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Posts Tagged Foreign Account Tax Compliance Act
Hundreds Of Americans Rip Up Passports To Avoid FATCA
A recent headline in IFC Review declared that hundreds of Americans were ripping up their passports to avoid FATCA. FATCA is short for the Foreign Account Tax Compliance Act, the law that will soon require banks and other financial institutions worldwide to report accounts with ties to U.S. taxpayers. The law’s implementation date has already [...]
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FATCA Repealed? Not Yet!
Posted by admin in Legal Malpractice on May 10, 2013
Senator Rand Paul of Kentucky introduced a bill to repeal key provisions of FATCA. Passed as part of President Obama’s economic stimulus package, FATCA stands for the Foreign Account Tax Compliance Act. Beginning next year, the law requires foreign banks and hedge funds to identify accounts with ties to U.S. taxpayers. The IRS and Department [...]
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Caymans No Longer Bank Secrecy Jurisdiction (FATCA / FBAR Post)
by Brian Mahany As the implementation deadline for the Foreign Account Tax Compliance Act (FATCA) nears, more and more jurisdictions are becoming “transparent.” That means an end to the financial privacy that many wealthy Americans have come to expect. The Cayman Islands are no exception. Once known for its strict bank secrecy laws, the Caymans [...]
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The Offshore Inquisition (FBAR / FATCA Post)
by Brian Mahany Having a bank or brokerage account in a foreign country is not illegal. There are dozens of reasons to keep assets offshore and most are completely legitimate. Listen to politicians and the media, however, and a different picture emerges. Owners of foreign accounts have been demonized. Politicians portray them as criminals. In [...]
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Taiwan Latest Country To Agree To FATCA
by Brian Mahany The drum beat and march towards financial transparency continues. Like it or not, FATCA is probably here to stay. FATCA is short for the Foreign Account Tax Compliance Act. FATCA requires foreign banks and other financial institutions to review and identify accounts with ties to the United States. Those financial institutions will [...]
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FATCA Showdown In The Philippines?
by Brian Mahany FATCA is short for the Foreign Account Tax Compliance Act – the Obama administration’s push to end tax secrecy around the world. Under the new FATCA law, foreign banks and other financial institutions will be required to review and report accounts with ties to the United States. Although the Bank Secrecy Act [...]
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Will Asia Derail FATCA?
Managing partner Brian Mahany was extensively quoted in a story published in American Banker magazine last week. The topic was whether the Obama administration’s Foreign Account Tax Compliance Act (FATCA) was in jeopardy. Brian’s interview with journalist Jon Matonis can be read here. Beginning next year, foreign banks are required to review account data and [...]
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“Nobody Expected That In Just One Moment, Everything Would Stop” – FATCA Post
by Brian Mahany This is our fourth story on the Cyprus banking meltdown but the last several posts have hit a raw nerve judging by the calls we have received. Many people previously worried about whether their offshore accounts would be discovered are now worrying about how safe their funds are. And with good reason. [...]
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Currency Controls – FATCA / FBAR Post
by Brian Mahany Currency controls – or the fear of them – is what causes many people to move wealth outside the United States. It is also what can cause you to lose all or most of your money. Twice in the last week we wrote about Cyprus. Although most people would not be surprised [...]
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New Dangers Loom For Holders Of Foreign Bank Accounts (FATCA / FBAR Post)
by Brian Mahany We have long warned about the dangers of having an unreported foreign account. The biggest danger, of course is the IRS with its huge civil and criminal penalties. Miss just one FBAR filing (Report of Foreign Bank and Financial Account) and you could go to jail (if the failure was willful) or face civil [...]
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