Deloitte Barbados Hosting FATCA Seminar

The seminar will specifically deal with bank accounts of U.S. citizens held in Barbados, and other Caribbean nations.                                      

Deloitte Barbados will host a seminar in Barbados on February 3, 2012 on the Foreign Account Tax Compliance Act (FATCA) for members of the accounting, banking and financial community in Barbados, and other Caribbean nations.                                               

                                                       

Deloitte Barbados has established a global FATCA desk to provide assistance in Barbados, the Eastern Caribbean, as well as others parts of the globe. The free seminar will provide details on FATCA, and what should be done by Caribbean financial institutions to prepare for it.                                           

The Foreign Account Tax Compliance Act (FATCA) was passed by the U.S. Congress on March 18, 2010, and is an effort by the U.S. government to improve tax compliance involving foreign financial assets and offshore accounts. The Act goes into effect January 1, 2013.                                 

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, starting this tax filing season.  

                              

In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.