» FATCA
European Union Demands Reciprocity, Transparency from IRS
January 30th, 2020
Since 2010, the Foreign Account Tax Compliance Act has created trouble for U.S. taxpayers living overseas. Now, a letter from the European Union’s General Secretariat of the Council has turned the tide, putting pressure on Treasury Secretary Steven…
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U.S. Prosecutors Claim First FATCA Criminal Conviction
February 15th, 2019
The Foreign Account Tax Compliance Act (FATCA) was designed to help the U.S. government track down undisclosed taxable assets overseas. Many say enforcement has been ineffective so far. Now U.S. prosecutors are claiming their first FATCA criminal con…
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Paul Manafort Indicted for Conspiracy, Tax Fraud, and FBAR Felonies
November 21st, 2017
On October 31, 2017, it was announced that Trump adviser Paul Manafort and his assistant Richard Gates were indicted in federal court on charges of conspiracy, tax fraud, and FBAR reporting felonies. These charges were some of the first arising from…
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Court Says Sen. Rand Paul, Plaintiffs Can't Challenge FATCA / FBAR
September 12th, 2017
Senator Rand Paul and several individual plaintiffs asked an Ohio federal court to strike down the Foreign Account Tax Compliance Act (FATCA), the Bank Secrecy Act’s Financial Bank Account Reporting (FBAR) requirement, and certain intergovernme…
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FBAR vs FATCA: What You Need to Know
February 9th, 2017
As you prepare to file your federal tax return and related documents with the IRS, it is important to be aware that the federal government imposes mandatory reporting requirements for broad categories of foreign financial accounts and other assets in…
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Credit Suisse Freezes Accounts to Find Non-Reporting U.S. Taxpayers
December 20th, 2016
If you are a U.S. taxpayer with accounts over seas, you may feel safe not reporting that income. You might assume there is no way the IRS will know. If so, recent activity by the Swiss bank Credit Suisse should give you food for thought. The Foreign…
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