Foreign financial institutions (FFIs) that want to register to participate under the Foreign Account Tax Compliance Act can do so online. The government tried to create a process that would make it easy for foreign banks to participate. Under the law, banks are required to report U.S.-owned accounts to IRS or face, in some cases,…
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About: Ronald Marini
Recent Posts by Ronald Marini
IRS announced a plan to Help U.S. Citizens Overseas Become Compliant
WASHINGTON — The Internal Revenue Service today announced a plan to help U.S. citizens residing overseas, including dual citizens, catch up with tax filing obligations and provide assistance for people with foreign retirement plan issues. "Today we are announcing a series of common-sense steps to help U.S. citizens abroad get current with their tax obligations…
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Alternative FATCA Approach In Compliance Pacts with Switzerland & Japan
Switzerland and Japan have agreed to circumvent their own privacy laws to ease the implementation of the US Foreign Accounts Tax Compliance Act (FATCA) and in exchange the the Treasury Department entered into agreements with Switzerland and Japan to pursue a new alternative approach for compliance with FATCA. The U.S. government does not expect further…
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Three Tax Return Preparers Charged with Helping Clients Evade Taxes by Hiding Millions in Secret Accounts at Two Israeli Banks
Defendants Operated Return Preparation Businesses Located in 12 Locations Throughout the U.S., Including California, New York and Maryland David Kalai, Nadav Kalai and David Almog were indicted by a federal grand jury in the Central District of California and charged with conspiring to defraud the United States, the Justice Department and Internal Revenue Service (IRS)…
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