Foreign Account Tax Compliance Act (FATCA)

On March 18, 2010, President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act which included the Foreign Account Tax Compliance Act containing new foreign account tax compliance rules. Under the Act, new reporting and disclosure requirements for foreign assets will be phased in between 2010 – 2013.

International investors are subject to annual U.S. income tax compliance filings, if they have a Green Card, or are in the U.S. for 183 days in any one tax year or for 122 days per year, over three tax years.

Please answer the following three questions:

1) Have you filed tax returns for your foreign grantor trust?

2) Have you reported your foreign bank account?

3) Have you declared your offshore income?

If the answer to any of these questions is no, please contact me for a free consultation. Please submit your inquiries in writing by email to my attention. You may reach me at gsw@gswlaw.com

Please see the following memos for more information:

1) Summary (The Act)

2) FATCA: Withholding Agents

3) FATCA: Foreign Financial Assets

4) FATCA: 40% Penalty

5) FATCA: 6 Year Statute

6) FATCA: "PFIC"

7) FATCA: Foreign Trusts Treated as Having U.S. Beneficiaries

8) FATCA: Uncompensated Use of Foreign Trust Property

9) FATCA: US Owners (Foreign Trust)

10) FATCA: Penalty (Failure to Report)

11) FATCA: Foreign Financial Institutions (Tax Withholding/Investment Income)

12) FATCA: Foreign Financial Institutions (Qualified Intermediary)