Moving Money Offshore, Know FATCA

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As part of the Hiring Incentives to Restore Employment (HIRE) Act enacted in 2010, the U.S. created the Foreign Account Tax Compliance Act (FATCA) in an effort to curtail tax evasion by U.S. persons investing assets in offshore accounts.  FATCA affects both the U.S. Persons investing offshore as well as the Foreign Financial Institutions in which they invest.

Read more here: FATCA

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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