Understand the FATCA rules, which compel U.S. citizens to report foreign accounts. It is designed to prevent tax evasion.

FATCA was signed into law in March 2010 with the objective of combating international income tax reporting non-compliance by US citizens and U.S. taxpaying residents (US Taxpayers). It requires ...

In February 2012, the Internal Revenue Service issued proposed regulations regarding the implementation of the Foreign Account Tax Compliance Act (FATCA), a statute that was included in the Hiring ...

The Internal Revenue Service’s Taxpayer Advocate Service, an independent advocacy office within the agency, says some reporting requirements for expatriate Americans are duplicative and unnecessary.

On 12/30/22, the IRS issued Notice 2023-11 with the purpose of providing FATCA reporting relief to Model 1 FFIs who have been unable to obtain US TINs for their pre-existing accounts that are US ...

In this course, Michael Steffany, Esq., Partner, at Withers Bergman, LLP and Martin D Killer, Partner, Financial Services Tax (Head of Operational Taxes/Global Tax Information Reporting), at Grant ...

When Congress passed the Foreign Account Tax Compliance Act (FATCA) (as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) in 2010, the Joint Committee on Taxation estimated it ...

Forbes contributors publish independent expert analyses and insights. Nana Ama Sarfo covers current international tax news and transparency. Offshore tax evasion is weighing heavily on the minds of ...

Despite spending more than $8.6 million so far, with another $8 million projected to be spent on developing the online portal for handling the registration of foreign financial institutions for the ...

With the Foreign Account Tax Compliance Act (FATCA) coming into force on the 1 July, Multifonds has released its fully compliant module to help firms and clients meet reporting requirements. The main ...