Today TaxMama® hears from Shelli in the TaxQuips Family Forum, with this concern. “Have any of you mastered how you will handle this year’s Electronic FBAR filing requirements for your clients? Is there software that will assist?” TaxMama Note: The FBAR form is for people who have or control financial assets outside the U.S. If […]
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA). Enacted by Congress in 2010, the law targets non-compliance by U.S. taxpayers using foreign accounts.