High-income and high-net-worth taxpayers who have assets offshore must report these assets to the U.S. government annually. For most, this means filing both IRS Form 8938 to comply with the Foreign Account Tax Compliance Act (FATCA) and a Report of Foreign Bank and Financial Accounts (FBAR) to comply with the […]
Category: FATCA
The Internal Revenue Service’s (IRS) streamlined filing compliance procedures provide a way for U.S. taxpayers to mitigate the consequences of failing to disclose their foreign financial assets. Taxpayers who qualify to submit a streamlined filing are not subject to failure-to-file, failure-to-pay or accuracy-related penalties and instead pay a five-percent “miscellaneous […]
A collective of American expats living abroad filed suit back in 2015 to challenge imposition of the Foreign Account Tax Compliance Act (FATCA) as it applies to their international financial accounts. The group, with the self-imposed name of “Republicans Overseas,” engaged in a silent protest against FATCA prior to filing […]