What is FATCA?
The Foreign Account Tax Compliance Act (“FATCA”) was enacted into law in 2010. FATCA has revolutionized the landscape of international tax compliance, because, for the very first time ever, it forced Foreign Financial Institutions (“FFIs”) around the globe to report all US account holders to the IRS. Moreover, FATCA has imposed an additional reporting requirement on US persons since 2011 – Form 8938 – which must be filed with the taxpayers’ US tax returns. Form 8938 applies to all Specified Persons, including individuals, corporations, partnerships and trusts.
Voluntary Disclosure
- New 2014 OVDP Update: Introduction
- Offshore Voluntary Disclosure Eligibility Criteria
- Offshore Voluntary Disclosure Program: Advantages And Disadvantages
- Offshore Voluntary Disclosure Program: Key Requirements
- Failure To Conduct Voluntary Disclosure And Potential Penalties: 2013 Update
- IRS Declares New 2012 Offshore Voluntary Disclosure Program
- Post-OVDI Voluntary Disclosure Of Foreign Bank And Financial Accounts
- Dealing With Undisclosed Foreign Income And Foreign Bank And Financial Accounts
- 2011 Offshore Voluntary Disclosure Initiative
- 2011 OVDI Statute Of Limitations
FATCA* & IRS Form 8938