Tag Archives: FATCA physcians

A wealth management company for physicans asks: Are you a U.S. person?

MD Physician Services makes it clear that:
“It is important for clients to be aware that MD is legally obligated to report to CRA (who will notify the IRS) all clients who refuse to disclose whether they are a U.S. person. Clients should also know that conversations with their MD Advisor on this matter are not privileged.
Serious penalties for non-filing may apply even for those who are unknowingly non-compliant about their reporting obligations. The penalties for wilful non-compliance can be severe, including imprisonment.”
The complete article follows:
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