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Offshore Accounts Archives

FATCA requirements and foreign insurers

Passed in 2010, the Foreign Accounts Tax Compliance Act (FATCA) continues to be controversial. FATCA requires specific foreign financial institutions to report on assets belonging to American citizens. Reporting under FATCA is complicated. And the consequences for noncompliance with FATCA are severe.

FATCA challenge may move to the Supreme Court

Congress passed the Foreign Account Tax Compliance Act (FATCA) with the idea of collecting more tax revenues from U.S. citizens living outside of the country. By implementing a series of complex reporting requirements on foreign financial institutions, authorities were hoping to identify accounts and assets belonging to such individuals.

The risky streamlined filing procedure for foreign accounts

When you as a Michigan resident have combined balances of foreign accounts exceed $10,000, you will need to file a disclosure statement with tax authorities. Failure to do so could result in tax evasion charges, and this can bring with it criminal penalties.

Willfulness and the disclosure of foreign account info

We’ve spoken many times on this blog about the complex reporting requirements that accompany ownership of foreign accounts. Beyond the complexity, it is extremely difficult for individual taxpayers to keep track of all of the rules pertaining to these accounts.

Exclusion of certain foreign income from your tax forms

We have often spoken about the difficulties taxpayers face concerning compliance with offshore income reporting requirements. This includes significant enforcement of regulations contained under the Foreign Account Tax Compliance Act (FATCA). The reporting requirements under FATCA are stringent.

Offshore income and IRS disclosure programs

The Internal Revenue Service will likely continue to crackdown on alleged failures to report offshore income and foreign assets. Any taxpayer with over $10,000 invested in foreign bank accounts could be a target for the IRS. Tax penalties for noncompliance are significant. Not only can the IRS take 50 percent of any value of the account, the agency may also assess fines, penalties and possible criminal charges.

Offshore accounts and the use of John Doe summons

A recent federal court decision demonstrates the determination of the IRS in tracking down offshore revenue. The federal court authorized the agency to use a John Doe summons in order to locate information about American citizens holding offshore accounts in Panama. Specifically, the IRS desired to use such a summons to locate accounts linked to debit cards.

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