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U.S. & India Sign Agreement to Implement FATCA
On July 9, 2015, the U.S. and India signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). India was previously on the list of countries that had “in substance” FATCA IGA agreements with the U.S. as of June 30, 2014. The Hiring Incentives to Restore Employment Act of 2010 (P.L. 111-147) added Chapter 4 (Code Sec. 1471 through 1474, FATCA) ...
How to Report Canadian Retirement Accounts

Canadian Retirement Account Reporting

Reporting on Form 8891 No Longer Required

The Internal Revenue Service recently made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment and took additional steps to simplify procedures for U.S. taxpayers with these plans. This change took place in October of 2014, but recently with the onset of the change,...
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