Several Expats From FATCA Excused By IRS
The IRS has just proclaimed it will make FATCA stress-free for countless Expats. The IRS exposed it will soon be discharging a new information reporting procedure that taxpayers will use beginning this approaching tax filing period to report detailed overseas financial assets for 2011. Form 8938 which is the ‘Statement of Specified Foreign Financial Assets’ will be submitted by taxpayers with certain kinds and sums of overseas financial assets or external accounts. The IRS emphasizes that you are required to pay devotion to these filing necessities. If you don’t, the fines are a bit high. Expats must be concerned with this move by the IRS.
Excerpt:
“However, the IRS has just announced it will make FATCA easier for many.”
Original article can be found at:
http://www.forbes.com/sites/robertwood/2011/12/16/irs-exempts-many-expats-from-facta/
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