The FBAR is a disclosure form, not a tax form. So even though it goes to the treasury department, it’s not like there’s any money owed. Nonetheless, this is not something to be taken lightly, as the penalty for failing to file can be anywhere from $10,000 to 50% of the amount in each account…
NEW DELHI: To check offshore tax evasion, India and the US on Thursday signed an agreement to implement FATCA that will facilitate exchange of information between the two countries from October 1. The Foreign Account Tax Compliance Act (FATCA) was signed here by revenue secretary Shaktikanta Das and US ambassador Richard Verma. Read the full…
Going to confession won’t be enough anymore. Now that the Vatican has signed an agreement with US authorities to report information about overseas accounts under the Foreign Account Tax Compliance Act (FATCA), more taxpayers must be on their best behavior. Read the full article… FATCA Update: Tax Evaders Don’t Have a Prayer was last modified:…
NEW DELHI: India is likely to sign the inter-governmental pact for the US tax compliance law FATCA early next month, a government official said here today. “Indian government is likely to sign the Inter- Governmental Agreement (IGA) for Foreign Account Tax Compliance Act (FATCA) in early July 2015,” Akhilesh Ranjan, a Joint Secretary in the…
Did you know that people who live and work outside of the U.S. have the privilege to be excluded from federal income taxes that are paid by their employer for housing? In the same way, individuals of the same standing may exempt from taxes through the foreign-earned income exclusion. Q&A: Foreign Earned Income & Housing—Exclusions…
