yota691 Posted November 10, 2013 Report Share Posted November 10, 2013 Foreign Account Tax Compliance Act Planned Outage: November 9 — November 12, 2013 This service will be unavailable beginning approximately 4:00 p.m. ET on Saturday, November 9, 2013 until approximately 7:00 a.m. ET on Tuesday, November 12, 2013, due to a power outage. We apologize for any inconvenience. The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010. FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts FATCA focuses on reporting: By U.S. taxpayers about certain foreign financial accounts and offshore assets By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting. Individuals Financial Institutions Governments U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold. Form 8938 reporting is in addition to FBAR reporting. > Learn More ... Foreign To avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on U.S. accounts to the IRS. > Learn More... U.S. U.S. financial institutions and other U.S withholding agents must both withhold 30% on certain payments to foreign entities that do not document their FATCA status and report information about certain non-financial foreign entities. > Learn More... If a jurisdiction enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction may be simplified. Such financial institutions will not be subject to withholding under FATCA. > Learn More ... Page Last Reviewed or Updated: 06-Nov-2013 Related ItemsRegistration Instructions, User Guide, Frequently Asked Questions, and Other Resources Notice 2013-43 - Revised timeline Notice 2013-69 – FFI Agreement Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted November 10, 2013 Report Share Posted November 10, 2013 (edited) ***/// Oh, IRS.... you just love crawlin' up everybody's bum like a rabid gerbil, dontcha...... ... Edited November 10, 2013 by SgtFuryUSCZ Link to comment Share on other sites More sharing options...
sandfly Posted November 10, 2013 Report Share Posted November 10, 2013 THANKS Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted November 10, 2013 Report Share Posted November 10, 2013 THANKS ***/// ....for the article?...... or the picture you have in your head now of a rabid Gerbil....? Link to comment Share on other sites More sharing options...
millionaire in training Posted November 22, 2013 Report Share Posted November 22, 2013 Now , Now leave the pets alone. 3 Link to comment Share on other sites More sharing options...
SgtFuryUSCZ Posted November 22, 2013 Report Share Posted November 22, 2013 Now , Now leave the pets alone. ***/// .... ..... ....! Link to comment Share on other sites More sharing options...
SnowGlobe7 Posted November 22, 2013 Report Share Posted November 22, 2013 Link to comment Share on other sites More sharing options...
Chartman17 Posted November 30, 2013 Report Share Posted November 30, 2013 SnowGlobe7, that's a wombat. Aren't gerbils much smaller?...lol Oh, and I've met a few I.R.S. gerbils in the past. 1 Link to comment Share on other sites More sharing options...
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