The Good, the Bad, and the Ugly of the FATCA
If “FATCA” were a person and decided to enter a beauty pageant, it would be booed off the stage for being unsightly. If “FATCA” were a writer and decided to write a nonfiction book, it sure as heck wouldn’t be, “How to Win Friends and Influence People.” What is it about this petulant law that […]
FBAR and FATCA – Two Abbreviations That Can Wrap You Around the IRS Axle
FBAR and FATCA are two important abbreviations for those who have overseas financial interests. Failure to file the FBAR report, in view of the IRS’s continuing application of FATCA, can get you into what old military veterans used to call FUBAR. Let’s back up a bit and go over those abbreviations: FBAR is a Foreign […]
“FATCA” Law Is Striking Fear Into Foreign Banks
Law That May Reduce Tax Evasion Goes Into Effect On July 1 The Foreign Account Tax Compliance Act (FATCA) became law in the United States in 2010, but the clock is still ticking on its implementation. The clock will stop ticking on July 1, 2014. The U.S. Congress and the Obama Administration pressed for FATCA […]
Add the Letter ‘T’ to FATCA, and No One’s Getting Fat Except the IRS
In 2010 President Obama signed P.L. 111-147, the Hiring Incentives to Restore Employment Act. The purpose of the law is in its eponymous title, but the IRS got into the act with the Foreign Account Tax Compliance Act (FATCA) provisions. FATCA is an attempt by the IRS to “improve reporting compliance” — translation: “widen the net” […]