Tags » Foreign Account Tax Compliance Act

India, US join hands in hot pursuit of tax evaders and terror financing

As nations across the globe are in hot pursuit of tax evaders and terror financing, India and the US have agreed to step up their joint work in this area, while Washington has extended its support for India’s trillion-dollar infrastructure development needs. 270 more words

"So Many Secret Accounts": Republican Doom Talk Helps Enable Big-Time Tax Evaders

So the first impulse is to discuss these Panama Papers in terms of the big crooks like Valdimir Putin. But let’s hope they get some traction on the presidential campaign trail and put the issue of tax havens at the center of the debate. 943 more words

Republicans

Tax Nightmare for Expatriates

The U.S. national debt is at approximately 19 billion USD, and as a result of the United States’ monumental debt, the federal government feels the need to tax their citizens for all incomes generated. 516 more words

International Development

FATCA Update: Treasury Issues Long-Awaited Rules For Foreign Asset Reporting by Domestic Entities

The Treasury Department has finally issued regulations implementing the rules requiring domestic entities to annually disclose their foreign financial assets to the Internal Revenue Service. In 2010, as part of the enactment of the Foreign Account Tax Compliance Act (FATCA), Congress added section 6038D to the Internal Revenue Code requiring certain taxpayers to annually report information about their “specified foreign financial assets,” if the aggregate value of such assets is greater than $50,000 on the last day or the year, or $75,000 at any time during the year. 3,352 more words

FATCA

Driving a Stake in the Heart of Bloodthirsty IRS Agents, Americans Living Abroad Renounce U.S. Citizenship in Record Numbers

Uncle Sam’s Global Tax Police Crawl Over International Borders to Extract Tribute from U.S. Citizens. 

The number of citizens and long-term residents cutting their official ties to Uncle Sam jumped more than 20% last year to 4,279, according to a CNNMoney analysis of the latest government data. 358 more words

Politics

Base Erosion Profit Shifting (BEPS)… a Holistic Approach to Prevent Abuse

While the United States (US), the undisputed economic power, sees its tax base decrease year by year, the leaders of the 20 most powerful and industrialised countries in the world, forming the G20, are concerned and have decided to pull on the alarm bell and, eventually take action.  668 more words