News & Analysis as of September 22, 2024

Foreign Account Tax Compliance Act › Tax Code

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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 +

After Ten Years, FATCA is NOT GOING AWAY!

Foodman CPAs & Advisors on 12/16/2020

FATCA was signed into law in March 2010 with the objective of combating international income tax reporting non-compliance by US citizens and U.S. taxpaying residents (US Taxpayers). It requires Foreign Financial Institutions...more

¿Tiene su Consultor Externo de FATCA la Experiencia para Interpretar el Complejo Código Fiscal de los EE.UU.? - Foodman CPAs and...

Foodman CPAs & Advisors on 8/21/2020

Las Instituciones Financieras Extranjeras (FFI) tienen múltiples responsabilidades de cumplimiento de reportaje de FATCA y enfrentan la posibilidad de sanciones por no cumplir....more

Does your Third-Party FATCA Consultant have the experience to interpret the complex US Tax Code?

Foodman CPAs & Advisors on 7/28/2020

Foreign Financial Institutions (FFIs) have multiple FATCA reporting compliance responsibilities and face the possibility of penalties for not complying. ...more

IRS issues FATCA Relief but not for All

Foodman CPAs & Advisors on 1/17/2020

On September 6, 2019, IRS announced Relief Procedures for Certain Former Citizens. These are procedures for certain persons who have relinquished, or intend to relinquish, their United States citizenship, who wish to come...more

FATCA Registration System Is Up And Running. Are You Ready?

Foodman CPAs & Advisors on 8/13/2018

On 7/31/18, IRS released notification (2018-9) to inform that the Certification of Pre-Existing Accounts (COPA) and Periodic Certification Process (relates to an Entity’s compliance with various FATCA requirements) are now...more

FATCA: "COPA" y "CERTIFICACIONES PERIÓDICAS" que vencen el 1 de Julio de 2018 tendrán en efecto, una extensión de 3 meses. PERO,...

Foodman CPAs & Advisors on 4/4/2018

El 19 de marzo de 2018, el IRS publicó el "Borrador de Preguntas de Certificación FATCA" (https://www.irs.gov/businesses/corporations/draft-fatca-certifications) para ser completado por el Oficial Responsable (“RO”) de una ...more

FATCA: “COPA” and “PERIODIC CERTIFICATIONS” due by July 1, 2018, will have, in effect, a 3 Month Extension. BUT, will you be...

Foodman CPAs & Advisors on 4/4/2018

On March 19, 2018, IRS released “Draft FATCA Certification Questions” to be completed by the Responsible Officer (RO) of a Participating Foreign Financial Institution (FFI) or Reporting Model 2 FFI. ...more

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