New tools are now available to discover tax evasion due to the enactment of the Foreign Account Tax Compliance Act (FATCA). The Treasury and the IRS issued final regulations under the FATCA in January that describe the requirements for foreign financial institutions (FFIs) nonfinancial foreign entities (NFFEs) and other taxpayers to comply with in reporting and withholding practices on U.S. and foreign account holders.
In order to implement the FATCA this 544-page regulation package seeks to harmonize the United States regulatory requirements with the use of intergovernmental agreements (IGAs).
If you have foreign accounts and need assistance in meeting regulations the Louisville tax professionals at Lindemeyer are available to help with any questions you might have. Fill out this form to get started.