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IRS Offshore Reporting Requirements

FBARS And The Impact Of FATCA

The Foreign Account Tax Compliance Act “FATCA” was enacted in 2010, requiring foreign banks to reveal US taxpayers and residents with accounts whose balances exceed $50,000. Such information includes social security numbers, individual taxpayer identification numbers (“TINSs”), bank account balances (both current and historical), and foreign entities associated with US taxpayers. FATCA requires foreign banks to cooperate or be frozen out of the US marketplace.

Almost every bank and financial institution in the world is now complying.

The US Justice Department began with a few of the largest Swiss banks, taking them to court for violating FATCA and helping US taxpayers evade taxes. Switzerland’s largest bank, UBS, pled guilty to helping Americans evade taxes and paid a fine of $780 million. Credit Suisse soon followed and pled guilty to helping Americans to evade taxes and paid a fine of $2.6 billion.
Today, over 200,000 banks and institutions in 200 sovereignties provide bank account information about US taxpayers directly to the IRS.

Almost all nations around the world are now complying, including traditional safe havens such as Switzerland, the Cayman Islands, as well as most countries in the Middle East, South America, the Far East, China and even Russia.

Contact Us To Learn More About Allen Barron's Services

For more information or to discuss your tax, legal and accounting needs contact Allen Barron or call 866-631-3470 for a free and confidential initial consultation. Learn about the importance of integrated business strategy and coordination across legal, tax and accounting systems.

Offices of Allen Barron, Inc.

Main Office

16745 West Bernardo Drive, Suite 260
San Diego, CA 92127
Phone: 858-304-0947
Phone: 866-631-3470
Fax: 858-376-1410

San Diego Office

5720 Oberlin Drive
San Diego, CA 92121
Phone: 866-631-3470
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Las Vegas, NV 89101
Phone: 702-749-4430
Fax: 702-933-1748

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San Diego, CA 92101
Phone: 619-702-8356
Fax: 619-923-8356

San Francisco Office

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San Francisco, CA 94101
Phone: 415-481-0475
Fax: 415-762-1539

Phoenix Office

40 North Central Avenue
Phoenix, AZ 85004
Phone: 602-903-7018
Fax: 602-357-1655