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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 AmericaEurope and Asia. Tax lawyer Janathan L. Allen and her staff welcome the opportunity to serve you.



Practices Areas

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
Fax: 760-741-1410

Las Vegas Office

333 South Sixth Street, Suite 230
Las Vegas, NV 89101
Phone: 702-749-4430
Fax: 702-933-1748

San Diego Office

750 B Street, Suite 2610
San Diego, CA 92101
Phone: 619-702-8356
Fax: 619-923-8356

San Francisco Office

300 Montgomery Street, Suite 410
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