Anthony, we are now on part 2 of our series about FATCA. We started with what the heck is FATCA, with some basic information so people have a good starting point. Sort of start to wrap your head around it because it's a bit onerous, I'll say it nicely. So we're trying to get a lot of information out today. We want to talk about why FATCA is so annoying. There are a lot of things about it that are just downright stupid. First, I would say if you're going to FATCA, make sure you have the correct acronym. God bless the US government in their acronyms. There's also the Fair and Accurate Credit Transactions Act, which is FACTA. Oh, factah. But we're talking about FATCA. That sounds vulgar, but we are talking not about that. We're talking about the Foreign Account Tax Compliance Act, not the Fair and Accurate Credit Transactions Act. Okay, first thing that's dumb. The U.S. estimates that it will take taxpayers about five hours to fill out reporting form 8938, and I would guess that's a pretty gross underestimate for most people, right? And as soon as you get... yeah, because of Jesus I do... I started this. Five hours is an underestimate. Underestimates the time because when you have something that is something overseas, it's not quite like a US product, yes? You know, form 8938 is basically your FATCA filing form for individuals, that's basically it. Now, some things, and here's the other thing too, is what goes on it and what doesn't go on it. Okay, because there's a whole bunch of things that don't go on it. In order to clear up the air and not make the reporting requirements so onerous, the IRS removes duplicate 'iv reporting requirements. So, if you have...
Award-winning PDF software
Video instructions and help with filling out and completing Can Form 3520 Compliance
