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.
- File Your U.S. Taxes in Korea: Earned Income Tax Exclusion/FBAR
- 17 Percent Flat Tax for Foreign Nationals Residing in Korea: Korean Tax Amendments for 2013
- Korea’s Improper Solicitation and Graft Act: Kim Young-ran Act
- Filing your U.S. Taxes as an Expat in Korea: Foreign Earned Income Tax Exclusion
- Korean Tax Risk of Foreign Corporation Deemed “Actual Business Management Locale” within Korea: Korea Tax Law Basics
- Tax Incentives May Decrease for Foreign Companies doing Business in Korea: Tax Law Updates