The Journey of Iversen 707

I called a few attorneys and some of them tried to scare me about my situation. I wanted someone to take their time with my case and do it properly instead of rushing. I was worried of the potential penalties resulting from failure to report my foreign investments.

As a participant in an employee share plan, we are required by law to ask you to provide certain information to allow us to determine whether your details need to be reported under FATCA and/or CRS. The Common Reporting Standard , introduced by the Organisation for Economic Co-operation and Development , is an information-gathering and reporting requirement for Financial Institutions in participating countries. Similar to FATCA, its aim is to help fight tax evasion and to protect the integrity of participating countries’ tax systems. Please note that our call centre agents will not be able to assist you with the completion of the tax forms, nor provide any kind of tax advice or guidance as to how to fill them in.

I approached Kunal to help becoming compliant and he took time to explain about the streamlined domestic procedure. We submitted the application and received the IRS acknowledgement in a few months. The applicable reporting threshold is determined based on the taxpayer’s filing status and whether the taxpayer lives outside the United States. A significant number of countries worldwide are expected to sign inter-governmental agreements relating to FATCA compliance with the United States government. These IGAs will result in FATCA legislation becoming a part of these countries' local laws.

A 40% penalty on any understatement of tax attributable to non-disclosed assets can also be imposed and special statute of limitation rules apply. Since introducing FATCA, the IRS has also introduced an amnesty program so that expats can catch up with their US filing requirements without facing any penalties so long as they do so before the IRS contacts them.

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FATCA also places additional filing requirements on expats as well as definitely having to file a federal return and FBAR . This means the IRS can now compare this information with that provided on expats’ federal tax returns and FBARs, and so confirm that the information provided is correct and complete, or know if someone should be filing but isn’t. There are other exemptions available too, as well as credits such as the new Child Tax Credit. Which exemptions or credits an expat should claim depends on their unique circumstances, including where they’re living, their marital and family status, and their income types and levels. Meantime, one recent change that may affect expat American taxpayers is an extension in the deadline for contributing to any individual retirement accounts they might have, as this is now July 15, rather than April 15.

In case you need further assistance, please contact your tax advisor. As a Regulated Financial Institution, we Equatex AG must comply with the Foreign Account Tax Compliance Act and Comm