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Gen Bus June 2013 - "Tax Complications for Americans Working Abroad"

Gen Bus June 2013 - "Tax Complications for Americans Working Abroad"

Gen Bus June 2013 - "Tax Complications for Americans Working Abroad"

Excerpt


Tax Complications for Americans Working Abroad


American citizens and resident aliens of the United States who live and work abroad are taxed in the U.S. on their worldwide income. However, it is estimated that the United States loses as much as $100 billion per year from offshore tax non-compliance. In response, Congress passed the Foreign Account Tax Compliance Act (FATCA) as part of the 2010 HIRE Act. FATCA’s provisions were finalized in January, and they require that foreign financial institutions enter into agreements with the IRS to identify U.S. account holders, and that U.S. persons report certain assets held in foreign accounts.


 


 


 




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