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FACTA

Plant Your Flag Offshore ASAP!

Christian Reeves

If you are thinking about living or working abroad, or just want to diversify out of the United States, I suggest you get your first flag in the ground as soon as possible. The U.S. government has been working for years to limit your investment options and is getting very close to closing off a number of international banking options.

- Note that this is not a Republican or Democrat issue. While these attacks might be coming to fruition under Mr. Obama's tenure, they began with the Patriot Act, signed in to law by George W. Bush, in 2001, and have thus been in the works for years.

Tags: 
Investment
offshore
FACTA
Christian Reeves

FACTA Calendar and Timelines

Joel M. Nagel, Esquire

1- April 15, 2012. Individual reporting requirements of offshore assets begin subject to new IRS form 8938 on foreign financial assets held as of December 31, 2011. (Even though this is in the past, this is where I would start).

2- January 1, 2013. Original implementation date for foreign banks to report to IRS on their US customers. This deadline has been extended.

3- June 30, 2013. Deadline for foreign financial institutions (FFIs) to enter into agreement with IRS that they intend to comply with FATCA and begin reporting effective January 1, 2014.

Tags: 
FACTA
Joel M. Nagel

The Bush Tax Cuts' Expiration and their Impact on Foreign Real Estate

Michael Cobb

In 2010, President Obama signed into law a jobs bill referred to commonly as the HIRE Act. The law provided federal funding for a variety of job creating activities (roads, bridges, police, etc). Title V of the act, referred to as the "offset provisions", created a new section of the tax code called the Foreign Account Tax Compliance Act (FATCA) for short.

Tags: 
Tax
Real Estate
FACTA
Michael Cobb