Foreign Financial Institution Reporting on U.S. Taxpayer

FFI Reporting on American Taxpayer

A New Law requires Foreign Financial Institutions (FFIs) to provide information to the Internal Revenue Service (IRS) regarding the Foreign Financial Institutions’ United States accounts (U.S. accounts). It also requires certain Non-financial Foreign Entities (NFFEs) to provide information on their substantial United States owners (substantial U.S. owners).

Learn the Latest Development with Tax Treaties for Foreign Financial Institution Reporting Purposes.

FFI Reporting

All Foreign Financial Institutions complete reporting on all U.S. accounts. Foreign Financial Institution to withhold tax on all U.S. accounts thirty (30%) percent of gross income

  • Foreign Financial Institutions Reporting and Withholding United States Taxes. Read full article.
  • The New Treaty and Annex: 23 pages include:
    • ANNEX 1: Due diligence obligations for identifying and reporting on U.S. Reportable accounts and on payments to certain non participating financial institutions
    • ANNEX 2: Non-reporting [FATCA Partner] Financial Institutions and Products.
    • Download pdf of powerpoint slides 23 pages total.

Foreign Account Tax Compliance Act (FATCA)

Beginning in the taxable year 2011, U.S. Voluntary Disclosures, All Foreign Financial Assets Reported.

  • The Foreign Account Tax Compliance Act (FATCA): Americans now required to disclose all foreign financial assets. Read full article.

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