March 2015

If I am a signatory on my employer’s bank accounts, do I need to report that?

Each U.S. citizen and permanent resident must report worldwide income to the IRSeven when paying taxes elsewhere. Moreover, you must file an annual FBAR (Foreign Bank Account Report now called FinCEN Form 114) disclosing your foreign bank accounts if their aggregate value exceeds $10,000 at any point during the year. The penalties for either failure […]

If I am a signatory on my employer’s bank accounts, do I need to report that? Read More »

UK based Financial Institutions do not need to submit FATCA nil returns; what about Singapore Financial Institutions?

This week, HM Revenue and Customs (HMRC) confirmed that UK financial institutions (FIs) that have no US-reportable accounts will not be required to submit annual ‘nil returns’ in order to ensure compliance with new rules designed to prevent tax evasion by US citizens. The change comes after the US Internal Revenue Service (IRS) updated its

UK based Financial Institutions do not need to submit FATCA nil returns; what about Singapore Financial Institutions? Read More »