The Foreign Account Tax Compliance Act or FATCA and recent agreements between the IRS and many foreign banking and taxation authorities has created an important date for this year’s financial calendar: June 30, 2014. Any US citizen with foreign bank or investment accounts, US expatriates, as well as foreign nationals living and working in the US are at risk for severe IRS penalties and taxation collection strategies. Many banks and financial institutions around the world that used to keep their customer’s information private (such as the Swiss banking system), are now cooperating with the IRS and providing access to account and financial information. As a result, many tax avoidance strategies must be immediately re-evaluated to avoid harsh penalties that could easily rise into the tens or hundreds of thousands of dollars for many typical citizens. Those with substantial holdings face additional taxes, penalties, interest and exposure to potential criminal charges relating to the failure to fully disclose financial activity in the past. As a tax attorney and an experienced tax counselor I can provide the legal protections of attorney-client privilege while assisting you to evaluate your strategy and develop new directions that will reduce your taxation burden and avoid the inevitability of heavy fines and tax exposure.
