FATCA Compliance Experts
We are a team of tax professionals who been practicing in South Florida since 1982 and we are A+ rated by the Better Business Bureau.
Our firm has over 206 years professional tax experience.
On staff are tax attorneys, tax lawyers, certified public accountants, enrolled agents, and former IRS agents managers and tax instructors.
While employed by IRS we taught tax law.
FATCA
FATCA requires financial institutions to use enhanced due diligence procedures to identify US persons who have invested in either non-US financial accounts or non-US entities.
The intent behind FATCA is to keep United States persons/taxpayers from hiding income and assets overseas into various financial institutions.
The IRS and the DOJ has there eyes full set on recovering there huge amounts of tax dollars available to them.
The US Department of the Treasury specifically the Internal Revenue Service has released on February 20, 2014 two sets of final and temporary regulations for FATCA.
First Set of Regs
The first set contains changes to the provisions of Chapter 4 of the Internal Revenue Code (Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA Regulations).
The Second Set of Regs
The second set of regulations (Link) coordinate the documentation standards, reporting and withholding rules relating to payments made to non-US and US persons (Chapters 3 and 61 and Section 3406 of the Code), with the FATCA regulations.
The regulations contain many changes with the impact varying depending on the products or services and whether a company’s activities are on shore or offshore.
This tax guidance is a compilation of many smaller changes and clarifications.
FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts
FATCA focuses on reporting:
- By U.S. taxpayers about certain foreign financial accounts and offshore assets
- By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest
- The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.
- Regulations coordinating chapters 3, 4, 61, and section 3406 of the Internal Revenue Code and revising the final FATCA regulations have been posted to the Federal Register for publication.
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FATCA Compliance * Tax Attorney * Tax Lawyer – Miami, Ft.Lauderdale, Palm Beaches – FATCA Experts
