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发帖数: 61690 | 1 http://www.irs.gov/businesses/corporations/article/0,,id=236664
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of
the Hiring Incentives to Restore Employment (HIRE) Act, is an important
development in U.S. efforts to combat tax evasion by U.S. persons holding
investments in offshore accounts.
Under FATCA, certain U.S. taxpayers holding financial assets outside the
United States must report those assets to the IRS. In addition, FATCA will
require foreign financial institutions to report directly to the IRS certain
information about financial accounts held by U.S. taxpayers, or by foreign
entities in which U.S. taxpayers hold a substantial ownership interest.
Reporting by U.S. Taxpayers Holding Foreign Financial Assets
FATCA requires certain U.S. taxpayers holding foreign financial assets with
an aggregate value exceeding $50,000 to report certain information about
those assets on a new form (Form 8938) that must be attached to the taxpayer
’s annual tax return. Reporting applies for assets held in taxable years
beginning after March 18, 2010. For most taxpayers this will be the 2011 tax
return they file during the 2012 tax filing season. Failure to report
foreign financial assets on Form 8938 will result in a penalty of $10,000 (
and a penalty up to $50,000 for continued failure after IRS notification).
Further, underpayments of tax attributable to non-disclosed foreign
financial assets will be subject to an additional substantial understatement
penalty of 40 percent.
Reporting by Foreign Financial Institutions
FATCA will also require foreign financial institutions (“FFIs”) to report
directly to the IRS certain information about financial accounts held by U.S
. taxpayers, or by foreign entities in which U.S. taxpayers hold a
substantial ownership interest. To properly comply with these new reporting
requirements, an FFI will have to enter into a special agreement with the
IRS by June 30, 2013. Under this agreement a “participating” FFI will be
obligated to:
(1) undertake certain identification and due diligence procedures with
respect to its accountholders;
(2) report annually to the IRS on its accountholders who are U.S.
persons or foreign entities with substantial U.S. ownership; and
(3) withhold and pay over to the IRS 30-percent of any payments of U.S.
source income, as well as gross proceeds from the sale of securities that
generate U.S. source income, made to (a) non-participating FFIs, (b)
individual accountholders failing to provide sufficient information to
determine whether or not they are a U.S. person, or (c) foreign entity
accountholders failing to provide sufficient information about the identity
of its substantial U.S. owners.
Notice 2011-53 provides the phased-in timeline of key FATCA implementation
dates for FFIs. It is important to note that many details of the new
reporting and withholding requirements pertaining to FFIs must be developed
through Treasury regulations that are expected to be proposed by December 31
, 2011. Published IRS Notices accessible from this FATCA internet site
provide currently available information and guidance.
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