By: Coleman Jackson, Attorney, Certified Public Accountant May 16, 2019 The United States Treasury has collaborated with over seventy countries to enforce the Foreign Tax Compliance Act (FATCA) which became U.S. tax law in 2010. FATCA in a nutshell requires Specified Individuals with foreign assets over a certain threshold amount to report those…
By: Coleman Jackson, Attorney, Certified Public Accountant May 06, 2019 Statement of Specified Foreign Financial Assets is Department of Treasury (internal Revenue Service’s Form 8938. Form 8938 is filed with the taxpayers’ annual tax return. Internal Revenue Code Sec. 6038D mandates that specified individuals, who include U.S. citizens, resident aliens, and certain non-resident aliens…
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