Are You Aware That Your Local Bank Has Started Reporting You to the IRS?

6 Oct

FATCA flag

Starting on July, 2014 the banks in most developed countries (48 and rising) have started sending information about their American clients to the U.S. government. This is commonly referred to as FATCA, Foreign Account Tax Compliant Act.

That means that the IRS knows about you. If you are not aware of these developments – start reading about the personal implications of a small amendment to the jobs legislation passed four years ago and just now starting to have an effect on all of us Expats who live, work, and bank outside of the USA.

Nothing complicated about it. Just make sure you report all your financial holdings no matter where they may be in the world. Make sure your report your FBAR each year. And when in doubt, consult a professional who is familiar with these issues of taxation of Americans overseas.

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One Response to “Are You Aware That Your Local Bank Has Started Reporting You to the IRS?”

  1. renounceuscitizenship October 6, 2014 at 4:09 PM #

    Reblogged this on U.S. Persons Abroad – Members of a Unique Tax, Form and Penalty Club and commented:
    A warning.

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