FBAR Attorneys, Lawyers – Filing, Penalties, Settlement – International Tax Attorney, Lawyer – FBAR, EXPAT Experts

If you are looking for true FBAR and Expatriate Experts contact our office today for a NO COST consult. 1-866-700-1040.

All calls are confidential.

We have over 206 years of total tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district and regional offices.

We taught Tax Law at the IRS and are familiar with all the tax policies, tax procedures, settlement and closing policies.
The Federal Government has been very aggressive in working Offshore Taxpayers. With the downfall of UBS the Feds  set  there sites and bank and financial institutions world wide. Both the DOJ and the IRS are involved with these projects. It will only be a matter of time until all countries are submitting to US requests for account holders. No one ever thought Lichtenstein  a tiny Alpine village would ever succumb to US pressure but it did and the countries will all start fall like domino’s.

If you are finding yourself in a awkward position regarding you taxes it is best to get a professional legal opinion on where you stand.

It is always best for you to find the IRS before they find you.

That is where we come in. We have a wealth of experience so you can move forward worry free. 1-866-700-1040.

The Foreign Account Tax Compliance Act.

FATCA enacted in 2010 as part of the Hiring Incentives to Restore Employment Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS.

FATCA will require all foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. There are prescribed dollar criteria.

Reporting by U.S. Taxpayers Holding Foreign Financial Assets

FATCA requires certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return.

Tax and financial reporting applies for assets held in taxable years beginning after March 18, 2010. For most taxpayers this will be the 2011 tax return they file during the 2012 tax filing season. Failure for taxpayers to report foreign financial assets on Form 8938 will result in a penalty of $10,000 and a penalty up to $50,000 for continued failure after IRS notification.

Underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent.

Reporting by Foreign Financial Institutions

FATCA will also require foreign financial institutions (“FFIs”) to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

For taxpayers to properly comply with these new reporting requirements, an FFI will have to enter into a special agreement with the IRS by June 30, 2013. Under this agreement a “participating” FFI will be obligated to:

1. undertake certain identification and due diligence procedures with respect to its account holders;

2. report annually to the IRS on its account holders who are U.S. persons or foreign entities with substantial U.S. ownership; and

3. withhold and pay over to the IRS 30-percent of any payments of U.S. source income, as well as gross proceeds from the sale of securities that generate U.S. source income, made to:

a.non-participating FFIs,

b.individual account holders failing to provide sufficient information to determine whether or not they are a U.S. person, or

c.foreign entity account holders failing to provide sufficient information about the identity of its substantial U.S. owners.

Notice 2011-53 provides the phased-in timeline of key FATCA implementation dates for FFIs.

It is important to note that many details of the new reporting and withholding requirements pertaining to FFIs must be developed through Treasury regulations. Proposed regulations were issued on Feb. 8, 2012.

Contact us today for find out more. 1-866-700-1040.