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More and More Countries Join FATCA

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Washington, DC 20036

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McLean, VA 22102

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Chevy Chase, MD 20815

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With India signing the U.S. tax compliance law, many people are wondering what’s next for FATCA. On July 9, Indian revenue secretary Shaktikanta Das and U.S. Ambassador Richard Verma signed the Foreign Account Tax Compliance Act or FATCA, which was created to fight tax evasion by U.S. citizens.

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As experienced FATCA consultants in Tysons, VA and serving clients in the Metro DC area, nationally and worldwide, we see this as another leap in promoting transparency among countries on tax matters.

India on Board

According to Das, the pact signed by both countries is a very important step for India to deal with offshore tax evasion and avoidance issues. The signing of an intergovernmental agreement only strengthens the long-standing relationship of the United States and India. Additionally, the treaty only reassures the commitment of the government of India to defeat the nuisance of black money. Under FATCA, the U.S. government can share records on offshore accounts and assets with other countries.

India anticipates receiving information through an automatic exchange of information portal later this year. This practical exchange of information endeavors to discourage tax offenders and bring greater justice to the tax regime, in order to establish a strong economy for the involved parties. Financial sectors will be publishing a more detailed guidance on FATCA—one that includes penalty taxes upon noncompliance and other conditions.

Benefits of FATCA

FATCA is turning into a global standard for curtailing attempts on tax evasion for foreign accounts and assets. As mentioned earlier, the main goal of FATCA is to establish global tax transparency. It necessitates financial institutions and foreign banks to detail the accounts of U.S. taxpayers. It also requires U.S. banks to report and deny taxes from payments to foreign recipients. This improved data sharing has thwarted the efforts of individuals who don’t willfully report their assets.

The good news is, foreign account holders are entitled to tax exclusions and deductions through various provisions. For U.S. citizens who live and work outside of the U.S., you can claim foreign-earned income exclusions and foreign housing exclusion and deduction. If you are not familiar with the process, you can always ask your local tax experts. US International Tax Advisors is here to help you manage any issues concerning international tax compliance for taxpayers in Baltimore, MD and surrounding areas.

We help individuals and companies alike to identify their legal options and provide effective solutions. There will come a time when more countries will appreciate the benefits of FATCA. Deal with your offshore accounts today. Call us at (844) 796-8565 and we’ll be ready to assist you.

More and More Countries Join FATCA was last modified: October 6th, 2016 by US International Tax Advisors
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About Us

US International Tax Advisors provide expert tax advice and services to clients in the Metro DC area, across the United States and throughout the world. Our advisors have deep expertise in international tax compliance, litigation & investigations, international business consulting and information storage services.

Our understanding of complex tax laws and reporting regulations around the globe make US International Tax Advisors the preferred choice for clients who want guidance and direction that is specific to their needs.

Our team of attorneys, CPAs and financial professionals counsel individuals, trusts, estates and companies on issues related to international tax compliance, FBAR, FATCA, IRS voluntary disclosure and amnesty programs. We serve clients both in the United States and overseas, including foreign nationals residing in the U.S. and American citizens working or residing in other countries.

Our Services

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  • Contact Us
  • Blog

Locations

US International Tax Advisors
1602 L Street, NW, Suite 401 
Washington, DC 20036

(844) 796-8565

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