The IRS has been taking comprehensive steps toward stricter tax policy implementation lately. Many of its new regulations have been directed toward Americans with overseas accounts and sources of income. Stiff penalties—from steep fines to jail time—await those who fail to comply. 3 Mistakes You Should Avoid When Reporting Foreign Bank Accounts to the IRS…
The UAE and US have signed an agreement to share information on any UAE-based finances of US citizens, under the US’s Foreign Account Tax Compliance Act (FATCA), the UAE Ministry of Finance said. FATCA was introduced by the US Congress in 2010 to target non-compliance by US taxpayers using foreign accounts. It requires foreign financial…
Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2014 must electronically file with the U.S. Treasury Department a Financial Crimes Enforcement Network (“FinCEN”) Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”), if the aggregate value of such foreign financial account(s) exceeded…
