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tax 2012 changes depreciation basis credit veteran adoption amt (1)
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- Written by Greg Forsthoefel (1)
Foreign Accounts, Tax Compliance and Fines, Oh My!
November 7, 2013
Written By: Ritva Williamson
In 2009 the government estimated that about 8.5 billion in taxes is being evaded during a period of 10 years by individuals with foreign accounts and business holdings. To alleviate the problem of tax evasion The Foreign Account Tax Compliance Act (FATCA) was enacted in 2009 and it became law in March 2010. This act targets non-compliance by U.S. taxpayers with foreign accounts and holdings. These foreign assets are reportable on Form 8938.