FATCA: The Effect of Reporting Requirements on FFIs and US Account Holders
FATCA (Foreign Tax Account Compliance Act) will go into effect July 1, 2014 and will affect any foreign bank or institution with a US citizen as an account holder. Likewise, FATCA places a mandate on US citizens to report their off-shore banking and financial activity, or face the serious penalties imposed by FATCA. Effect on […]
The Effect of FATCA on the Reporting Requirements of Form 1042-S
Non-resident aliens such as foreign workers and students are subject to tax withholding when they work in the United States. The payments made by potential withholding agents (businesses, employers, etc) must be reported on Form 1042-S and submitted to the IRS. The tax treatment of non-resident aliens is different than for resident aliens, since the […]
