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It’s A Small World After All – Number Of FATCA Compliant Countries Continues To Grow To Meet July 1, 2014 Deadline

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Under the Foreign Account Tax Compliance Act (“FATCA”), foreign banks, insurers and investment funds must send the Internal Revenue Service information about Americans’ and U.S. permanent residents’ offshore accounts worth more than $50,000. Institutions that fail to comply could effectively be frozen out of U.S. markets. As of this blog posting, the U.S. has entered into Intergovernmental Agreements (“IGA’s”) with 38 countries for the implementation of FATCA.

The 38 countries with IGA’s already in place are:

Australia Denmark Isle of Man Mexico
Austria Estonia Italy Netherlands
Belgium Finland Jamaica New Zealand
Bermuda France Japan Norway
British Virgin Islands Germany Jersey South Africa
Canada Gibraltar Latvia Spain
Cayman Islands Guernsey Liechtenstein Slovenia
Chile Hungary Luxembourg Switzerland
Costa Rica Honduras Malta United Kingdom
Ireland Mauritius

Countries that have reached IGA’s in substance and have consented to being included on this list are:

Algeria Czech Republic Malaysia Serbia
Antigua Cyprus Montenegro Seychelles
Armenia Dominica Moldova Singapore
Azerbaijan Dominican Republic Nicaragua Slovak Republic
Bahamas Georgia Panama South Korea
Bahrain Greenland Paraguay Sweden
Barbados Grenada Peru Taiwan
Barbuda Guyana Poland Thailand
Belarus Haiti Portugal Turkey
Brazil Hong Kong Qatar Turkmenistan
Bulgaria India Romania Turks and Caicos Islands
Cabo Verde Indonesia St. Kitts and Nevis Ukraine
China Iraq St. Lucia United Arab Emirates
Colombia Kosovo St. Vincent and the Grenadines
Croatia Kuwait San Marino
Curaçao Lithuania Saudi Arabia

Click here for progress and developments IRS has made in gathering information from foreign banks and foreign governments.

Federal tax law requires U.S. taxpayers to pay taxes on all income earned worldwide. U.S. taxpayers must also report foreign financial accounts if the total value of the accounts exceeds $10,000 at any time during the calendar year. Willful failure to report a foreign account can result in a fine of up to 50% of the amount in the account at the time of the violation and may even result in the IRS filing criminal charges.

Time is running out. The IRS is giving taxpayers one last chance to come forward and voluntarily disclose foreign accounts and unreported foreign income before the IRS starts investigating non-compliant taxpayers.

If you have never reported your foreign investments on your U.S. Tax Returns, you should seriously consider participating in the IRS’s 2014 Offshore Voluntary Disclosure Program (OVDP). Once the IRS contacts you, you cannot get into this program and would be subject to the maximum penalties (civil and criminal) under the tax law. Taxpayers who hire an experienced tax attorney in Offshore Account Voluntary Disclosures should result in avoiding any pitfalls and gaining the maximum benefits conferred by this program.

Protect yourself from excessive fines and possible jail time. Let the tax attorneys of the Law Offices Of Jeffrey B. Kahn, P.C. located in Los Angeles, San Diego, San Francisco and elsewhere in California qualify you for OVDP.

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