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    3. US Issues News
    2. US Issues
    3. US Issues News

    Banking and Financial Services
    Foreign Bank and Financial Accounts Report (FBAR) - Due June 30

    IMPORTANT NOTICE:  FAWCO Tax & Banking Disclaimer
    FAWCO Club leaders, please also see FBAR-related Important Club FBAR Information.  

    In a nutshell - who must file an FBAR:  A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate...
    Read more: Foreign Bank and Financial Accounts Report

    Banking and Financial Services
    Bank secrecy “obsolete”!

    On October 29, 51 countries signed the Multilateral Competent Authority Agreement, signaling their intent to "build a collective exchange of bank accounts, taxes, assets, and income held outside local tax jurisdictions.”  Among other things, the Agreement extends to corporations the kind of mandatory banking transparency called for under FATCA.

    For the OECD announcement and a list of the...
    Read more: Bank Secrecy “Obsolete”

    Tax
    It’s the talk of the town: whether the stories concern people losing access to financial services because of FATCA, scrambling to meet obligations they sometimes didn’t even know about, deciding how best to comply with those obligations without infuriating spouses or business partners, feeling adrift in a sea of incomprehensible instructions or frustrated that the mere fact of living abroad...
    Read more: Taking the pulse of overseas taxpayers/filers

    Tax

    Recognizing, as announced on June 3, that there is a large population of Americans residing abroad who have been afraid to become “compliant” and honor mandatory tax and financial asset reporting requirements imposed by the US Internal Revenue Service, the IRS announced on June 18 “major changes in its offshore voluntary compliance programs, providing new options to help (…) taxpayers...

    Read more: Penalties waived for non-willful non-filing US residents overseas

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