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Foreign Account Tax Compliance Act _FATCA.pdf

This is a landmark time for taxpayers to become compliant with their international reporting requirements for two reasons.  First, the Foreign Account Tax Compliance Act (FATCA) is continuing to gain momentum.  FATCA’s main component is intergovernmental agreements whereby countries will share information on citizens opening up foreign accounts.  Some banks are even choosing to voluntarily follow this protocol in order to avoid an additional 30% tax imposed on U.S. investments.  Second, last year, in response to heavy requests from taxpayers, the IRS started several programs that may allow taxpayers to come forward and gain compliance on all information reporting with little to no penalties. The other side of this is that as time passes and banks begin working with the IRS the penalties will become much more severe.  Overall, this is a very important time both for U.S. expatriates and companies directly or indirectly involved with U.S. investment. 

 

In this seminar, the speaker will talk about the filing requirements of FATCA including Form W-8BEN-E, i.e. a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, assisting non-US residents to report their incomes derived in America. Though a clear instruction is given to complete the form, taxpayers still have enquiries, which will be explored further during the seminar.

 

Moreover, the Offshore Voluntary Disclosure Program will be explained, including the new streamlined programs. Instead of detection by the Internal Revenue Service, which can carry heavy penalties and even criminal investigation, the scheme encourages taxpayers to voluntarily disclose their foreign accounts, paying lesser penalties and preventing possible criminal prosecutions from being imposed.