201701.27
0

What Happens if I Do Not Reply to a Bank’s FATCA Request to Certify?

If a person does not respond to their Foreign Financial Institution’s (FFI) FATCA Request, chances are the Foreign Financial Institution will report them to the United States as a U.S. Account Holder. If the IRS realizes that the U.S. person did not properly complete the necessary annual forms such as a FATCA Form 8938, FBAR…

201701.26
1

FATCA Reporting 2018 – 10 Things You Need to Know for U.S. Tax Compliance

Under the current state of the law, FATCA has become a harsh reality for millions of people. FATCA is the Foreign Account Tax Compliance Act, and it requires both individuals and foreign financial institutions worldwide to report foreign account and “Specified Asset” information to the United States. While the law has good intentions, it is abhorred by many…