Thanks to improved technology, communication, and transportation, people are finding rewarding opportunities all over the world. Unfortunately, as traditional boundaries come down, newer and more complex concerns take their place. One of these concerns is offshore tax evasion. FATCA 101: What It Is and How to Avoid Steep Penalties was last modified: June 25th, 2015…
In 2010 the Foreign Account Tax Compliance Act (FATCA) was enacted. The purpose of FATCA is to discourage tax evasion by U.S. citizens who have bank accounts and investments offshore in other countries. FATCA means it is very important for US tax payers with accounts overseas to get their tax filings submitted correctly or they…
US International Tax Advisors (USITA) is the go-to expert for tax advice and services in the Metro DC area, nation-wide and the rest of the globe. Many of our international clients turn to us when they are faced with issues on information storage services, international business consulting, litigation and investigations, and international tax compliance in…
During the multi-year build-up to FATCA,1 the primary focus was on entity classification and registration, and less attention was paid to the compliance obligations of U.S. and non-U.S. entities affected by FATCA. Withholding and information reporting responsibilities under FATCA were generally known, but with the numerous deadline postponements and references to yet-to-be enacted local law,…
Every week, HGTV has episodes of couples and families looking to move to a different part of the world. While you get a small glimpse of what life is going to be like living in a foreign country, you shouldn’t forget about the mountain of financial decisions facing you when you leave the U.S. Here…
