Business
Podcast No. 4 - A Comprehensive Look at FATCA (The Foreign Accounts Tax Compliance Act) Do you own an account located in a foreign country, individually or as a joint owner? Do you own, co-own or help manage stock portfolios or other financial accounts located with financial institutions outside of the United States? Do you own an interest in a non-U.S. entity? If you answered yes to any of these questions, you most likely will be affected by new legislation regarding offshore asset reporting that goes into effect for most taxpayers beginning January 1, 2011. Have you previously declared such foreign accounts on your U.S. tax returns? If not, you may be affected by increased IRS enforcement actions against U.S. taxpayers with undeclared offshore accounts and assets. In this issue of the Moneywise podcast, Rajesh (R. J.) Jyotishi of Shalin Financial and Jennifer Stucky with the A. I. Group discuss the new FATCA (The Foreign Accounts Tax Compliance Act) legislation with special guest Attorney Rahul Randive with Ranadive Law Firm and how the new FATCA legislation will affect U. S. immigrants and citizens who have savings and investment accounts outside of the United States. Some of the questions addressed in this podcast are: What is FATCA? Who has to worry about it, to whom does it apply? What are the main provisions that would apply to our listeners? What happens if a taxpayer still continues to ignore reporting rules for offshore accounts? How can the IRS track accounts in other countries? How will these reporting requirements affect people with large estates who may be subject to estate taxes? Can these new rules be avoided through careful planning and/or reorganizing existing holdings? To play the Moneywise podcast, please use media player below. You Can Listen, Subscribe & Download on itunes too!