About Lisa Nason, MAcc, CPA

Small Business, Expatriates Lisa has more than twenty years of experience preparing tax returns for businesses and individuals, including income tax, property tax, state and local tax, sales & use tax, etc. She also works on estate and trust returns as well as assisting with tax planning, tax audits, and bookkeeping. Nason Accounting, LLC is a Greenville, SC based full service certified public accounting firm that helps businesses and individuals increase and preserve their financial net worth. They provide accurate and timely accounting information that is vital for any individual or business.

Follow Me

Answers ( 2 )

  1. Lisa Nason, MAcc, CPA

    Please briefly explain why you feel this answer should be reported .

    Report
    Cancel

    FATCA stands for The Foreign Account Tax Compliance Act (FATCA) Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made on Form 8938, which taxpayers attach to their federal income tax return. It was introduced in order to improve tax compliance involving foreign financial assets and offshore accounts. For US citizens living abroad, you would potentially need to report your foreign bank account or other foreign financial assets – assuming that you exceed the threshold amounts required to file those forms.

  2. Lisa Nason, MAcc, CPA

    Please briefly explain why you feel this answer should be reported .

    Report
    Cancel

    FATCA is legislation that was passed in the United States in 2010. FATCA is intended to prevent U.S. persons from evading U.S. federal income tax using financial accounts held outside of the United States. Although FATCA requires current reporting by U.S. persons, when FATCA is fully implemented, it will require non-U.S. financial institutions to enter into agreements with the IRS to report relevant information to the IRS regarding financial accounts held by identified U.S. persons. If a non-U.S. financial institution does not enter into an agreement with the IRS, the IRS will impose a 30% withholding tax on U.S. source payments (and potentially certain non-U.S. source payments no earlier than 2017) paid to the financial institution or their clients.

Answer This Question

Browse

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>