By Kay F. Gotshall, CPA, Tax Senior Manager
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.
About the Author
Kay F. Gotshall, CPA, Tax Senior Manager
Kay serves several of Keiter’s larger corporate clients with their FAS 109 tax provision and returns. Currently, Kay leads the Keiter multi-state tax team, which is primarily responsible for a majority of the multi-state tax filings prepared by the firm. In addition, the Keiter multi-state tax team provides income, as well as, sales and use audit and research support services. Kay works on a wide variety of industries, since most of her clients are multi-state. Some of the specific industries she serves include services, broker-dealers, manufacturing, and construction. Furthermore she consults with a variety of clients on filing requirements for multi states and foreign company ownership and operations.
More Insights from Kay F. GotshallThe 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.
