• QuickPress

    Regulatory Fatigue? FATCA Inaction May Risk Noncompliance

    January 2, 2019

    Eight years after Congress passed the Foreign Account Tax Compliance Act (FATCA, which was enacted as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) to address the potential for tax evasion, lack of planning in response to evolving FATCA guidance may be putting some financial institutions at risk of noncompliance and potentially steep penalties. To read the full article in The Tax Advisor, click: Regulatory Fatigue? FATCA Inaction May Risk Noncompliance.

  • IRS - QuickPress

    IRS Loses Big in Tax Evasion Trials

    November 25, 2014

      Back in 2007, the IRS and U.S. Department of Justice (DOJ) were hot on the heels of Switzerland-based mega financial institutions like UBS, Credit Suisse, and Wegelin for assisting wealthy Americans in hiding billions of dollars in foreign accounts. Part of the fallout included the enactment of the Foreign Account Tax Compliance Act (FATCA) in 2010, which requires all foreign banks to file reports with the IRS on all American accounts over $50,000. Americans must also file the disclosure separately on their yearly returns. Failure to report results in a 40 percent penalty for the account holder and even…

  • QuickPress - QuickRead Featured - Tax

    77,000 Banks Turn Over Data under FATCA

    June 18, 2014

      In a windfall for the IRS, 77,000 foreign banks have turned over data on American account holders as part of the Foreign Account Tax Compliance Act (FATCA). The U.S. devised tax law with global reach requires all foreign banks to submit full data on all American accounts with a balance of $50,000 or more. Financial institutions that are non-compliant risk being frozen out of U.S. markets and a 30 percent withholding tax on any activity taken by the bank, and even its customers. While FATCA was billed as an effort to expose overseas tax cheats, many honest Americans and…