FATCA Is Officially Underway

We’ve been talking about it for months and according to the IRS, FATCA is now officially underway. The Foreign Account Tax Compliance Act is live and the IRS is actively exchanging information with several other countries that have signed on. So what does that mean for you and your information if you have funds in a foreign bank account? Is your information now subject to the IRS?

According to the nation’s top tax agency, at this time it is only sharing information in reciprocal exchanges that meet the agency’s strict requirements and security standards. FATCA was first passed in 2010, but most of the law didn’t take effect until this year. Any foreign institution that doesn’t comply stands to be frozen out of the all-important U.S. markets. In other words, compliance really isn’t an option.

The IRS is now offering a searchable financial institution list, as well as a downloadable tool, plus a user guide. All foreign financial institutions that have signed up with FATCA have to disclose names, addresses, account numbers and information and U.S. ID numbers. Taxpayers also need to be aware that reporting their foreign account information with FATCA is not enough. They must still file their FBARs, and a Form 8938 might also be necessary.

Make sure you don’t overlook these forms or you will wind up paying penalties: civil and possibly criminal. Sometimes the civil penalties, or the financial fines, could actually exceed the amount in your foreign account. While FATCA is really just getting started, you better not wait to get in compliance. GROCO can help you prepare for FATCA, as well as with your FBARs and your Form 8938. Click here to contact us or call us at 1-877-CPA-2006.

Posted in
Leadership, Duty, Honor & Country With Lt. Gen. Mike Barbero

Leadership, Duty, Honor & Country With Lt. Gen. Mike Barbero

Retired US Army Lieutenant General, Michael D. Barbero, discusses leadership, service, duty, honor, and country on Alan Olsen‘s American Dreams Show. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is General Michael Barbero. General, welcome to today’s show.   Mike Barbero Thanks, Alan, how are you? Thanks for having me. It’s…

Regenerative Medicine and Creating Wellness with Dr. David Haasse

Regenerative Medicine and Creating Wellness with Dr. David Haasse

Dr. David Haasse, Founder of the MaxWell Clinic discusses regenerative medicine and creating wellness on Alan Olsen‘s American Dreams Show. Transcript: Alan Olsen Welcome to American Dreams. My guest today is David Haasse. David, welcome to the show.   David Haasse Thanks, Alan.   Alan Olsen So do you have a remarkable background and career obviously that lot…

VC Insights From Silicon Valley Veteran Andrew Romans

VC Success With Silicon Valley Veteran Andrew Romans

Andrew Romans, General Partner of 7BC Venture Capital, Author, and University Professor discusses navigating Silicon Valley, venture capital (VC), startup success, and the future of tech investment on Alan Olsen‘s American Dreams Show. Transcript:   Alan Olsen Welcome to American Dreams. My guest today is Andrew Romans. Andrew, welcome to today’s show.   Andrew Romans Thank you so…

How Entrepreneurs Shine by Gino Wickman

How Entrepreneurs Shine With Gino Wickman 

Gino Wickman, Founder of EOS Worldwide and author of “Shine” and “Traction: Get a Grip on Your Business” discusses How to shine as an Entrepreneur on Alan Olsen‘s American Dreams Show. Transcript:   Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Gino Wickman. To welcome to today’s show.   Gino…