Tag: Foreign Account Tax Compliance Act - FATCA

• Wednesday, November 6th 2013 - 02:05 UTC

  US Treasury and IRS announce further steps to curtail offshore tax evasion

  

  The United States Department of Treasury says it is taking steps to curtail offshore tax evasion in the Caribbean and other places. The US Treasury Department along with the US Internal Revenue Service (IRS) have issued a notice for foreign financial institutions (FFIs) to comply with information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA).

• Tuesday, July 16th 2013 - 21:12 UTC

  American offshore accounts in foreign banks with more than 50.000 dollars have to be reported

  

  The US Treasury Department said it will postpone enforcement of a new law that cracks down on offshore tax avoidance by Americans by six months until July 1, 2014, giving foreign banks more time to determine how to comply.