There are legitimate reasons for having offshore accounts, such as convenience, investing, and managing transactions abroad. However, U.S. taxpayers must refrain from using these accounts to hide assets or avoid taxes. Failure to complete and file the required foreign bank account reporting on the...
In short, BEFORE December 2016, a FATCA/CRS declaration will be obtained for ALL accounts – owned by Residents or Non-Residents. And, It is very critical to understand the CRS/FATCA declaration, which I have explained in my another blog:FATCA / CRS Declaration: Requirement, Importance and D...
Exemption from FATCA reporting code (if any) FATCA reporting applies to accounts maintained outside the U.S. at foreign financial institutions (FFIs). FATCA is theForeign Account Tax Compliance Act. If applicable, insert your FATCA code A through M from the W9 form instructions or indicate “...