U.S. citizens have long had to file complex reports with the U.S. - TopicsExpress



          

U.S. citizens have long had to file complex reports with the U.S. Treasury listing all their foreign accounts and balances, which inevitably require expensive expert advice and preparation. The penalties for failing to file these forms are exceptionally severe. And starting in July this year, because of the Foreign Account Tax Compliance Act (FATCA), offshore financial institutions — banks, investment houses, insurers and the like — are required, under penalty of exclusion from the U.S. banking system, to report most U.S. citizen accounts held overseas. Foreign banks are about to become part of the IRS’s network of informants. Because of this, expatriation is soaring. ow.ly/w1L1T
Posted on: Tue, 22 Apr 2014 12:43:49 +0000

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