The Foreign Account Tax Compliance Act is fundamental as it affects how you report your finances, especially as an expat abroad. FATCA is why you may need to file a Report of Foreign Bank and ...

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...

Henry J. Grzes, CPA, Director, International Tax, SS&G, Inc. It’s a common misconception that if you have income or assets offshore and it never touches U.S. soil, then you don’t have to report it.

TIGTA found the IRS spent hundreds of millions on FATCA oversight while examining only a handful of high-value foreign ...

Financial account held at a foreign branch of a U.S. financial institution No Yes Financial account held at a U.S. branch of a foreign financial institution No No Foreign financial account for which ...

The Internal Revenue Service rarely penalizes taxpayers who have high balances in foreign bank accounts and fail to file the ...

The Internal Revenue Service plans to release a new information reporting form that taxpayers will need to use next tax season to report on certain types of foreign financial assets for tax year 2011.

In the Final Regulations effective December 12, 2014, TD 9706, Reporting of Specified Foreign Financial Assets, the IRS addressed such issues as dual residents, valuation challenges, foreign currency, ...

Cryptocurrency is a decentralized virtual currency. Unlike traditional currency, it exists independently of any government or financial institution. Additionally, it can be sent between users without ...

The IRS on Saturday released the final version of Form 8938, Statement of Specified Foreign Financial Assets, and released its instructions on Monday. Affected taxpayers must use the form to report ...