w*****y
发帖数: 2182 | | s******g
发帖数: 654 | 2 Good boy.
Foreign accounts and assets. As if U.S. taxpayers with foreign accounts and
assets did not already have enough cause for confusion regarding the filing
requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial
Accounts (FBAR), FATCA now imposes a second filing requirement on them.
Section 511 of FATCA creates new IRC § 6038D, which requires U.S. taxpayers
with foreign accounts and assets with an aggregate value exceeding $50,000
to report them on an informational return. It is unclear whether the $50,000
threshold applies if the balance of foreign accounts and assets exceeds $50
,000 at the end of the tax year or at any time during the tax year, as in
the case of the FBAR $10,000 requirement. FATCA’s provisions of IRC §
6038D apply to assets held during tax years beginning after March 18, 2010.
The new reporting requirement is much broader than the FBAR, so individuals
who do not have an FBAR filing obligation may be subject to the new
reporting requirement. For example, FATCA requires taxpayers with
investments in foreign entities, such as foreign hedge funds and private
equity funds, to report these investments. The FBAR regulations issued by
FinCEN on Feb. 26, 2010, exempt these assets from FBAR reporting.
The minimum penalty for failing to submit the required disclosure is $10,000
, and it increases by $10,000 for each 30-day period following notification
from the Treasury Department, with a maximum penalty of $50,000. There is,
however, a 90-day grace period following notification from the Treasury
before the additional $10,000 penalties accrue (section 6038D(d)). This is
similar to the penalty for failure to file Form 5471, Information Return of
U.S. Persons With Respect To Certain Foreign Corporations, and Form 3520,
Annual Return To Report Transactions With Foreign Trusts and Receipt of
Certain Foreign Gifts. As with those forms, the penalty may be waived if the
taxpayer is able to demonstrate the failure to file was due to reasonable
cause. It is important to realize that taxpayers who have this disclosure
requirement will likely also have an FBAR filing requirement. While the
penalty for failure to file the FBAR is much harsher than the penalty under
section 6038D, both of these penalties will be assessed.
Interestingly, there is a presumption that a taxpayer with “specified
foreign financial assets” has a filing obligation for purposes of the
penalty if the IRS believes the taxpayer has an interest in one or more such
assets and the taxpayer does not provide sufficient information to
demonstrate the aggregate value is less than $50,000 (section 6038D(e)).
【在 w*****y 的大作中提到】
: http://taxes.about.com/od/preparingyourtaxes/a/TDF90221.htm
: 从没FILE过这个FORM， 是不是就意味着所有海外存款都得交税了？
| w*****y
发帖数: 2182 | 3 有5万存款的估计也不少吧，怎么以前从来没看到过这个
and
filing
taxpayers
000
000
50
【在 s******g 的大作中提到】
: Good boy.
: Foreign accounts and assets. As if U.S. taxpayers with foreign accounts and
: assets did not already have enough cause for confusion regarding the filing
: requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial
: Accounts (FBAR), FATCA now imposes a second filing requirement on them.
: Section 511 of FATCA creates new IRC § 6038D, which requires U.S. taxpayers
: with foreign accounts and assets with an aggregate value exceeding $50,000
: to report them on an informational return. It is unclear whether the $50,000
: threshold applies if the balance of foreign accounts and assets exceeds $50
: ,000 at the end of the tax year or at any time during the tax year, as in
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