Archives for IRS

Beware that your Non-U.S. Financial Institutions May Be Sharing Your Financial Account Information with the Internal Revenue Service

The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (U.S.) Congress in March 2010 to prevent U.S. persons/taxpayers from evading taxes by using foreign accounts. Under FATCA regulation individuals are required to provide full details of...
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Canada & US on FATCA

In our previous article “U.S. Tax Law: FATCA & it’s Impact on Canadians and the International Community“, we provided an overview of the US Foreign Account Tax Compliance Act (FATCA) and how the U.S. wanted multinational (non-U.S.) banks, financial institutions,...
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IRS: Foreign gift tax

Nothing misses the reach of the Internal Revenue Service (IRS) when it comes to tax filing or reporting – especially if it comes from a foreign source. U.S. taxpayers often assume that only gifts distributed by them need to be...
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