• 2024 Update on FATCA & IRS Matching Campaign of Forms 8966 and 8938

  • Oct 21 2024
  • Length: 56 mins
  • Podcast

2024 Update on FATCA & IRS Matching Campaign of Forms 8966 and 8938

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  • Summary

  • The Essential Tax Podcast with Mishkin Santa, Episode 10 In this episode of The Essential Tax Podcast, Mishkin Santa dives deep into the intricacies of the Foreign Account Tax Compliance Act (FATCA), exploring its impact and requirements. This masterclass session is crucial for anyone dealing with international tax obligations, particularly those with financial interests overseas. Tune in for these key takeaways: * Understanding the significance and implications of FATCA for individuals and foreign financial institutions. * Detailed explanation of essential FATCA forms such as Form 8966 and Form 8938, including who needs to file them and the consequences of non-compliance. * Practical advice on avoiding common pitfalls in FATCA compliance and how to respond to IRS notices regarding foreign accounts. * Insights into the international scope of FATCA, including how it affects U.S. taxpayers living abroad and the specific requirements they face. * Strategies for effective management and reporting of foreign financial assets to ensure compliance and avoid hefty penalties. Resources: * FATCA: https://www.govinfo.gov/content/pkg/PLAW-111publ147/pdf/PLAW-111publ147.pdf#page=27 * IRS Form 8938: https://www.irs.gov/pub/irs-pdf/f8938.pdf * Instructions to Form 8938: https://www.irs.gov/pub/irs-pdf/i8938.pdf * Form 8966: https://www.irs.gov/pub/irs-pdf/f8966.pdf * Instructions to Form 8966: https://www.irs.gov/pub/irs-pdf/i8966.pdf * Treasury Regulation 1.1471-4: https://www.law.cornell.edu/cfr/text/26/1.1471-4 * Treasury Regulation 1.1471-5: https://www.law.cornell.edu/cfr/text/26/1.1471-5 * GAO Report from April 2019 on Foreign Asset Reporting: https://www.gao.gov/assets/700/698581.pdf *********************************** About The Essential Tax Podcast: In each episode of The Essential Tax Podcast, Mishkin Santa takes on the complex world of tax — all the jargon, acronyms, and stuff that make your eyes glaze over, and explains it in an impactful way to understand the complex and unknown areas. Watch or listen to more episodes of The Essential Tax Podcast: * https://www.youtube.com/@TheWolfGroupPC * Apple: https://podcasts.apple.com/us/podcast/the-essential-tax-podcast/id1754660944 * Spotify: https://open.spotify.com/show/2beZfOpwfBlBgWHlNelAOf Connect and learn more from your host, Mishkin Santa: * Connect with Mishkin on LinkedIn: https://www.linkedin.com/in/msanta * Follow The Wolf Group, P.C. on LinkedIn: https://www.linkedin.com/company/the-wolf-group-pc * Read Mishkin’s bio on Wolf Group, P.C.’s website: https://thewolfgroup.com/our-people/mishkin-santa
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