The article below brings reality to several myths floating around about FATCA. It highlights something very important to those individuals dealing with banks requesting a W-8 series or W-9 series form to be filled out by the taxpayer. There needs to be more information reported to the IRS to gain compliance. This information is as follows:
- Place of birth (individuals)
- Place of incorporation and place of organization (entities)
- All countries in which the account holder is resident for tax purposes.
For my clients, I will always prepare the necessary and requested documents on their behalf, but I also include the aforementioned details in the cover letter to ensure full compliance. It is important to know the IGA jurisdiction you are dealing with and the items needed to comply in full as most foreign jurisdictions simply do not understand. I would always seek the advice and counsel of a legal representative for these matters.
About Five Stone Tax Advisers
Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.