FATCA and CRS Consulting/Reporting

The Foreign Account Tax Compliance Act (FATCA) was passed in 2010 to help prevent tax evasion by US citizens and taxpayers with offshore financial accounts. This was both an attempt to seek out individuals with accounts set up in prior years and to identify assets currently earning income outside the US. This came together with other Internal Revenue Service (IRS) initiatives targeting offshore banks and US taxpayers who were trying to hide assets.
Although many countries complained about the administrative requirements and invasion of privacy, they liked the idea of obtaining information about tax cheats and decided that maybe it wasn’t such a bad idea. Hence, the Organization for Economic Co-operation and Development (OECD) instituted the Common Reporting Standard (CRS). These rules became effective for 2016 information for certain early adopters (e.g., the UK). All organizations subject to FATCA will also have to comply with CRS.
Moore Doeren Mayhew can assist you in your analysis of FATCA and CRS on your particular situation, aide in registering and establishing policies and procedures and assist with your ongoing compliance requirements. For more information, contact us.