With the deadline for filing your 2014 income tax return now little more than a month and a half away, you need to be certain you have all of the necessary documents to complete your return. And this year, due to the Foreign Account Tax Compliance Act, (FATCA) you may find a Form 1099 arriving from an unusual location. If you have any overseas accounts, those institutions may send you a 1099 for the first time.
If you have had these overseas accounts for any length of time, you could mistakenly believe that all you need to do file is your taxes and account for the amounts on the 1099. This could be problematic, as the FATCA disclosure requirements have been in place since 2010, and simply acknowledging the accounts today could generate considerable compliance issues.