Please wait, loading...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. need to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part I of the series, we will discuss the requirements to file the FBAR Form 114. I. Foreign Bank and Financial...
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...
Here at AGTax LLP we receive numerous calls on a daily basis regarding the Foreign Bank Account reporting form (FBAR), also known as the FinCEN Form 114. Due to recent changes in the acceptable filing methods for the FBAR, we thought it would be a good time to go over those changes in detail, as...
Many U.S. taxpayers are not fully aware of the foreign account and asset reporting required by the IRS. Two most commonly discussed are the Foreign Bank Account Reporting (FBAR) and Foreign Account Tax Compliance Act (FATCA). We would like to take some time to go over several of the specifics regarding these requirements. The Foreign...
© AG Tax LLP | All Rights Reserved | Website by Aroma Web Design Vancouver
© AG Tax LLP | All Rights Reserved | Website by AromaWebDesign.com