debt settlement program to become debt free. The average American household is struggling with credit card debt, student loans, a home mortgage, and … Read More
Freeman Tax Law provides a unique multidisciplinary approach to managing client tax services.
The International Revenue Service (IRS) has provided taxpayers with the ability to voluntarily disclose accounts and income that were not properly reported in the past. This is largely a result of the Foreign Accounts Tax Compliance Act (FATCA) which was passed in 2010 and came into effect just last year. The law requires foreign financial institutions to provide more detailed information about U.S. citizens who hold accounts or assets overseas. Since the law has gone … Read More