Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Foreign Account Tax Compliance Act


yota691
 Share

Recommended Posts

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.
icon_individuals.pngIndividuals
 
icon_financial_institutions.pngFinancial Institutions
 
icon_governments.pngGovernments

 
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.
 

 

 
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.

 


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.

 

 

 
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.

 

 

Page Last Reviewed or Updated: 06-Nov-2013
 
  •  

 

Link to comment
Share on other sites

  • 2 weeks later...
  • 2 weeks later...
Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.