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Foreign Account Tax Compliance Act › Internal Revenue Service › Foreign Bank Accounts

The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers... more +
The Foreign Account Tax Compliance Act is a United States federal statute enacted in 2010 as part of the Hiring Incentives to Restore Employment Act (HIRE Act). FATCA aims to improve compliance of U.S. taxpayers by capturing tax revenue related to foreign assets and off-shore accounts.  less -
Foodman CPAs & Advisors

The FATCA Loophole Will Bring More Enforcement Action

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After a yearlong investigation, the US Senate Finance Committee probed into a FATCA Loophole and delivered an investigative report titled “The Shell Bank Loophole” that exposes a tax evasion scheme under a FATCA loophole...more

Foodman CPAs & Advisors

Informe De TIGTA Arroja Luz Sobre El Futuro De La Ejecución De FATCA

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El Informe de TIGTA (“Treasury Inspector General for Tax Administration”) del 7 de abril de 2022 detalla seis recomendaciones de acciones adicionales necesarias para abordar el cumplimiento de la falta de presentación y...more

Foodman CPAs & Advisors

TIGTA Report Sheds Light On The Future Of FATCA Enforcement

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The TIGTA Report dated April 7, 2022 details six recommendations for additional actions needed to address Non-Filing and Non-Reporting Compliance Under FATCA. ...more

Foodman CPAs & Advisors

Cómo las administraciones tributarias pueden monitorear la capacitación en cumplimiento de FATCA y CRS de las IF

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Un nuevo informe de la Organización para la Cooperación y el Desarrollo Económico (OCDE) dice que las administraciones tributarias pueden evaluar el cumplimiento de FATCA y CRS de las instituciones financieras al monitorear...more

Foodman CPAs & Advisors

Cómo las Administraciones Tributarias Manejan el Incumplimiento de FATCA, CRS

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Las administraciones tributarias pueden utilizar una combinación de medidas de detección, preventivas y correctivas para evaluar y tratar Ley de Cumplimiento Tributario de Cuentas Extranjeras (FATCA) y el incumplimiento del...more

Foodman CPAs & Advisors

IRS: Las Cuentas Financieras “Offshore” NO pasarán Inadvertidas

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El 15 de marzo del 2019, el IRS informó que la ocultación de dinero o activos en cuentas extraterritoriales (“offshore”) no declaradas permanece en la lista de las estafas tributarias conocidas come la Docena Sucia o "Dirty...more

Foodman CPAs & Advisors

IRS: Offshore Financial Accounts will NOT go Unnoticed

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On March 15, 2019, IRS reported that hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019....more

Foodman CPAs & Advisors

Is it time for Foreign Financial Institutions to hire IRS Representation?

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The Responsible Officer (RO) of a Participating Foreign Financial Institution (PFFI) or Reporting Model 2 FFI is required to file the FFI’s FATCA certification of an Entity’s preexisting accounts (COPA) and its Periodic...more

Foodman CPAs & Advisors

Certificaciones FATCA Son Debidas El 15 De Diciembre Y Es Mejor Certificar

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Una certificación FATCA consiste en respuestas a una o más serie de preguntas que los Oficiales Responsables (RO) de ciertas entidades deben responder y enviar al IRS para confirmar el cumplimiento de las entidades con los...more

Foodman CPAs & Advisors

FATCA certifications due December 15 and it is best to certify

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A FATCA certification consists of answers to one or more series of questions that the Responsible Officers (RO) of certain entities must answer and submit to the IRS to confirm the entities’ compliance with the requirements...more

Burr & Forman

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

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The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more

Fox Rothschild LLP

IRS Releases Draft FATCA Compliance Certification Forms, Indicates July 1 Deadline May Be Extended By 90 Days

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The Foreign Account Tax Compliance Act (FATCA) requires a foreign financial institution to appoint a “Responsible Officer” who is obligated to submit periodic compliance certifications to the Internal Revenue Service...more

Fox Rothschild LLP

On Eve Of “Paradise Papers” Release, At-Risk Individuals Should Consider Immediate Action To Mitigate Potential For Criminal...

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Tomorrow morning (November 17) the International Consortium of Investigative Journalists (ICIJ) is set to release publicly the first set of comprehensive data from the recent “Paradise Papers” leak. The initial data will...more

Foodman CPAs & Advisors

FBAR Penalty Amounts are in the “Best Judgement” of an IRS Examiner

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The Report of Foreign Bank and Financial Accounts (FBAR) is not a tax form. Its filing is not required by the Internal Revenue Code. It is required by Title 31 of the Code of Federal Regulations. Title 31 is the Bank Secrecy...more

Burr & Forman

New Extended Due Dates for Foreign Bank Account Reports (FBAR)

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All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or...more

Foodman CPAs & Advisors

¿Sabe usted por qué y cómo entrar en el Programa de Divulgación Voluntaria de Cuentas en el Extranjero (OVDP)?

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A través del Programa de Divulgación Voluntaria de Cuentas en el Extranjero (OVDP – Offshore Voluntary Disclosure Program), el IRS permite a los Contribuyentes que no están en cumplimiento intentionalmente revelar las cuentas...more

Foodman CPAs & Advisors

Do you know why and how to make an Offshore Voluntary Disclosure?

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Through its Offshore Voluntary Disclosure Program (OVDP), IRS permits noncompliant taxpayers to disclose Willfully unreported offshore accounts and related income. The “key” word for OVDP is Willful. Unlike the Streamlined...more

Foodman CPAs & Advisors

Cuando FATCA y los Programas de Amnistía Fiscal se cruzan, ¿será demasiado tarde para los contribuyentes Estadounidenses?

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Instituciones Financieras extranjeras (FFIs) y las autoridades fiscales de los países anfitriones le han proporcionado al IRS con una segunda ronda de informes de información sobre cuentas financieras mantenidas por los...more

Foodman CPAs & Advisors

¿Sabía usted que el IRS puede presentar una "Declaración de Impuestos Sustituta” basado en la información del Reporte FATCA?

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¿Sabía usted que bajo el Código de Rentas Internas EE.UU, Sección 6620, si un contribuyente no presenta a tiempo la declaración de impuestos de los EE.UU., el IRS está autorizado a preparar y presentar una declaración de...more

Foodman CPAs & Advisors

Did You Know That the IRS May File a “Substitute for Return” from FATCA Report Account Holder Information?

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Did you know that, under Internal Revenue Code, Section 6620, if a taxpayer does not timely file a U.S. tax return, the IRS is authorized to prepare and file a U.S. tax return for that taxpayer based on the knowledge that it...more

Foodman CPAs & Advisors

¿Ha recibido una Carta FATCA?

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Muchos Expatriados Estadounidenses están recibiendo Cartas FATCA de los bancos del extranjero alrededor del mundo. Los bancos están enviando estas cartas en anticipación al Reporte FATCA del IRS para reportar la información...more

Foodman CPAs & Advisors

Have You Received a FATCA Letter?

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Many U.S. expatriate taxpayers are receiving “FATCA” letters from offshore banks around the world. The banks are sending the letters in anticipation of their I.R.S. FATCA reports of U.S. taxpayer offshore financial...more

Foodman CPAs & Advisors

Don’t Let The I.R.S. Define Your Conduct As Willful, or Else………

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Something that most of us don’t realize is that Internal Revenue Service has stated that the taxpayer is responsible to learn IRS requirements within the historic U.S. framework of a voluntary reporting system. The IRS...more

Ballard Spahr LLP

Failure to Report Foreign Accounts is Illegal, IRS Warns

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Maintaining a foreign bank or other financial account is not illegal. Such accounts are increasingly common, as the globe shrinks. However, in the case of U.S. citizens or residents (and certain non-residents), failing to...more

Foley Hoag LLP

FATCA: IRS Extends Transitional Rules

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On September 18, 2015, the IRS announced its intention to amend the U.S. FATCA regulations to extend the effectiveness of certain transitional rules, including...more

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