Most U.S. taxpayers residing abroad must report, under U.S. law, the details of all foreign financial accounts held and controlled by the taxpayer under FACTA and also Foreign Bank and Financial Accounts (FBAR).
Get the picture? The IRS is watching and now has more tools to watch.
More information may be found at: Foreign Account Tax Compliance Act: IRS Website.
Sean Hayes may be contacted at: [email protected] Sean Hayes is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. He is ranked, for Korea, as one of only two non-Korean attorneys as a Top Attorney by AsiaLaw.
- Foreign Account Tax Compliance Act (FACTA) in Korea
- File Your U.S. Taxes in Korea: Earned Income Tax Exclusion/FBAR
- Additional Mutual Saving & Loan Banks in Korea Operations Suspended by Korean Government
- Mandatory Registration of Long-term Trips Abroad – Korean Registration of Korean Nationals Residing Abroad Act of 2019
- The Koreans are Coming: Hana Financial to Acquire Majority Share in U.S. Broadway National Bank
- Immigration updates for Foreigners In Korea: Expiration of Visas
- Is Bitcoin Banned for Foreigners in Korea? Korean Bitcoin Law Updates
- Korea’s Improper Solicitation and Graft Act: Kim Young-ran Act
- Korean Tax Law Amendments for Individuals for 2021
- 17 Percent Flat Tax for Foreign Nationals Residing in Korea: Korean Tax Amendments for 2013