The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly...
An investigation has shown that the IRS has fallen far short of its goals in implementing the FATCA legislation. With stricter requirements, the department hopes to detect non-compliance more quickly by U.S. Citizens living and working abroad. The U.S. Tax system,...
All U.S. and Spanish Treaties to Avoid Double Taxation What is all about treaties or other agreements that regulate taxation. In this document we have tried to gather all the treaties and agreements that Spain has signed with different countries or entities that may...
The new tax season arrived. Form 1040 and FinCEN 114. The IRS set Monday, Jan. 23, as the beginning of the nation’s 2023 tax season, when the agency will begin accepting and processing 2022 tax year returns. With the three previous tax seasons dramatically impacted by...
The Foreign Account Tax Compliance Act was enacted by the Congress in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act to combat tax evasion by US persons holding investments in offshore accounts. The United States Treasury Department and the IRS...
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