Income Tax
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Comments Off on USA Foreign Account Tax Compliance Act (FATCA)
USA Foreign Account Tax Compliance Act (FATCA)
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The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important and highly controversial development in U.S.efforts to combat tax evasion by U.S.persons holding investments in offshore accounts.
Under FATCA,U.S.citizens and taxpayers holding financial assets outside the United States will report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S.taxpayers, or by foreign entities in which U.S.taxpayers hold a substantial ownership interest.
Reporting by U.S. Taxpayers Holding Foreign Financial Assets
FATCA requires certain U.S.taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to more »
Income Tax: Canada Green Card IRS US Tax
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Comments Off on IRS Calling! US Citizens in Canada File Your Tax Return
IRS Calling! US Citizens in Canada File Your Tax Return
Income Tax
The USA tax collector Internal Revenue Service (IRS) has stepped up their search for U.S. citizens living outside of the country and not filing their returns.
Thousands of “lost” U.S. citizens living in Canada are getting the call from the IRS.
Here are some tips on how to get caught up:
*Dual citizens: Even if you moved to Canada and became a citizen or resident, unless you go through the formal process of renouncing your U.S. citizenship, you are considered a dual citizen. The IRS still expects you to file your annual income tax return form 1040.
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