Posted by: Michael Hermes, Tax Senior
July 1, 2014 will mark a key stage of implementing the Foreign Account Tax Compliance Act, or FATCA, which Congress enacted in 2010 as a way to crack down on offshore tax cheats.
For the last three years, individuals have been required to disclose more about their overseas holdings. But come this summer, foreign banks and other financial firms must start reporting to the Internal Revenue Service on their U.S. customers and most of their assets. As a result, these U.S. taxpayers – as well as their financial and tax advisers – will be under more pressure to report their assets.
Read more about the filing requirements of Foreign Bank and Financial Accounts here.
If you have any questions on the filing requirements of the FBAR, please contact the qualified professionals of Zinner & Co. LLP.