TIJUANA BC 21 OCTOBER 2016 (AFN) .- Those American citizens who have bank accounts or companies in Mexican territory and they have not been reported to the United States Government, if creditors could be discovered fines above the $ 10,000, a situation that is common in the border states.
At the end of their participation in the weekly breakfast of the Association of Public Accountants, the Certified Public Accountant Jorge Pacific Garcia said this because of the Law on Tax Compliance on accounts abroad (FATCA, for its acronym in English) of the neighboring country , same that seeks to make all those American citizens to report their accounts to create greater tax collection.
“FATCA has many years but about seven years ago the American government began to tighten nuts and strengthen applying fines so that the same taxpayer and start searching for solutions; before and that he was ignorant, “he said.
He added that the governments of Mexico and the United States are working on information exchange to punish citizens who do not report their income on both sides of the border, so he warned those omitted could lose the Green Card or Visa Investor .
He said that to lose those documents, taxpayers must go through a lengthy process, so take with accountants or Mexican Americans, who are going to put in a compliance program to not reach an extreme case, he concluded.