FATCA

November 15, 2019
US investments in Israel targeted by IRS

Do You Have a Bank Account in Israel? The IRS May Be Targeting You

The Internal Revenue Service (IRS) coordinates with global banking and financial systems and foreign governments to discover when U.S. taxpayers have failed to report foreign investments, […]
December 17, 2018
tax fraud

IRS Increasing Fraud Penalties Under New Voluntary Disclosure Guidelines

In 2009, the IRS introduced the Offshore Voluntary Disclosure Program (OVDP), which enabled taxpayers to receive reduced penalties – notably, protection from criminal liability – for […]
October 8, 2018
First Taxpayer Convicted for FATCA Noncompliance, More IRS Enforcement Expected

First Taxpayer Convicted for FATCA Noncompliance, More IRS Enforcement Expected

The acronym “FATCA” refers to the Foreign Account Tax Compliance Act. FATCA, which was passed by Congress in 2010 as part of the Hiring Incentives to […]
September 19, 2018
What to Do if You Received a FATCA Letter from Your Bank About Foreign Account Reporting

What to Do if You Received a FATCA Letter from Your Bank About Foreign Account Reporting

If you are a U.S. citizen or resident alien with a foreign checking or savings account, at some point you will likely receive a FATCA letter […]
July 18, 2018
How U.S. Tax Laws Like FATCA Can Cost Dual Citizens Thousands

How U.S. Tax Laws Like FATCA Can Cost Dual Citizens Thousands

Tom Wallis has lived in France since his birth 40 years ago in Grenoble, a city located in the country’s southeastern region. Yet despite spending a […]
March 23, 2018
Sending Money to a U.S. Bank from Abroad? Beware a Wire Audit Transfer – and Potential FATCA Penalties

Sending Money to a U.S. Bank from Abroad? Beware a Wire Audit Transfer – and Potential FATCA Penalties

Making a wire transfer is a fast and convenient method of electronically moving funds from one bank account to another, generally ensuring the recipient’s access within […]