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    US Tax & Banking

    2. US Issues
    3. US Tax & Banking
    2. US Issues
    3. US Tax & Banking

    US Tax & Banking Articles

    In March of 2010, President Obama signed the Foreign Account Tax Compliance Act (FATCA) into law as part of the HIRE Act, requiring foreign financial institutions (FFIs) to report to the IRS specific data pertaining to U.S. persons (citizens, green card holders, “accidental citizens” born to Americans abroad, etc.), including annual debit and credit totals and any movements out of...

    Read more: FATCA and Overseas Americans - and overseas American Spouses

    The August 31 deadline for voluntary disclosure of “offshore” bank accounts, extended by the IRS to September 9, has now passed.

    "US persons" (citizens and green card holders) who are not yet in compliance with their tax and bank account reporting obligations should inform themselves and in some cases consult a tax professional.  FAWCO will continue to post information on...

    Read more: IRS deadline for "voluntary disclosure" of foreign bank accounts now passed

    Under the US tax system, US persons - citizens, green card holders and residents - are required to file annual US income tax returns reporting worldwide income.

    It is a legal obligation to ensure that “true and accurate” returns are filed with the IRS in a timely way to avoid risks of numerous penalties and, potentially, criminal prosecution.

     

    The IRS is...

    Read more: Countdown to August 31 deadline: IRS ramping up search for "US persons" abroad

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