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In 2010, the U.S. government passed the ‘Foreign Account Tax Compliance Act’ (FATCA). This new compliance act requires any U.S. person, Resident (Green Card), or Non-Resident Alien, who meets the reporting thresholds for a specific tax year to disclose information regarding their foreign financial accounts and other foreign assets to the U.S Internal Revenue Service (IRS) (Also...
If a U.S. company that is 25% or more owned by foreign person(s), which includes (but is not limited to) individual(s) or corporation(s), has reportable transactions with related parties, form 5472 (Information Return of a 25% Foreign-owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business) may be required to be...
Even with the best practices in “Internal Controls” your business may still be at risk due to opportunities for collusion and wrongdoings that can lead to significant business exposures and losses. Most of us have heard the horror stories about embezzlement, misappropriation and outright theft that have brought more than one business to the brink of...
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