Some foreign countries that do not have intergovernmental agreements to uphold FACTA are still treated as if they do.
Read the Latest Update from the IRS here.
Offshore Voluntary Disclosure Program
Offshore Voluntary Disclosure Initiative
The IRS is assessing huge penalties for undisclosed foreign bank accounts, assets, and income.
Now called FinCEN form 114, an FBAR is a non-USA bank account report
The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.
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.
Enforcement of FATCA has been on the rising and non-compliant individuals and businesses are at risk of paying huge penalties. Two particular components of FATCA have been causing American taxpayers trouble lately:
Our International Taxation Division is headed by a Certified Public Accountant(CPA) with a Masters in taxation. He worked with the IRS for 35 years as an IRS International Examiner, an IRS International Team Manager, and an IRS Appeals Officer.
Let our FATCA, FBAR and OVDI experts and consultants help you and your business today.
Our office can unlock the tax codes to help your business maximize the money it keeps and steer clear of the traps set by the IRS to audit and penalize multinational companies with operations and assets in the USA.
If your situation is more complex we also have the experience to provide expert witness testimony for international tax issues.