Omit FATCA in PAGES

Aug 6th, 2022
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How to omit FATCA in PAGES

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hello this is Peter karanu Iamp;#39;m the CEO and founder of G and trust.com and of its parent firm gka and trusts compliance Associates LLC I am absolutely delighted to present this introductory training to you on fatka and CRS this training assumes no knowledge of fatka and CRS itamp;#39;s for beginners nevertheless if you know quite a bit about fatka and CRS you will no doubt benefit from this refresher course without further Ado letamp;#39;s proceed with the rest of the presentation please remember that these materials are copyrighted theyamp;#39;re for your use and you can use them and view them as many times as you like but please donamp;#39;t share them outside of your firm weamp;#39;ll begin with an introduction to fatka fatka stands stands for the foreign account tax compliance act itamp;#39;s a US law that was passed in 2010 after a couple of delays it became effective on the 1st of July 2014 fatka actually consists of five different parts however it is only part one i

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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).
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.
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.
In short, all financial institutions viz. Banks, Insurance companies, mutual funds, etc. are required to comply with the FATCA CRS rules prescribed by the government.
It is mandatory for the customers to provide the FATCA/ CRS information documents sought by the FI.
A financial account maintained by a U.S. payor. A U.S. payor includes a U.S. branch of a foreign financial institution, a foreign branch of a U.S. financial institution, and certain foreign subsidiaries of U.S. corporations. Therefore, financial accounts with such entities do not have to be reported.
There is no way to avoid FATCA if you are an American taxpayer and have assets that are held in foreign financial institutions. Moreover, the penalties for trying to avoid it are harsh.

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