The FBAR filing requirement isn’t new, but expats often overlook it. Recent international enforcement efforts have raised awareness of the requirement. Don’t worry, though — your FBAR is only an informational document. No additional tax will be added. However, penalties can be...
If you’ve received Form 1099, you may have noticed a checkbox labeled “FATCA filing requirement.” What does this mean? And what should you do if the FATCA filing requirement box is checked? Should you add a check if it isn’t? Don’t panic! Here’s what you need to know. What ...
Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938: Statement of Specified Foreign Financial Assets. Serious penalties occur if these financial assets are not reported. This FATCA requirement is in addition to th...
Cook v. Tait and the U.S. Civil War a bit. See bothSupreme Court’s Decision in Cook vs. Tait and Notification Requirement of Section 7701(a)(50)andThe U.S. Civil War is the Origin of U.S. Citizenship Based Taxation on Worldwide Income for Persons Living Outside the U.S. ***D...
The suspension of the Form 8621 filing requirement applies only to PFIC shareholders that are not otherwise required to file Form 8621 under the current Form 8621 instructions. PFIC shareholders with current Form 8621 reporting obligations must continue to file the current Form 8621. ...
The most important requirement is to self-certify that your failure to file was due to ignorance, not because of any willful refusal. But don’t wait too long! If the IRS contacts you about your failure to file before you start the Streamlined Filing Compliance process, you may lose the ...
This form is separate from the FBAR (FinCEN Form 114) requirement. Reporting thresholds vary based on filing status and residency: Filing StatusU.S. ResidentsLiving Abroad Single $50,000 $200,000 Married $100,000 $400,000 Assets that must be reported include foreign bank accounts, securities,...
If you are subject to FATCA reporting and associated with a foreign bank, the bank will ensure you stay compliant to avoid penalties and other actions. Banks generally take a few steps to inform customers about this requirement. FATCA Letter from Bank ...
Relax the requirement that a retirement fund only receive contributions from the employer or employee. Add as new categories of "exempt beneficial owner:" (i) a plan-sponsored fund that would meet the requirements of Code Section 401(a), other than the requirement that the plan be funded ...
3. I would think so as KYC procedures have been updated with requirement of FATCA/CRS declaration. Banks would contact all of their account holders to comply with updated KYC requirements. For your case: 1. FATCA form 8938 to be filed with your 10400. Also, FBAR deadline has been revised...