The Foreign Account Tax Compliance Act (FATCA) is set to impact advisers with American clients when it comes into force in 2013. David Treitel, tax director at US Tax & Financial Services Ltd, explains how best to manage the risks
An obscure new form recently published by the United States Internal Revenue Service (IRS) has dramatically increased risk for advisers everywhere who have ever advised US citizens. With numerous Swiss investment advisers and eight large banks already under criminal investigation, the risk of getting it wrong when advising American clients could seriously damage reputations. This new form known as ‘Form 8938’ requires huge numbers of Americans in the UK file annual reports with the IRS listing all savings and investments, including pension plans. US persons (citizens and green card...
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