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Showing results for tags 'FATCA'.
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Beijing to back United States over new Fatca law against tax evasion The Form TD F 90-221 has been required of those "US Persons" with accounts in China with balances exceeding $10,000 at any point during a reporting year. The new agreement will make it possible for the IRS to check up on your balances. Foreign Bank Accounts - Report of Foreign Bank and Financial Accounts (FBAR) If you or your spouse have a foreign bank account which has exceeded a total value of $10,000, this should have been reported to the IRS using a Form TD F 90-221 for the year(s) during which the event occurred, on or before June 30th. Your spouse's bank accounts may fall under this umbrella even if he/she is living in China (if you are filing married filing jointly). Stiff penalties may apply, ranging up to 50% of the account value for each year it was not reported. The IRS has had "voluntary disclosure" programs where you can donate some of your overseas account money to the IRS. If you do not owe any tax money on the undisclosed accounts, my advice is to MAKE CERTAIN of what you're doing before you donate ANY money to their coffers. In other words, these programs and penalties (and the FBAR report itself) are supposed to apply to actual tax cheats - not people who simply have unreported non-taxable money outside the US tax system. In addition, Scedule B says: -
More posted in the Wall Street Journal. A measure targeting tax evasion pushes Americans out of bank accounts—and jobs—abroad http://www.wsj.com/articles/the-law-that-makes-u-s-expats-toxic-1444330827
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A new wrinkle on this topic: Americans abroad find citizenship too taxing to keep It seems the State Department has found a way to punish American Citizens when they renounce citizenship. MORE: http://blogs.wsj.com/totalreturn/2014/08/30/government-fee-to-give-up-u-s-citizenship-is-raised-fivefold/ Unintended consequences....
