Definition of Tax Reform; Dont tax you and dont tax me. Tax the guy around the tree.-- Former Congressmen Rostenkowski Thinking of hiding your money offshore in the home that IRS wont find out, think again. Starting in July 1, 2014, the Foreign Account Tax Compliance Act (FATCA) comes into effect. This requires financial institutions in foreign countries to report information about holdings by U.S Taxpayers Essentially, the U.S. has arranged for 48 countries to agree to this law. Thus, if you have holdings in any of these jurisdictions, you banking institution will report your holdings. Even if your holding are not in the countries listed, you can bet that the U.S. government is negotiating with more countries to be added. Moreover, Americans are required to disclose foreign bank bank accounts on their tax returns anyway or face severe fraud penalties.Dont forget as Americans ( and Canadians too), we are taxed on our world wide income! Here are the current list of countries who have signed onto FATCA: *= Australia Austria Belgium Brazil British Virgin Islands Croatia Czech Republic Estonia Gibraltar Jamaica Kosovo Latvia Liechtenstein Lithuania New Zealand Poland Portugal Qatar Slovenia South Africa South Korea Romania Countries who are treated as signing on to FATCA are: Bermuda Canada Cayman Islands Chile Costa Rica Denmark Finland France Germany Guernsey Hungary Honduras Ireland Isle of Man Italy Japan Jersey Luxembourg Malta Mauritius Mexico Netherlands Norway Spain Switzerland United Kingdom NOTE: Even if your holdings are not in the countries listed, you can bet that the U.S. government is negotiating with more countries to be added
Posted on: Mon, 13 Oct 2014 14:19:05 +0000
Trending Topics
Recently Viewed Topics
© 2015