*In accordance with the Taiwan Relations Act, the parties to the agreement are the American Institute of Taiwan and the Taipei Economic and Cultural Representative Office in the United States. Please visit the Ministry of Finance`s FATCA IGA Resource Center for more information on model IGAs, signed IGAs, and contact information for negotiating an IGA. DISCLAIMER: The updated foreign partnership retention (WP) and foreign trust (WT) withholding agreements have been published and published on the FATCA website. These two updated agreements are presented in the 2014-47 PDF Revenue Procedure, which updates and replaces the WP and WT agreements originally published as Revenue Procedure 2003-64, 2003-2 C.B 306. FATCA requires foreign financial institutions (FFIs) to provide the IRS with information about financial accounts held by U.S. taxpayers or foreign companies in which U.S. taxpayers have a substantial stake. Tax law and penalize those who try to use offshore accounts, trusts and other entities to conceal income. For U.S.
taxpayers who live in the U.S. and have covered foreign accounts, the FATCA reporting threshold is exceeded when the account or account balance is $US 50,000. Individuals who jointly submit or live outside the United States are subject to higher thresholds before a FATCA disclosure is required….