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The Foreign Account Tax Compliance Act (FATCA) is a 2010 U.S. federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the United States Department of ...
A Swiss annuity is considered a foreign financial account and reportable to the U.S. Department of Treasury each year by filing Form TD F 90-22.1 (the "FBAR"). Further, a Swiss annuity generally is considered a specified foreign financial asset, which must be reported annually using IRS Form 8938 assuming the value is above certain thresholds.
The penalty for failing to include Form 8938 in the tax return is $10,000 per year, with additional penalties for continuing to not file it after being notified by the IRS. This penalty is not tied to nonpayment of tax, so the use-of-money principle does not apply to it. [12]
Tax Preparation Checklist: What Do I Need To File My Taxes? Having a checklist and preparing your information ahead of time, however, will help ensure you’re ready to file your tax return.
“Every year, tax regulations change, altering deductions, credits and filing requirements. It is critical to be well-informed to ensure accurate filings and optimize possible savings.” But ...
These reports are filed with FinCEN and are identified as Treasury Department Form 90-22.47 and OCC Form 8010-9, 8010-1. [8] This requirement and its accompanying implied gag order was added by the Annunzio-Wylie Anti-Money Laundering Act § 1517(b) (part of the Housing and Community Development Act of 1992, Pub. L. 102–550, 106 Stat. 3762 ...
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