. Reporting by U.S. Persons Holding Foreign Financia Contact Information Email : LanWalla@aol.com Phone : 516-938-5007 Address : Lance Wallach www.vebaplan.org www.TaxAudit419.com IRS Form 8938 FATCA requires any U.S. person holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return. Reporting applies for assets held in taxable years beginning on or after January 1, 2011. Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification). Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent. Under FATCA, U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on a new form attached to their tax return. Penalties apply for failure to comply with this new reporting requirement. Reporting is required for
Tuesday, July 2, 2013 National Association of Insurance Commissioners Jim Donelon, the president of the National Association of Insurance Commissioners, questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk.
“Frankly, at this point in time, I don’t see an obvious need for such a moratorium,” Donelon said today on a conference call held by the NAIC. MetLife Inc. (MET) and Prudential Financial Inc. (PRU), the largest U.S. life insurers, are among companies that use subsidiaries known as captives to transfer risk and increase financial flexibility. Benjamin Lawsky, the superintendent of New York’s Department of Financial Services, said in a report yesterday that other states are allowing captives to use riskier collateral in a “regulatory race to the bottom.” “The fact that certain insurers are inappropriately using shell games to hide risk and loosen reserve requirements is greatly troubling,” Lawsky said in the report. “Shadow insurance allows companies to divert reserves for other purposes besides paying policyholder claims.” Donelon said NAIC members already have a group reviewing captives and that state regulators support improved transparency on the deals. “We are doing what we need to do in a thoughtful, deliberative way,” Donelon said on the call. He said that the NAIC weighs standards rather than imposing regulations and that“one of those standards could be to implement what I consider a knee-jerk position of issuance of moratorium before the house is on fire.” I do not agree with this. Posted by Lance Wallach at 8:20 AM Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest
Contact "Lance Wallach" and his team of "expert tax advisors" RIGHT NOW! If the IRS comes calling first, your delay could only cost you money! 516-938-5007
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ReplyDeleteReporting by U.S. Persons Holding Foreign Financia
Contact Information
Email :
LanWalla@aol.com
Phone :
516-938-5007
Address :
Lance Wallach
www.vebaplan.org
www.TaxAudit419.com
IRS Form 8938
FATCA requires any U.S. person holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return. Reporting applies for assets held in taxable years beginning on or after January 1, 2011. Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification). Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent.
Under FATCA, U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on a new form attached to their tax return. Penalties apply for failure to comply with this new reporting requirement. Reporting is required for
Lance Wallach Life Insurance
ReplyDeleteTuesday, July 2, 2013
National Association of Insurance Commissioners
Jim Donelon, the president of the National Association of Insurance Commissioners, questioned the need for a countrywide halt on approvals of captive insurance deals one day after New York’s regulator said the transactions hide risk.
“Frankly, at this point in time, I don’t see an obvious need for such a moratorium,” Donelon said today on a conference call held by the NAIC.
MetLife Inc. (MET) and Prudential Financial Inc. (PRU), the largest U.S. life insurers, are among companies that use subsidiaries known as captives to transfer risk and increase financial flexibility. Benjamin Lawsky, the superintendent of New York’s Department of Financial Services, said in a report yesterday that other states are allowing captives to use riskier collateral in a “regulatory race to the bottom.”
“The fact that certain insurers are inappropriately using shell games to hide risk and loosen reserve requirements is greatly troubling,” Lawsky said in the report. “Shadow insurance allows companies to divert reserves for other purposes besides paying policyholder claims.”
Donelon said NAIC members already have a group reviewing captives and that state regulators support improved transparency on the deals.
“We are doing what we need to do in a thoughtful, deliberative way,” Donelon said on the call. He said that the NAIC weighs standards rather than imposing regulations and that“one of those standards could be to implement what I consider a knee-jerk position of issuance of moratorium before the house is on fire.”
I do not agree with this.
Posted by Lance Wallach at 8:20 AM
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ReplyDeleteIf the IRS comes calling first, your delay could only cost you money!
516-938-5007