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IRS Targets Groups of Taxpayers In Connection With Non-Compliance

Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance. IRS Targets Groups of Taxpayers In Connection With Non-Compliance from freemantaxlaw

By | 2017-01-01T11:26:26+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on IRS Targets Groups of Taxpayers In Connection With Non-Compliance

Over 100 Jurisdictions Effected by FATCA Regulations In 2015

The number of countries and jurisdictions that have now signed an agreement with the United States under the Foreign Account Tax Compliance Act (FATCA) has now exceeded one hundred. While this number grew slowly at first, more and more countries are climbing on board as the world realizes banking transparency is becoming a thing of the past. Over 100 Jurisdictions Effected by FATCA Regulations In 2015 from freemantaxlaw

By | 2017-01-01T11:26:26+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on Over 100 Jurisdictions Effected by FATCA Regulations In 2015

Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets

Ever since the implementation of the Foreign Account Tax Compliance Act (FATCA), the IRS has spent increased time and resources in seeking out undisclosed income and assets among U.S. citizens living abroad. FATCA now requires foreign financial institutions including banks, investment groups, insurance programs, and employers to report information on American account holders. Over 100 countries have already signed agreements with the United States and more are in discussions with the IRS. Because of this new widespread financial transparency, taxpayers living abroad are now in the spotlight. Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets from freemantaxlaw

By | 2017-01-01T11:26:27+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets

FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers

FATCA, the Foreign Account Tax Compliance Act was passed in 2010, and has since gone into effect as of 2014. The law requires all foreign financial institutions to report information to the United States government regarding U.S. account holders. Those institutions that fail to do so face penalties of up to a 30% sanction on funds transfers from the United States. With such steep penalties on the table, many foreign financial institutions have already signed up to comply with the law. In fact, over 100 countries have signed an Intergovernmental Agreement (IGA) to comply with FATCA requirements. FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers from freemantaxlaw

By | 2017-01-01T11:26:27+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers

So Long Secret Swiss Bank Accounts

Swiss Banks are now requesting to disclose account contents for tax purposes. What happened to their cloak of secrecy? Jeffrey S. Freeman, J.D., LL.M The United States started the investigation in Switzerland accusing banks of aiding their clients in avoiding their tax responsibilities. Several years later this is more than just an investigation. Billions of dollars in fines, new legislation, reporting requirements for financial institutions, and intergovernmental agreements are proof that this problem was widespread in Switzerland and other countries. On a global scale the Organisation for Economic Cooperation and Development (OECD) developed the Global Forum on Transparency and Exchange of Information for Tax Purposes back in 2000. Increased momentum and involvement from member jurisdictions has improved along with the speed of the FATCA development. In July a Common Reporting Standard for Automatic Exchange of Financial Account Information in Tax Matters was released asking governments to secure detailed account information from their financial institutions for exchange with the appropriate jurisdiction of the residence of the account holders on an annual basis. Swiss Request Now the tables have turned and Swiss banks are requesting that the government create agreements with neighboring countries. The head of Switzerland's banking association is requesting this [...]

By | 2017-01-01T11:26:58+00:00 October 16th, 2014|Freeman Tax Law|Comments Off on So Long Secret Swiss Bank Accounts