How does FATCA Affect YOU?
Don’t miss the Free Webcast on September 16th on www.digjamaica.com/fatca on the effects that FATCA, the Foreign Account Tax Compliance Act could have on you, at 10:30 AM (Jamaica Time) (11:30 AM US Eastern Standard Time) brought to you by the Miami CPA firm of Lord Breakspeare Callaghan LLC, and a leading International Tax Law firm from Miami, sponsored by diGJamaica.com, the Gleaner and Power 106 FM.
What is FATCA?
FATCA is the US Foreign Account Tax Compliance Act. It aims to identify U.S. persons, in order to ensure that they meet their U.S. tax obligations, while placing their assets in foreign (non-U.S.) accounts.
Who does FATCA Affect?
You are required to comply with US tax laws if you have bank and investment accounts or other financial assets outside of the United States and you are a U.S. citizen, green card holder or have stayed for extended periods in the US.
When will FATCA come into Effect?
FATCA became effective on July 1, 2014. So far, more than 77,000 financial institutions and 80 countries have registered with the Internal Revenue Service to report on US account holders who have assets being held by them. Non-compliance could compromise your assets anywhere in the world and you could face serious legal and financial consequences.