The Wall Street Journal has published an article by Laura Saunders discussing offshore accounts, the Foreign Account Tax Compliance Act of 2010 (FATCA), and how the IRS is trying to crackdown on illegal offshore accounts. According to the article, FATCA will require taxpayers to file a new IRS form disclosing offshore assets when the total of the assets exceeds $50,000. The FATCA form is due with the tax return and is different than the form filed under the Foreign Bank Account Report (FBAR).
See Laura Saunders, "What's Next for Offshore Accounts?," The Wall Street Journal, (Dec. 10, 2011).
HAT TIP: Wills, Trusts & Estates Prof Blog
See Laura Saunders, "What's Next for Offshore Accounts?," The Wall Street Journal, (Dec. 10, 2011).
HAT TIP: Wills, Trusts & Estates Prof Blog
Posted by Brian Spring, Associate Editor, Wealth Strategies Journal.
Informative information about offshore account tax.
We should follow the rules.