Cover up FATCA in UOF

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Aug 6th, 2022
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How to cover up FATCA in UOF

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hello and welcome to shorize and lafayetteamp;#39;s video blog my name is eugene trezen iamp;#39;m an international tax attorney and owner of horizon law office ltd today weamp;#39;re continuing our vlog from zurich switzerland and as you can see we have ubs there in the background thereamp;#39;s a ubs headquarters in switzerland and what i would like to talk about today is what happened after the ubs caved in to the irs demands to turn over the names of u.s taxpayers who own accounts at ubs this happened in 2008 so what happened next is quite remarkable basically once one of the largest swiss banks admitted that it can be bullied into submission by the irs the rest of the banks started to follow suit and the influence of the us government grew enormously from that point on the next thing that happened after the ubs defeat was the creation of the 2009 offshore voluntary disclosure program or ovdp during the program which was extremely successful the irs has collected an eno

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You will generally be exempt from FATCA Registration and withholding if you meet the requirements to be treated as an exempt beneficial owner (e.g. as a foreign central bank of issue described in Treas. Reg. 1.1471-6(d), as a controlled entity of a foreign government under Treas. Reg.
Here are four additional FATCA loopholes for you. Have your foreign real estate titled in your own name: From a U.S. tax perspective, this is the simplest way to own foreign property. Directly hold foreign currency: Directly hold precious metals: Your offshore account is in a foreign branch of a U.S. institution:
Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).
FATCA Forces Foreign Banks to Provide Your Information to the IRS. US taxpayers who received a FATCA compliance letter must understand that the banks are following the FATCA agreement between the US and the relevant country in which the bank is located or does business.
(2020), evading taxpayers can circumvent FATCA requirements by moving their hidden assets to non-FATCA signing countries. Here, we provide evidence for whether US banks facilitate this deposit shifting.
FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
Civil violations of FATCA carry a $10,000 civil monetary penalty (CMP), with an additional $10,000 CMP applied every 30 days following the receipt of a notice of noncompliance from the IRSsubject to a maximum aggregate penalty of $60,000 per violation.
Exceptions to the FATCA reporting requirements A financial account maintained by a US payor which includes: a US branch of an FFI; a foreign branch of a US financial institution; Beneficial Interest in a foreign trust or a foreign estate; Foreign government-sponsored social security or similar programs.

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