Virginia Business Magazine published Kay Gotshall's article, “The tax man cometh: Are you ready for FATCA?” on November 21, 2013.
The Foreign Account Tax Compliance Act (FATCA) may not be on the radar of many individuals and businesses in Virginia, but the new regulations, which will take effect in 2014, will have significant tax and reporting implications.
U.S. persons are subject to U.S. taxes on their worldwide income. This includes any income earned by foreign bank accounts or foreign financial assets. Do you, your trusts/estates or your company have any direct or indirect access to foreign bank accounts? A great many people and businesses can answer “yes” to that question and should already be reporting those accounts under the Foreign Bank and Financial Account Reporting (FBAR) rules. Access complete article here.
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