United States and Singapore Buddy Up on Tax Evasion
For those who are still not convinced that the United States is serious about tracking down tax dodgers who are trying to hide money in offshore accounts, here’s one more piece of evidence that might change your mind. In a deal announced last week, the country of Singapore says it has come to terms with the U.S. on an agreement to share information regarding overseas account holders.
Under the new deal, financial institutions in Singapore will now be able to report any information it has regarding U.S. account holders in the country. Those financial institutions will share the information with local tax authorities in Singapore, who will then turn that information over to the IRS. That means those institutions can avoid dealing directly with the IRS,
This deal is another move by U.S. tax authorities to crack down on anyone trying to avoid their tax bill. Banks and other institutions in Singapore, as well as many other countries in Asia and across the globe, are coming to terms with the IRS and agreeing to turn over financial records of U.S. account holders as part of the U.S.’s Foreign Account Tax Compliance Act (FATCA).
If these firms choose to ignore FATCA, the consequences can be costly. According to the terms of FATCA, any institution that does not comply could be stuck with a withholding fee of 30 percent on their U.S. investment income. They could also essentially be locked out of U.S. capital markets.
If you are still noncompliant then now may be the time to get some help. Call us today at GROCO at 1-877-CPA-2006, or contact us online.
The Man Who Pioneered the Knee Replacement | Dr. E. Marlowe Goble
About Dr. E. Marlowe Goble Dr. Goble has over 30 years of experience as an orthopedic surgeon and has performed over 14,000 surgeries over the course of his career. innovator and entrepreneur. He has co-founded five companies, of which three have been acquired. He has brought a number of innovations from concept to the…
Parachut The Netflix of Camera Gear | Melissa Nui
About Melissa Nui Melissa started her career working for the Seattle Seahawks in broadcast journalism. She ultimately decided to leave the industry and became a mother of three. In 2016 she and her husband Philip ventured out to start their own company, Parachut, a camera gear subscription service that has taken the industry by…
The Business of Banking | Steve Tessler
About Steve Tessler Stephen Tessler, a resident of Oakland; has served as an Executive Vice President and Director of Sales of the Bank since 2007. Previously, Mr. Tessler served as a Manager of Business Development and Marketing for Diablo Valley Bank. Mr. Tessler has a degree from San Jose State & Golden Gate University.…
The Tech Museum of Innovation | Tim Ritchie
About Tim Ritchie Tim Ritchie has transformed The Tech Museum of Innovation into a vital community resource that excites and engages people of all ages with programs that help them discover their own problem-solving power. Under Ritchie’s leadership, The Tech has developed new partnerships with schools, created new teacher training programs, and increased its…