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Archive by Month: October 2014

Ex-Pats Face Problems With Foreign Banks Due to FATCA

Offshore Account Update

Posted in on October 30, 2014

In 2010, the US Congress passed a law attempting to address the problem of US residents being encouraged to move money offshore to avoid tax obligations. Foreign investment companies and foreign banks were profiting from this activity.  The solution is called the Foreign Account Tax Compliance Act (FATCA), and it went into effect in July of 2014.

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G20 Countries Come Together To Battle Tax Evasion

Offshore Account Update

Posted in on October 23, 2014

The Internal Revenue Service has always aimed to fight tax evasion in order to maximize revenue for the United States government. The US and many other developed countries are experiencing ongoing budgetary problems due to the effects of the 2008 crash and following global recession.

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