Tax
Jul. 18, 2018
Offshore bank accounts and FATCA worries continue
Unless you have been living under a rock for the last 10 years, you know that the IRS cares a lot about offshore bank accounts.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Unless you have been living under a rock for the last 10 years, you know that the IRS cares a lot about offshore bank accounts. You have to declare them, and report the interest you earn even if you don’t get a Form 1099 from the foreign bank. One of the key ways the IRS can get your information is FATCA, the Foreign Account Tax Compliance Act.
FATCA goes to the source, requiring offshore financial institutions to report Americans a...
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