Tax laws can be complex, which is why you may need to hire tax experts who can help you. If you own foreign financial assets, you need to be aware of foreign bank account reporting (FBAR), and foreign account tax compliance (FATCA). 4 Questions to Ask About the Foreign Account Tax Compliance Act was last…
On 24 July 2015, the Luxembourg tax authorities have announced that they are exceptionally postponing the FATCA reporting deadline until 31 August 2015. As a reminder, on 1 July 2015, the Luxembourg Lower House of Parliament (Chambre des Députés) debated on and voted to adopt the Bill submitted to Parliament by the Luxembourg Government 27…
Turkish Finance Minister Mehmet Şimşek said the Turkish government and the United States administration will sign a deal on July 23 which will make financial information exchanges possible between the two countries, as a part of the efforts to fight against tax evasion, as reported by Anadolu Agency. Read the full article… Turkey, US to…
Under the Foreign Account Tax Compliance Act (FATCA), US taxpayers with certain foreign financial assets exceeding the reporting threshold must report their assets to the IRS. They will use Form 8938, Statement of Specified Foreign Assets. This is in addition to filing Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Disclosure and worldwide…
