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Foreign Account Tax Compliance Act › Reporting Requirements › Offshore Funds

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 -
Allen Barron, Inc.

Are There Strategies to Avoid an IRS Audit?

Allen Barron, Inc. on

Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to...more

Foodman CPAs & Advisors

TIGTA Report Sheds Light On The Future Of FATCA Enforcement

Foodman CPAs & Advisors on

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

Dorsey & Whitney LLP

Often Overlooked Exception to Withholding and Reporting Requirements under FATCA

Dorsey & Whitney LLP on

An often overlooked exception to U.S. withholding taxes may result in a lower overall U.S. tax burden. The Foreign Account Tax Compliance Act (“FATCA”) was enacted in an effort to ensure that U.S. taxpayers could not...more

Foodman CPAs & Advisors

¡Después de Diez Años, FATCA NO SE VA!

Foodman CPAs & Advisors on

FATCA se convirtió en ley en Marzo del 2010 con el objetivo de combatir el incumplimiento de la declaración del impuesto sobre la renta internacional por parte de ciudadanos estadounidenses y residentes contribuyentes...more

Foodman CPAs & Advisors

¿Mantiene su Institución Financiera un Cumplimiento Continuo con FATCA?

Foodman CPAs & Advisors on

La participación en FATCA no es una opción, llegó para quedarse y es parte de una iniciativa global. FATCA es complicado, y para los banqueros, ha implicado aprender nueva terminología y comprender en exceso de un mil de...more

Foodman CPAs & Advisors

Is your Financial Institution Maintaining Continuous Compliance with FATCA?

Foodman CPAs & Advisors on

Participation in FATCA is not an option, it is here to stay, and it is part of a global initiative. FATCA is complicated, and for the bankers, it has implied learning new terminology and understanding thousands of pages of a...more

Foodman CPAs & Advisors

Beware of FATCA Notices of Default After FATCA Certification Deadlines!

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Under FATCA, an Event of Default (EOD) will occur if an Entity fails to perform required material obligations with respect to the due diligence, verification, withholding, or reporting FATCA requirements, or if the IRS...more

Foodman CPAs & Advisors

¡Tenga cuidado con las notificaciones de incumplimiento de FATCA después de las fechas límite de certificación de FATCA!

Foodman CPAs & Advisors on

Bajo FATCA, un Evento de Incumplimiento (“Event of Default o EOD”) ocurrirá si una Entidad no cumple con las obligaciones materiales requeridas con respecto a los requisitos de diligencia debida, verificación, retención o...more

Foodman CPAs & Advisors

¿Qué se está haciendo para mejorar la comunicación con los Usuarios de los Sistemas de FATCA y QI que NO Son Estadounidenses?

Foodman CPAs & Advisors on

En noviembre de 2019, el Consejo Asesor del Servicio de Impuestos Internos (“IRSAC”) publicó su Informe Público. El propósito de IRSAC es servir como un cuerpo asesor del Comisionado del IRS y organizar un foro público entre...more

Foodman CPAs & Advisors

U.S. Financial Institutions and FATCA

Foodman CPAs & Advisors on

Little is written regarding FATCA and U.S. Financial Institutions (FI).  That said, U.S. FIs have FATCA responsibilities.  In the absence of permitted exceptions, FATCA requires U.S. FIs that make payments of most types of...more

Foodman CPAs & Advisors

IRS Continues to Cross-Reference Foreign Financial Accounts and Assets

Foodman CPAs & Advisors on

IRS holds information that is sourced from the FATCA reports submitted by Foreign Financial Institutions (FFI) (on Form 8966 - FATCA Report) and by Individual US Taxpayers that have reporting obligations via Form 8938...more

Foodman CPAs & Advisors

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

Foodman CPAs & Advisors on

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

Offshore Accounts Today Equal Transparency

Foodman CPAs & Advisors on

The days of avoiding taxes through hiding money or assets in unreported offshore accounts are gone. Nonetheless, there are still taxpayers with undeclared offshore accounts, as well as the banks and bankers that are...more

Foodman CPAs & Advisors

Banquero Irá a la Cárcel por FATCA

Foodman CPAs & Advisors on

El 11 de Noviembre del 2018, el Departamento de Justicia de los EE. UU. (“DOJ”) informó que el banquero Adrian Baron, el ex Director de Negocios y ex Director Ejecutivo de Loyal Bank Ltd, un banco “off-shore” con oficinas en...more

Foodman CPAs & Advisors

Banker will go to jail over FATCA

Foodman CPAs & Advisors on

On September 11, 2018, the US Department of Justice (DOJ) reported that banker Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest,...more

Fox Rothschild LLP

Despite Closure Of OVDP, Offshore Tax Evasion Crackdown Marches On

Fox Rothschild LLP on

On September 29, 2018, the Internal Revenue Service closed for good the long-running Offshore Voluntary Disclosure Program (OVDP), its hugely successful tax amnesty program for undisclosed offshore financial assets. Since...more

Foodman CPAs & Advisors

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

Foodman CPAs & Advisors on

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

Foodman CPAs & Advisors on

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

Jones Day

First Conviction in the U.S. for FATCA Violations

Jones Day on

An investigation of Belize-based stockbrokers recently led to the first FATCA conviction since its enactment in 2010. The former head of an offshore bank pled guilty to conspiracy to defraud the United States by...more

Ballard Spahr LLP

DOJ Secures First Ever Conviction for Violating FATCA

Ballard Spahr LLP on

The Department of Justice (“DOJ”) has secured its first conviction ever under the Foreign Account Tax Compliance Act, or FATCA, through the guilty plea of Adrian Baron, a former executive of Loyal Bank Ltd., a bank with...more

Foodman CPAs & Advisors

IRS ENDS OVDP right when some Taxpayers GET IT!

Foodman CPAs & Advisors on

On March 13, 2018, IRS announced the termination of the Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018 (Notice IR-2018-52). ...more

Foodman CPAs & Advisors

¡FATCA Se Está Enforzando A Pesar De Hipos Y Reporte De TIGTA!

Foodman CPAs & Advisors on

El 5 de Julio del 2018, el Inspector General del Tesoro para la Administración Tributaria (TIGTA) emitió un informe: https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titulado: "A pesar de gastar casi...more

Foodman CPAs & Advisors

FATCA Is Being Enforced Despite Hicups And TIGTA Report!

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On July 5, 2018, the Treasury Inspector General for Tax Administration (TIGTA) issued a report https://www.treasury.gov/tigta/auditreports/2018reports/201830040fr.pdf titled: “Despite Spending Nearly $380 Million, the...more

Baker Donelson

The Perils Facing a U.S. Person Having an Undeclared Offshore Financial Account

Baker Donelson on

There are legal and financial consequences to any U.S. person who underreports their income. Moreover, similar consequences may exist even in a situation in which all income is reported, yet certain information returns are...more

Foodman CPAs & Advisors

FATCA is still Standing!

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Tax Reform came and went and FATCA is still standing. While U.S. Corporations are now moving to a Territorial tax system, Individual U.S. Taxpayers living abroad ARE STILL REQUIRED to REPORT their worldwide income. ...more

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