By: Mary Vasilescu
For tax years starting after December 31, 2015, the Internal Revenue Service (IRS) has expanded the criteria for reporting Specified Foreign Financial Assets, or SFFAs. SFFA’s for this purpose are foreign financial accounts maintained at a foreign financial institution and other foreign financial assets held for investment purposes.
Enacted in 2010 as a section of FATCA or the “Foreign Account Tax Compliance Act”, Section 6038D of the Internal Revenue Code requires...
How FATCA will affect your foreign financial dealings
By Mary Vasilescu
If you have offshore financial interests or make payments to foreign entities, you need to know about the Foreign Account Tax Compliance Act, which removes the veil from foreign banks and other entities that enable U.S. citizens to evade taxes on assets accumulated in other countries. Foreign entities are required to satisfy payment documentation and reporting requirements. Lacking the cooperation of those entities,...