The implementation of global forms of the US FATCA tax initiative, often referred to as GATCA (Global FATCA) continue to gain steam in Central and South America. This week a major US bank threatened to close the accounts of Argentinians with "undeclared funds." JP Morgan announced this week that "all funds...
CRS GATCA and the OECD – The Impact of FATCA
There are a lot of new acronyms in the world of international taxation. What do CRS GATCA and the OECD have to do with FATCA and offshore bank accounts? What impact has FATCA had upon other sovereign entities around the world? If are a US taxpayer and you have offshore...
World Leaders Developing New Standards to Identify and Exchange Beneficial Ownership Information
The goal of financial transparency worldwide is gaining momentum. The US FATCA initiative has spawned like legislation around the globe. The benefit of taxation derived from the discovery of offshore taxpayer financial accounts and interests has world leaders developing new standards to identify and exchange beneficial ownership information for bank...
What is GATCA and How is Costa Rica Handling Offshore Tax Reporting?
What is GATCA? Many clients want to know how are Southern and Central American countries such as Costa Rica handling offshore tax reporting and the global sharing of private taxpayer financial data? How is the continuing trend affect US investors, taxpayers and the foreign nationals who live and work in...
Mexico and South America to Implement Their Own FATCA Regulations
Just when many thought the wave of IRS focus on offshore accounts and investments had passed the next wave has reached our shores. The recent decisions by Mexico and South America to implement their own FATCA regulations means a continued tightening of inter-agency communication and international monetary tracking. The success...
Status of Banks Reporting Data to the IRS Under FATCA
When does the final onslaught of data to the IRS from banks around the world begin? What is the status of banks reporting data to the IRS under FATCA and when will FBAR and offshore related audits begin in earnest? These are questions tax experts around the world continue to...
Should You Report Previous Offshore Income Through an FBAR Voluntary Disclosure
A storm is on the horizon for those who fail to report offshore financial activity to the IRS. We are often asked by clients, especially foreign nationals who live and work here in the San Diego area, if they should report previous offshore income to the IRS through an FBAR...
Non-Resident Indians or NRIs Face IRS Offshore Scrutiny
Citizens and former residents of India face genuine tax issues while they live and work in the United States. Many Non-Resident Indians or NRIs face IRS offshore scrutiny and FBAR compliance issues. Many have come to the US to work, and are unaware of tax obligations that have developed as...
US Offshore Taxpayers FBAR and FATCA Still Great Concern for IRS Watchdog
A leading IRS National Taxpayer Advocate has issued her mid-year findings for 2016 last week. The report is very critical on the agency's support of US offshore taxpayers and expatriates, and focused upon the IRS' goals for the rest of 2016. The number one area of focus continues to be...