The Foreign Account Tax Compliance Act (FATCA), which has recently come in to force, applies to any person or entity described as a U.S. person. There is some ambiguity as to who may actually be a U.S. person. For instance, would the non-U.S. spouse of a U.S. citizen living abroad be subject to FATCA’s provisions? ... [Read more]
Insights and Analysis
The Foreign Account Tax Compliance Act (FATCA) becomes fully effective on July 1, 2014. The Internal Revenue Service (IRS) has announced a number of changes to the former Offshore Voluntary Disclosure Program (OVDP) as well as FATCA enforcement that impacts U.S. taxpayers with foreign assets. The major changes taxpayers should be aware of are on ... [Read more]
Bitcoin is a relatively new form of exchange. The cryptocurrency (a digital currency based on cryptography) was created by a person using the nom de plume of Satoshi Nakamoto. Bitcoins carry an advantage over standard currency in that they are not subject to centralized control by a government financial authority and, when used properly, they ... [Read more]