The Foreign Account Transactions Compliance Act (FATCA) was fully implemented on July 1, 2014. FATCA made sweeping changes to the financial reporting guidelines for foreign banks; they are now required to report financial information to the IRS on all U.S. account holders with an average balance of $10,000 or above. And those who fail to […]
FATCA Update: FBAR Filings Now More Important Than Ever Read More »
On July 1 2014, the Foreign Account Tax Compliance Act of 2010 (FATCA) was fully implemented. This act requires foreign financial institutions to report to the IRS the name, address, taxpayer identification number, account number, year-end account balance, and any dividends, interest or income paid or accredited to the account. This reporting requirement applies to
Report Foreign Bank Accounts on Your 2014 Taxes Read More »
The Foreign Account Transactions Compliance Act (FATCA) was fully implemented by the IRS on July 1, 2014. After four years of delays, the IRS is now requiring all foreign banks to report accounts held by U.S. taxpayers with an average balance of $10,000 during the tax year. And if you think there might be a
FBAR Filing: It’s the Law Read More »
The Foreign Account Tax Compliance Act (FATCA) was a provision of the Hire Act, which was passed by Congress in March of 2010. The IRS has made several delays in the implementation of FATCA but more than four years later; it finally took effect. It is a little known IRS rule that went into effect
Will FATCA Doom the U.S. Dollar? Read More »
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