FATCA Explained in 4 Minutes… | fatca

FATCA Explained in 4 Minutes…


นอกจากการดูบทความนี้แล้ว คุณยังสามารถดูข้อมูลที่เป็นประโยชน์อื่นๆ อีกมากมายที่เราให้ไว้ที่นี่: ดูความรู้เพิ่มเติมที่นี่

FATCA is the worst…
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FATCA is a crazy law that the United States Congress has decided to impose on the entire world. Basically we’re building a worldwide empire subject to the Internal Revenue Service (IRS). This video cuts through the BS and explains the law in the simplest terms possible.

FATCA Explained in 4 Minutes...

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Отчет об иностранных счетах / Форма FBAR / Закон FATCA


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Если вы имеете американский паспорт, грин карту, или просто являетесь американским налогоплательщиком по количеству дней пребывания на территории США, то Вам просто необходимо знать о законе FATCA (Foreign Account Tax Compliance Act).
Если вы имеете американский паспорт, грин карту, или просто являетесь американским налогоплательщиком по количеству дней пребывания на территории США, то Вам просто необходимо знать о законе FATCA (Foreign Account Tax Compliance Act).
Этот закон подразумевает любое физическое лицо, имеющее финансовые счета за пределами США, общая сумма которых составляет как минимум $10,000 в любое время в течение года. То есть даже если сумма в $10,000 была на счету или на нескольких счетах в сумме всего сутки, то уже необходимо отчитываться.
Закон FATCA обязывает финансовые институты во всем мире представлять финансовую информацию относительно их клиентов, имеющих гражданство или вид на жительство США.
FBAR или 8938:
https://www.irs.gov/businesses/comparisonofform8938andfbarrequirements

Отчет об иностранных счетах / Форма FBAR / Закон FATCA

FATCA Failure: The Top 10 reasons why the Foreign Account Tax Compliance Act is just awful.


TIGTA’s report shows $380 million was spent for the IRS to (partially) implement the Foreign Account Tax Compliance Act (FATCA) meanwhile the revenue that FATCA was claimed to bring in never happened. In this video, we discuss the tope 10 reason why FATCA is one of the worst laws ever to pass, as it costs the government more money to implement, meanwhile making lives for Americans painful, if not impossible.
The TIGTA Report: https://www.treasury.gov/tigta/auditreports/2018reports/201830040_oa_highlights.html’
https://www.irsmedic.com/blog/2018/07/fatcafailure.html
The Top Ten Reasons why FATCA is a failure
It was passed on an accounting lie. This PAYGO lie. PAYGO stands for “pay as you go budgeting” and it is supposed to keep spending bills deficit neutral. In this case, the HIRE Act of 2010 was a spending bill, so offsets needed to be found. The claims was FATCA would find about an extra billion dollars or so per year in revenue. And so how as that works out? According to professor William Byrnes and Robert Munro at Texas A\u0026M, the revenue is not there. What you’ll see is a red herring from the government. The claim that thanks to FATCA, $10 billion in penalties collection as part of the OVDI, OVDP and streamlined programs. These were onetime payments only. But for the most part those are attributable to enforcement of the Bank Secrecy Act’s FBAR requirements, not FATCA.
So why the revenue is not there, the costs certainly are. This brings us to Number 2. TIGTA puts the cost at $380 million so far. And there’s lot more work the IRS has to do to get FATCA fully implemented.
3. Risky. The government cannot provide any reliable assurance that the private financial information obtained on millions of U.S. and nonU.S. persons can be in any meaningful sense be considered secure. Imagine a data breach here. Lots of sensitive information there. What if say Turkey or Iran was looking for info on dissidents? What if they got info on someone whereabouts because of FATCA. What if that person was assassinated?
4. The cowardice of nations. Every one seems to talk tough about standing up the the US. So why couldn’t they find some courage to tell the US to get lost with FATCA? kind of sad the US bullied other countries, kind of sad that all these countries acquiesced to the bullying. They may have done so thinking that they’d get something in return. But they haven’t FATCA has been oneway sharing of information too the US.
5. Compliance vultures. This law benefits no one except those in the FATCA compliance industry. And for them, FATCA has gold. It’s been good for billions of dollars per year.

6. What was left of the 4th amendment was shredded. There exists no right to privacy. The IRS is entitled to your financial information even when there is no income to report.
7. The tribalism and dysfunction of our political system. One party passed FATCA. Another party wants to repeal it. You would figure those harmed by FATCA would be on the side of the party that wants to repeal it. But I have seen too much tribalism at play. Trashing people who you want to help you is kind of …stupid. Also, by telegraphing you will vote for the party that passed FATCA NO MATTER WHAT well…you just indicated to them that they can ignore you without any fear of consequences. If you can’t vote for for the party that wants to repeal FATCA, fine. But you don’t have to say that out loud. Make the people that doesn’t want to repeal FATCA second guess themselves. Make them think you could switch parties and never come back.
8. Triplicative reporting. So you could have a bank account that needs to be reported on an FBAR form. And a Foreign Financial Institution may be reporting this account the the US. Yet you still have to report this account again on a Form 8938 or face a possible $10,000 penalty, even though the account may actually make no income of which taxes could be due. With the Bank Secrecy Act and FATCA, three times the government learns of a foreign account. And as we learned form TIGTA report, the IRS is flooded with so much data, FATCA can’t be fully implemented.
9. The drain on IRS resources. FATCA imposed more burdens on an already understaffed IRS. This meant the IRS had to pull resources away from other areas. There is a reason why when you call the IRS for help hold times are long. There is a reason why a lien release that used to take 5 days now can take 5 weeks. There is a reason why claims for refunds take much longer.
10. Forced expatriation of US persons. This is the worst. A US citizen should have the most opportunity in the world. FATCA made that impossible. In order to continue to live their lives overseas, many Americans from retirees to US armed services veterans have had to give up their US citizenship to survive.
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FATCA Failure: The Top 10 reasons why the Foreign Account Tax Compliance Act is just awful.

FATCA 2021 Updates: Expats, Renunciation, Recap of call with Rep. Carolyn Maloney


https://www.irsmedic.com
In this video recorded October 1, 2021 special guests Keith Redmond of seatnow.org and John Richardson of citizenshipsolutions.ca join host Anthony E. Parent, Esq. to discuss the past year of international tax reform including:
a conference call with Rep Carolyn Maloney
Difficulties renouncing US citizenship
An honest assessment of the reform effort
Links to seatnow.org. the lone advocates for residencedbased taxation.
Updates on the Foreign Tax Compliance Act (FATCA)
A possible new channel direction and request for feedback from our viewers.

FATCA 2021 Updates: Expats,  Renunciation, Recap of call with Rep. Carolyn Maloney

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