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Posts tagged "Offshore Accounts"

Extradition is possible for dealing with FATCA violations

While the Foreign Account Tax Compliance Act (FATCA) has been around for close to a decade, new developments continue to arise. For example, a federal court brought a conviction against a naturalized citizen of St. Vincent for failing to comply with the act.

The OVDP and offshore reporting requirements

It's already understood that the failure to disclose foreign accounts can result in significant penalties. Yet while offshore enforcement concerning foreign accounts was significantly stepped up in 2009, many individuals failed to participate in the IRS Offshore Voluntary Disclosure Program (OVDP).

The task of reporting on offshore accounts

As we’ve indicated many times on this blog, there are significant disclosure requirements concerning offshore accounts and income. The Foreign Account Tax Compliance Act (FATCA) requires offshore financial institutions to either report accountholder information, or face significant penalties.

The little understood requirements of FATCA

A commentator recently noted how little American citizens living or earning money abroad know about the Foreign Account Tax Compliance Act (FATCA). A survey revealed that close to two-thirds of Americans living offshore have issues with paying taxes to the U.S. Also, only around 20 percent of such individuals felt they needed more assistance in filing their taxes.

Changes in offshore tax enforcement may be coming soon

There have been voluntary disclosure programs in place to entice taxpayers to come clean about unreported foreign assets since 2009. These programs allow for promises of decreased penalties. They may also allow for avoidance of prosecution in return for participation.

Challenge to FATCA overturned

The U.S. Supreme Court will not be haring the latest challenge concerning the Foreign Account Tax Compliance Act (FATCA). A number of U.S. citizens living abroad brought the lawsuit. It also had support from Senator Rand Paul who felt that FATCA was unconstitutional.

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