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Video instructions and help with filling out and completing Form 2350 Certification

Instructions and Help about Form 2350 Certification

Hey Anthony, we are continuing our series about FATCA. Today, we want to talk about what to do if you receive a FATCA letter from a bank. Just to explain to everyone, we have done a couple of videos already where we go into depth about what FATCA is. But to sum it up, FATCA is a federal law that requires all US taxpayers, even those living outside of the US, to report their non-US financial accounts yearly. It also requires all non-US financial institutions to search their records for suspected US persons and report their identities and assets to the US Treasury. That's the basic information. You're getting really good at this! I just read it off the paper I had, but I think you wrote that paper. Yes, I did, and I understand what it is. So let's talk about what a FATCA letter is, right? I've seen a few of these. The first FATCA letters we started seeing were from Switzerland. In 2013, we saw the first round of FATCA letters going out, and a lot of people were surprised. The IRS thought that all these people with offshore accounts were intentionally evading taxes, but it was more along the lines of somebody with a retirement account in Switzerland questioning what the letter was about and thinking they didn't need to report it or pay taxes on it because it's in Switzerland. Even H&R Block back then was saying you don't have to report. They didn't know. I actually heard that they're trying to do disclosures now, getting into the disclosure business. The people responsible for a lot of the mistakes are now going to be the ones to help you clear up the mess. Interesting, right? So, a FATCA letter is a letter from your foreign...