Managing personal financial issues is challenging for most people. For American expats, the normal complexities and expenses are compounded by a panoply of post-financial crisis legal requirements mostly relating to taxes and bank account reporting. Financial Adviser Jonathan Lachowitz of White Lighthouse Investment Management continues: Even more challenges arise as financial institutions at home and abroad…
The Treasury Department has notified countries with early versions of agreements under the Foreign Account Tax Compliance Act that their banks can use the more favorable procedures for reporting new accounts available in later pacts. Treasury said July 27 that it had sent letters to 40 countries informing them of the beneficial option. Practitioners welcomed…
Since July 1, eleven more Swiss banks have entered deferred prosecution agreements with the U.S. government. The subject is tax evasion involving American account holders. Today, banks everywhere want to know if you are compliant with the IRS. Under FATCA, the entire world is lending the IRS a hand. Meanwhile, the IRS has updated its list…
The Department of Justice announced today that two banks, Rothschild Bank AG and Banca Credinvest SA, have reached resolutions under the department’s Swiss Bank Program. “The days of safely hiding behind shell corporations and numbered bank accounts are over,” said Acting Assistant Attorney General Caroline D. Ciraolo of the Department of Justice’s Tax Division. “As…
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…
