FATCA – Foreign Account Tax Compliance Act
Identify It, Quantify It, Tax It
The IRS has just introduced FATCA – the Foreign Account Tax Compliance Act. This act will require foreign banks, tax sovereignties and investment houses to report all accounts, balances and attached personal identifiers to the IRS.
The Internal Revenue Service or IRS is not just interested in income that is earned within the borders of the United States. The agency wants to know about foreign bank and brokerage accounts and reportable income from foreign sources. In short, if you have a foreign bank account, investment or interest the IRS wants to be able to identify it, quantify it and tax it. Failure to report these offshore holdings, accounts and assets will result in substantial penalties and exposure to a prison sentence based upon criminal tax evasion. The IRS is quite serious about these issues and has already prosecuted and jailed several US persons with unreported offshore interests and substantially fined thousands more.
Provisions of the Foreign Account Tax Compliance Act or FATCA must be adhered to by some foreign companies and individuals with an interest in or control over certain foreign accounts — in some cases an individual with a certain percentage of ownership in a business can be held personally liable. Since a failure to comply can lead to severe civil penalties as well as criminal prosecution, it is essential to obtain the advice of an experienced and knowledgeable tax attorney if you are uncertain about your responsibilities.
Extensive Experience With International Tax Matters
Janathan L. Allen, APC has extensive experience with international tax matters, including matters related to foreign bank accounts and FATCA. We provide solutions to an array of tax challenges. We can assist you by:
- Helping you clearly understand your tax liability
- Evaluating your assets and explaining your options for addressing pain points
- Ensuring Compliance with FBAR reporting requirements.
- Representing you in resolving a tax controversy
The firm is based in the San Diego, California, area and serves clients located in the United States, North America, Latin America, Europe and Asia. Tax lawyer Janathan L. Allen and her staff welcome the opportunity to serve you.
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