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.
Embrace Opportunities and Be Flexible in Your Plan
Embrace Opportunities and Be Flexible in Your Plan Life is a journey and the race is usually not won in a day. While it’s important to plan ahead and it’s a good idea to map out your future, the fact is things don’t always go according to plan. Thus, it’s very important to be flexible…
What Philanthropy Really Is
What Philanthropy Really Is What comes to your mind when you hear the word philanthropy? Perhaps you think of giving away money to a great cause in order to help further its purpose. Maybe it’s a large donation to a school, a community service or a new building designed to help many. Of course, philanthropy…
How to Be a Leader: Dispelling the Myths
How to Be a Leader: Dispelling the Myths No matter what position you hold in your company, your ability to lead will greatly determine the extent of your success. Leadership skills enable you to guide customers effectively, get team members and company leadership to buy in to your ideas, and develop the respect and reputation…
What Makes a Great Boss Unforgettable?
What Makes a Great Boss Unforgettable? Have you ever had one of “those” bosses? You know the type. The kind of person that walks around like a prison guard, always peering over your shoulder through his or her mirrored glasses, ready to pounce on you like a lion at the first sign of trouble. Of…