Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets

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 new widespread financial transparency, taxpayers living abroad are now in the spotlight.