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.
Tax Season Starts Next Week – Are You Ready?
It’s almost here. That glorious time of year known and loved by millions as “tax season.” Of course, the reality is that most taxpayers don’t look forward to this time of year – unless they’re expecting a large return – but even those that fall into this category still don’t look forward to the…
Could Some Wealthy Taxpayers Pay More Taxes With Trump?
Are you ready for some new tax policies under President-Elect Donald Trump? Ready or not, there are likely going to be big changes to the nation’s tax system when Trump takes office this month. All the talk since the election began has been about Trump’s tax cuts helping the rich get richer. While it’s…
Will Latest Group Lottery Winner Be Affected by Taxes?
There is nothing quite like winning the lottery. In almost all cases lotto winners go from rags to riches overnight. There is definitely a thrill and exhilaration that comes with becoming an instant multi-millionaire. Who wouldn’t want to win the lottery? Hold that thought. Winning the lottery comes with several possible catches that could…
At Least One Top Hedge Fund Manager Favors Trump’s Tax Plan
The tax questions continue to grow as the country waits for President-Elect Donald Trump to be sworn in, in just a few more days. Of course, there is much debate as to whether or not Trump’s tax policies will help or hurt our country and it’s overall economy. The nation is as divided over…