FBAR - Foreign Account Tax Compliance Act in Santa Cruz, California For Sale

FATCA, an acronym for Foreign Account Tax Compliance Act (FATCA) enacted with the primary goal to gain information about US persons and requires US persons to report their foreign financial assets to the IRS and also requires foreign financial institutions to report directly to the IRS details of financial accounts of US persons held with them.
Foreign Account Tax Compliance Act (FATCA) requires certain Individual Tax Payers to file Form xxxx IN ADDITION TO FBAR FORM.
Foreign Financial Assets: It includes following financial assets:
? Checking, savings and deposit accounts with banks held as NRE, NRO, FCNR or Resident accounts
? Brokerage accounts held with brokers & dealers
? Stocks or securities issued by a foreign corporation
? Note, bond or debenture issued by a foreign person
? Swaps of all kinds including interest rate, currency, equity, index, commodity and similar agreements with a foreign counterparty
? Options or other derivative instruments of any currency, commodity or any other kind that is entered into with a foreign counterparty or issuer
? Partnership interest in a foreign partnership
? Interest in a foreign retirement plan or deferred compensation plan
? Interest in a foreign estate
? Any interest in a foreign-issued insurance contract or annuity with a cash-surrender value; and
? Any account maintained with a foreign financial institution and every foreign financial asset, income or gain whereof is to be reported in the tax return to be filed with the IRS.
It is significant to note that unlike FBAR, FATCA covers investments of any and every size in equity shares of a private limited company, capital in partnership or proprietorship, loans and advances including personal loans etc. Immovable properties are excluded. If the US person is not required to file US tax return for any reason then he is not required to file the FATCA report.
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