On July 1st of this year, Title V of the Obama Administration’s HR Bill #2847, known as FATCA, goes into effect. And after collectively spending more than 100 hours reading the actual legislation and its associated news coverage, researchers at oil price found 4 concerns we think you need to be aware of... 1. Most people mistakenly think they’re not affected by FATCA. If you are a U.S. citizen… or if you hold any of your money in U.S. dollars, this new law definitely affects you. 2. The more you trade and invest, the more likely you are to get hit hard by this new bill. 3. It is not difficult for an American tax payer to be labeled “recalcitrant” as part of this new law. And as soon as you are...you potentially become subject to a 30% tax. 4. The implementation of FATCA has been delayed several times, but now the IRS says it will not be delayed anymore. It will go into full effect on July 1st of this year. In fact, on April 2nd of this year, the new IRS commissioner said, “Whatever else we are going to do, we are going to implement the non-discretionary legislative mandates we have been given: the Affordable Care Act and FATCA”
Posted on: Fri, 27 Jun 2014 00:18:52 +0000
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