FBARS And The Impact Of FATCA
The Foreign Account Tax Compliance Act “FATCA” was enacted in 2010, requiring foreign banks to reveal US taxpayers and residents with accounts whose balances exceed $50,000. Such information includes social security numbers, individual taxpayer identification numbers (“TINSs”), bank account balances (both current and historical), and foreign entities associated with US taxpayers. FATCA requires foreign banks to cooperate or be frozen out of the US marketplace.
Almost every bank and financial institution in the world is now complying.
The US Justice Department began with a few of the largest Swiss banks, taking them to court for violating FATCA and helping US taxpayers evade taxes. Switzerland’s largest bank, UBS, pled guilty to helping Americans evade taxes and paid a fine of $780 million. Credit Suisse soon followed and pled guilty to helping Americans to evade taxes and paid a fine of $2.6 billion.
Today, over 200,000 banks and institutions in 200 sovereignties provide bank account information about US taxpayers directly to the IRS.
Almost all nations around the world are now complying, including traditional safe havens such as Switzerland, the Cayman Islands, as well as most countries in the Middle East, South America, the Far East, China and even Russia.
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For more information or to discuss your tax, legal and accounting needs contact Allen Barron or call 866-631-3470 for a free and confidential initial consultation. Learn about the importance of integrated business strategy and coordination across legal, tax and accounting systems.
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