Beyond Form 8938: Full FATCA Compliance for individuals

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FATCA is all about reporting; in this video Anthony and Claudine discuss the enormous amount of time it takes to fill out the forms required to get into FATCA compliance.

Many of FATCA's compliance requirements already existed. Forms 5471, 3520-A, 3520, 8858, 8621 and the FBAR Form existed prior to FATCA and required the disclosure, respectively, of Foreign Corporations, Foreign Gifts, Foreign Trust, Foreign Partnerships, Passive Foreign Investment Companies and Foreign Bank accounts. So how much more information does the IRS think Form 8938 will give them?

Allegedly FATCA was created to close the tax gap, but how could that ever be true? The program does not generate revenue; it does not increase taxes. In reality it's a law passed so the IRS can continue to keep control.

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Видео Beyond Form 8938: Full FATCA Compliance for individuals канала IRSMedic