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.
It All Comes Down to Making Choices
It All Comes Down to Making Choices The business world, just like life, is full of choices. Everything we experience in life comes with choices. Of course, some choices are very simple, like what shirt to wear on a given day, and others are extremely difficult, like where to invest your hard-earned money. So what…
Is Artwork a Good Investment?
Is Artwork a Good Investment? If you collect rare and expensive art then chances are your collection is one of your most prized possessions. There are all kinds of art collectors, including those who collect for a hobby, those who use their collection as a business and others who collect art as an investment. Therefore,…
What Does the Future Hold for the Venture Capital Industry?
What Does the Future Hold for the Venture Capital Industry? Like any business industry the venture capital industry is subject to ebbs and flows, which means changes are bound to occur. Trends come and trends go and those who are able to identify the newest and latest trends the earliest tend to be the most…
Building a High Trust Organization Requires Respect
Building a High Trust Organization Requires Respect One of the most important aspects in the success of any organization is trust. Employers have to be able to trust their employees, and at the same time, employees need to trust their employers. Additionally, clients must be able to trust their suppliers. Without trust it is very…