Accountancy Saint Paul
United States Tax and FATCA Compliance
Questions & Answers
The Internal Revenue Code is complicated and the answers below are written to be general enough to set basic expectations in common situations., but they reflect careful application of the law by proper choice of form and mothod. We describe the result not the process. If you believe you are subject to exceptional circumstances and/or want to learn more about the details and how they could apply to you, send us a message or contact your tax advisor.
W-9,W-8BEN,W-8BEN-EW-9 is the form banks use to collect US citizen client social security numbers in order to satisfy the bank's FATCA reporting requirement. If you are current on your US filing obligations and want to keep your account open, there is no reason not to return the completed w-9. If you aren't...November 17, 2022EXPAT,EDUCATION CREDIT,COVID STIMULUS,CHILD CREDITYes, for the reasons below. The federal governement issued COVID stimulus payments in 2020 and 2021 which all American citizens and Permenent Residents were entilted to. If you didn't receive these payments they can be recovered by filing a 2020 and 2021 tax return. Unless things change, the...SFOP,SDOP,RELIEF PROCEDURES,AMNESTYThe Streamlined Foreign Offshore Procedure is a good deal. Failure to file penalties start in the five figures. But for those who qualify; after filing three years of returns and six years of FBAR, all accumulated penalties are forgiven. Expats have had fair warning. We recommend that those...
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