Posts Tagged ‘FATCA’

Cayman Island Tax Haven No Longer Secret Due to FATCA

Wednesday, August 28th, 2013

First it was banks, now it is the offshore tax havens like the Cayman Islands who will no longer secretly shelter the assets of wealthy Americans. A Tax Connections article titled: “Caymans Makes it Tougher for Wealthy to Hide Money!” states that the Cayman Islands, a major financial center and home to operations for dozens of banks, funds and wealth-management entities, has made an agreement with the U.S. that it
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Americans Living Abroad Renouncing US Citizenship

Tuesday, August 13th, 2013

A Wall Street Journal article titled: “U.S. Expats Balk at Tax Law” reports that the government’s quest to find tax evaders is prompting some Americans living in Asia and around the world to rethink their citizenship. Their biggest complaint: the increasing burden of paperwork required by Foreign Account Tax Compliance Act, or FATCA.
As per FATCA regulations foreign institutions are required to disclose the overseas assets of U.S. citizens and green-card
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Offshore Bank Account Filing Deadline June 17

Monday, June 3rd, 2013

A recent IRS Press Release aims to remind taxpayers with foreign bank accounts and assets that their filing deadline to report them to the IRS is June 17, 2013. This applies to U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012 and military personnel outside the country. Also, some U.S. citizens abroad may be required to submit
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Florida Woman Receives $21 Million Penalty for Offshore Accounts

Thursday, January 31st, 2013

Even though the latest voluntary disclosure program has officially past, it is still better to come clean with unreported offshore bank accounts than to wait for the IRS to contact you. The IRS is placing more severe penalties on non-compliant offshore account holders than ever before. A recent Forbes article titled “Florida Widow Guilty + $21M Penalty for Inherited Swiss + Liechtenstein Accounts,” explains just how tough it has become.
The article’s
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Swiss Bankers Caught Hiding Offshore Accounts from IRS

Monday, December 24th, 2012

If you think the saga between the U.S. government and Swiss banks was over, think again. An article titled Feds Charges Swiss Bankers with Tax Conspiracy from Accounting Today reports on the U.S. government’s continued offensive on worldwide offshore account disclosure. The most recent target: Swiss bank, Zuercher Kantonalbank (ZKB) who the U.S. Government claims attempted to hide the accounts of American clients from the IRS.
According to the article, the
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IRS Getting Tougher on Undisclosed Bank Accounts

Wednesday, November 7th, 2012

If you have unreported foreign bank accounts and assets, you will want to rethink your current status when you see how high the IRS is raising the stakes. A recent Forbes article by Robert W. Wood titled “Forbes Undisclosed Foreign Bank Accounts? They’re Even More Explosive Now“ makes clear how the Agency is using its generous resources to go after and prosecute tax evaders who, in spite of several years
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Offshore Tax Accounting Paperwork

Monday, September 24th, 2012

Attempting to understand the appeal of offshore tax havens, NPR’s Planet Money team decided this last July to wade into the murky offshore waters and create a few shell companies in countries advertising tax haven status. According to the Team’s Chana Jaffe Walt in the latest broadcast titled “The Downside of Tax Havens? Paperwork,” the process of buying the two companies one in Belize: “Unbelizable Inc” and one in Delaware:
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To Avoid Tax Issues-Americans Give Up Passports

Monday, May 14th, 2012

There is little doubt that wealthy Americans are under scrutiny for tax collection. Nowhere is this more obvious than for those who have offshore bank accounts. More U.S. citizens living abroad are deciding to renounce their U.S. citizenship instead of facing IRS tax problems concerning new U.S. tax regulations namely the Foreign Account Tax Compliance Act (FATCA) aimed at curbing tax evasion.
The subject of renouncing citizenship made front page headlines
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Senator Rand Paul Challenges U.S. and Swiss Banking Treaty

Monday, April 30th, 2012

In another chapter of the IRS versus the Swiss Banks saga, Republican Senator Rand Paul from Kentucky has recently blocked an amendment to a U.S.-Swiss tax treaty that provides the IRS data on Americans with hidden offshore bank accounts. Paul believes the protocol is too “sweeping” and would threaten taxpayers’ Fourth Amendment rights that guard against unreasonable search and seizure.
Bloomberg’s article Rand Paul Seeks to Block Tax Treaty Change on
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