Tuesday, March 25, 2014

New tax worries some Koreans in US By Jane Han

By Jane Han

Last week, a major news bomb was dropped on the Korean community in the U.S.

The dreaded Foreign Account Tax Compliance Act (FATCA) deal has finally been agreed upon between Korea and the U.S., a severe headache for Koreans in the U.S. who have money in Korea.

Under the agreement, the U.S. Internal Revenue Service (IRS) will receive information on bank and other financial accounts held by U.S. citizens, green card holders and residents in Korea. Starting in July, Korea’s National Tax Service (NTS) will automatically send information to the IRS on accounts with a balance higher than $50,000.

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