If you are an Indian living in the United States (US) either with a green card or an American passport you must know about FATCA. If you have either of the two and have undeclared property or wealth in India it is even more important that you understand how the Foreign Account Tax Compliance Act…
All citizens need to pay taxes to their government. Interestingly, some individuals think that by moving to a different country, they can avoid paying taxes. They couldn’t be more mistaken. Tips on Paying Your Taxes If You’re an American Expat was last modified: August 10th, 2015 by US International Tax Advisors
On 19 June 2015, the South African Revenue Service (SARS) issued a draft notice setting forth the incidences constituting non-compliance under the intergovernmental agreement (IGA) entered into with the US with respect to the US Foreign Account Tax Compliance Act (FATCA). Such incidences are subject to a fixed amount penalty in accordance with section 210(1)…
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…
