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ATTORNEY [ licensed to practice in KOREA, U.S.A., ILLINOIS ] LEE, JAE WOOK
∗ [LANGUAGE Translation] You can use Google Translate application to see in your own language the pages in this website. For your convenience, click the "Google Translate(Select Language)" |
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Start →FATCA Current Alerts and Other News http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010. FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts FATCA focuses on reporting: By U.S. taxpayers about certain foreign financial accounts and offshore assets By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting. Individuals Financial Institutions Governments U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold. Form 8938 reporting is in addition to FBAR reporting. > Learn More ... Foreign To avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on U.S. accounts to the IRS. > Learn More... U.S. U.S. financial institutions and other U.S withholding agents must both withhold 30% on certain payments to foreign entities that do not document their FATCA status and report information about certain non-financial foreign entities. > Learn More... If a jurisdiction enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction may be simplified. Such financial institutions will not be subject to withholding under FATCA. > Learn More ... ← End- SiteLink #1 : http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA |
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Copyright 1997-2024
TAX & LAW (ݰ )
site ϴ ƴϸ, ̰ "" Ƿ(¶ ƴ϶ å Ⱓ Ƿ) Ǹ մϴ. , Ƿʿ Ȥö ִٸ, װ ƴϸ, Ͽ ̰ų ̶ Ͻñ ٶϴ. ұϰ ̸ ̶ ϽŴٸ, ϴ Ʈ ƴ϶ Ͽ (å Ⱓ Ƿ) Ƿ Ͻʽÿ. 繫ǿ Ͻ κ ƴմϴ. |
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