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Have immigrated to the United States and own

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In May 2009, the Obama administration issued a "Green Paper" on tax reform.

Green (surname); green

Book), which stipulates that the income declaration outside the United States should be strictly checked to determine whether the taxpayer's overseas income declaration is complete, and whether the accounts opened by overseas financial institutions are fully disclosed can be traced back. It was originally announced that overseas accounts should be reported before September 23, 2009, which is the so-called "FBAR".

Foreign banks and finance

Account) ",all American citizens, green card holders or those who meet the US tax resident status, the total amount of overseas accounts in the tax year exceeds US$ 6.5438+0 million, that is, as long as the bank accounts of individuals or legal persons outside the United States are" owned "or" disposable "(including deposits, derivative financial products, bonds, securities and cash values).

$ 10000 per year? 4? The FBAR form (FinCEN 1 14) should be declared to the United States before June 65438, 2005.

Table), taxpayers who do not voluntarily disclose will face severe fines if they are found by the US Treasury, including fraud fines and foreign information declaration fines (foreign information

return

Penalty), and increased the risk of criminal prosecution. Do you have a foreign bank account? Do you have a foreign investment account? Do you have an ATM card or credit card in an external account, even if the account is not owned by you? Do you have any foreign mutual funds? Are you the trustee of a foreign investment trust? Are you the agent of foreign investors? ..... If you answered "Yes" to any of the above questions, you may need to declare.

FBAR .

20 10? In, the Overseas Account Tax Act (FATCA) was enacted as a federal law, requiring American citizens, resident foreigners, non-resident foreigners, American trust companies and American commercial entities to report certain offshore account and assets to the IRS. It usually includes foreign bank accounts, foreign stocks and securities, foreign partnership interests, foreign mutual funds, and several other accounts that are beyond the tax compliance law of overseas accounts.

1 10,000 USD to report the threshold of foreign investment or financial account.

Non-American banks have a simple choice: comply or not? FATCA, otherwise you will face a huge fine. The IRS calls it a "non-participating foreign financial institution"

Foreign financial institutions

Non-compliant foreign financial institutions (NPFFI) are faced with high payment from American sources. 30%? Withholding tax In order to avoid punishment, most foreign banks and tax authorities will share information with the US government, and in some cases, thousands of American customers will be exposed to the IRS. In order to meet the requirements of the IRS, foreign financial institutions must provide detailed information about the taxpayer, including the taxpayer's name, account number and balance, accrued interest, dividends or other funds added in the account, and the taxpayer identification number of the account holder (including

SSN、ITIN、EIN).

In order to give banks and taxpayers enough time to transition to? FATCA

It is stipulated that the IRS initially set a grace period, which is in? 20 19? Year? 12? Month? 3 1? The day is over. As mentioned above, this requires foreign financial institutions to provide taxpayer information to the IRS. Therefore, your bank may contact you for information or other information. FATCA? Relevant notice. Whether you live in the United States or overseas, you must make every effort to provide your account information in time. Obedience is for one's own benefit. Intention or negligence will result in costly punishment. In addition to being punished by the Overseas Accounts Tax Compliance Act, accounts that do not meet the requirements may be frozen or even completely closed by the IRS.

Who should declare overseas accounts in order to understand the requirements for declaration? When do you declare? Where to declare? What do you declare? How to declare? These five points are as follows:

1. Who should declare?

Simply put, Americans have any financial accounts in foreign financial institutions, including financial interests in this account, and have signature authorization or other rights in this account, and every year? 1? Month? 1? Solstice? 12? Month? 3 1? On any day between two days, the total value of all accounts exceeds 1.

Ten thousand dollars, you must declare the overseas account information, fill in FinCEN 1 14 form, abbreviated as FBAR (that is, foreign banks and statements.

Abbreviation for financial account).

So, what is the definition of "American"? Americans include:

1. US citizen or resident

2. American partner organizations

3. American companies

4. American tradition or trust

As for the definition of "financial account", it includes bank accounts (savings, checks or time deposits, etc. ), securities accounts and insurance policies with cash value. Therefore, if the applicant doesn't know what to include or what not to include, he should consult with the accountant.

Second, when to declare?

The form for applying for FBAR is FINCEN/KOOC-0//KOOC-0/4, and the deadline for applying for FBAR on 20/KOOC-0/9 is April/KOOC-0/5, which can be extended to June/KOOC-0/0.

Please note: FBAR will report to the US Treasury, not the IRS. The U.S. Treasury Department requires that the FinCEN 1 14 form must be received before April 65438, 2005.

Third, where to declare?

Originally, FBAR was sent to the U.S. Treasury in paper form, but in 20 1 1? 16? On February 24th, 2002, the U.S. Treasury Department announced the requirement to declare FBAR electronically through the Internet, and the relevant laws of this announcement were finalized on February 24th, 1965 (final

Notify 77 the Federal Reserve. Register. 12367), give FBAR another year to adjust, starting from 20 13 7 at the latest.

From June 1 day, the declaration must be made through the electronic declaration system on the website of the Ministry of Finance of http://bsaefiling.fincen.treas.gov/main.html..

4. What to declare?

The following information needs to be disclosed in the financial EN 1 14 form:

Part I: Information of the applicant-name, address, tax number, date of birth, etc.

Especially, in the first part? 14? In the project: 14a? Must check more than 25 personal accounts; If there are more than 25 signature accounts, 14b must be checked. You don't need to fill in all the data in the form for declaration, but you are obliged to keep this information for future reference.

Part II: Financial account information owned by the applicant alone.

This part requires the applicant to provide the following information:

□ Report the maximum amount of annual accounts.

□ Organization name

□ Account type

□ Name of the person who opens an account in a financial institution.

□ Account number

□ Address of financial institution

Part III: Financial account information shared by the applicant and others.

This part requires the applicant to provide the following information:

□ Joint account, how many * * * owners are there in a * * *?

□ Tax number of the main owner (if known)

□ Name of the main owner

□ Address of the main owner

Part IV: The applicant has the right to sign a financial account, but there is no information about any rights and interests in the financial account.

This part is similar to the above information, but the name of the real owner of the account needs to be provided.

Part V: If the applicant is a company, please provide financial account information of subsidiaries in the consolidated statement of the company.

This section is similar to the above information, but you need to provide the name of the subsidiary of the account.

5. How to declare?

According to the declaration instructions in FinCEN 1 14, it should be calculated whether the maximum balance of each account at any time in the tax year exceeds USD 654.38+00,000. If the currency of the account is not USD, it should be converted using the ending exchange rate set by the US Treasury. If an ordinary bill is used, it should reasonably reflect the highest value of the account in a year.

Based on the above provisions, taxpayers may need the help of accountants to declare FBAR, and it is best to seek the assistance of accountants. Accountants generally ask taxpayers the maximum annual account amount, and may need to check the following data to support the correctness of the information provided by customers:

□ Monthly statement of each bank account (preferably in English)

□ Copy of income tax returns of countries outside the United States-If there is interest or income from other financial products in overseas accounts, the income tax returns of the United States should also be reported.

After that, the accountant will sort out the information according to these data, and then make a correct declaration.

Because the IRS imposes different penalties on taxpayers who neglect, unintentionally, intentionally fail to declare or falsely declare, it may even lead to criminal responsibility except civil matters. Therefore, for those who may need to declare their overseas accounts to the United States, they must first understand the relevant penalties.

First, the punishment is lighter.

. Negligence and violation-maximum penalty? 1.078 USD (civil penalty)

. Unintentional violation-The maximum penalty for each negligent violation is $65,438+$02,459 (civil penalty).

. Repeated negligence and violation of rules-except in class? The fine stipulated in 532 1 (a) (6) (a) shall not exceed? 83,864? USD (civil penalty)

Second, the so-called deliberate (deliberate) failure to announce the punishment of FBAR.

. Deliberately not reporting FBAR or not keeping account records.

Can be punished? 124588 USD, or 50% of the account amount at the time of violation (whichever is higher) (civil penalty).

The maximum penalty is $250,000 or five years' imprisonment, or both (criminal penalty).

. Violation of other laws and regulations, deliberately not reporting FBAR or keeping account records.

Can be punished? 10? Ten thousand dollars, or 50% of the account amount at the time of violation (whichever is higher) (civil penalty)

Most? $500,000 or? 10 years imprisonment, or both (criminal punishment)

. FBAR who knowingly committed it.

Can be punished? 10? Ten thousand dollars, or 50% of the account amount at the time of violation (whichever is higher) (civil penalty)

In 1? Ten thousand dollars or something? 5? Years in prison, or both (criminal punishment)

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