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Tag Archives: Mary Louise Serrato

The new American tax dictate FATCA comes into force

Posted by aurelius77 on July 1, 2014

Americans avoiding US taxes and stashing cash abroad are in trouble from July 1, when a new law forces institutions hiding money to report on their clients. The law will make business with Americans harder, but the US hopes it will raise billions.

The US Foreign Account Tax Compliance Act, or FATCA, comes into force on July 1 and requires foreign banks to hand over data on clients to the US International Revenue Service (IRS). If a bank does not report such information, it could be subject to a 30 percent withholding tax.

FATCA legislation, signed into law in 2010, requires overseas financial institutions to identify their American customers to the IRS. The law applies to any account with more than $50,000. Continue reading →

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Comments Off on The new American tax dictate FATCA comes into force Posted in Business & Economics, Politics, USA Tagged American Citizens Abroad, Americans, Business & Economics, Credit Suisse, expats, FACTA, financial regulators, foreign banks, International Revenue Service, IRS, Mary Louise Serrato, offshore holdings, politics, Switzerland, tax dollars, tax evasion, The new American tax dictate FATCA comes into force, Tina Turner, UBS, United States, US Foreign Account Tax Compliance Act, US taxes, US Treasury Department

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