wheels Posted February 13, 2012 Share Posted February 13, 2012 Lookout here they go again http://www.manx.net/tv/mt-tv/watch/4543/tax-planners-warn-of-new-us-law (Video) A big compliance burden - apparently Link to comment Share on other sites More sharing options...
slinkydevil Posted February 13, 2012 Share Posted February 13, 2012 Video doesn't work for me can you give us a clue to what they are proposing? Link to comment Share on other sites More sharing options...
wheels Posted February 14, 2012 Author Share Posted February 14, 2012 FATCA http://www.irs.gov/b...=236667,00.html The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts. Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made on Form 8938, which taxpayers attach to their federal income tax return, starting this tax filing season. In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Video has iom kpmg chap talking about how it will affect IOM Quite a lot he thinks as regards compliance Link to comment Share on other sites More sharing options...
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