IRS Updates FATCA Foreign Asset Reporting Form 8938

The Internal Revenue Service recently released an updated version of the IRS Form 8938 “Statement of Specified Foreign Financial Assets”.   Taxpayers with offshore accounts or assets with values above various thresholds are generally required to file...

More Americans Giving Up Citizenship For Offshore Accounts

In July 2014, the Foreign Account Tax Compliance Act (FATCA) was officially implemented, which requires foreign banks to disclose the account information of U.S. taxpayers to the IRS for investigation.  The IRS collects this information on unreported...

American Expats Sue Canada over FATCA

Two American expatriates residing in Canada have filed suit against the Canadian government for its compliance with the U.S. government’s controversial Foreign Account Tax Compliance Act (FATCA). Enacted in 2010, but only recently coming into effect,...