1. Since 2011, Americans, who disclose their non-U.S. bank accounts to the IRS, must file the more expansive 8938 form that asks for all foreign financial assets, including insurance contracts, loans and shareholdings in non-U.S. companies as well as the traditional FBAR Form TD 22.214.171.124. Failure to file the 8938 form can result in a fine of as much as $50,000.3. Clients can also be penalized 50% of the amount in an undeclared foreign bank account under the Banks Secrecy Act of 1970 for failure to file and report their account(s) on the FBAR form.4. It is estimated that the additional compliance costs for companies that employ Americans abroad and want to ensure that they are filing the correct U.S. tax returns and asset-declaration forms are at least $5,000 per person annually.5. The resulting increased U.S. accounting costs alone are around $2,000 per year for a U.S. citizen residing abroad. and6. They are shunned by Foreign Banks and cannot open nor maintain their accounts with foreign banks that are facing tougher reporting rule under FATCA. Ronald A. Marini, Esq.
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