Foreign Bank Account / FATCA Reporting
The IRS has made cracking down on offshore tax evasion a top enforcement priority and compliance pressure for US taxpayers with offshore accounts is only going to increase.
Under the IRS? Foreign Bank and Financial Accounts Program (FATCA/FBAR), each US resident who has a financial interest in or authority over any foreign financial accounts exceeding $10,000 must disclose the existence of such accounts. Taxpayers who fail to file the FATCA/FBAR and do not report their offshore accounts can face serious civil and criminal penalties, including fines, probation and prison sentences.
As a small CPA Firm, we are committed to working directly with our clients to develop the best strategies and solutions to resolve tax issues arising out of offshore bank accounts. We understand the complexities of taxes paid in other countries. We use US tax treaties with foreign countries to avoid the "Double Taxation" on your income. Our knowledge and 27 years of experience allows us to develop the most effective plans for bringing our clients into tax compliance. We also deal directly with IRS Revenue Agents & Investigators working on your case. We have been successful in minimizing the penalties for our clients since this law has been put into place.
Taxpayers with unreported overseas financial accounts should take action now to resolve their offshore reporting issues and meet their US. tax obligations. Our firm represents clients across the United States, Europe, and Asia regarding a broad range of offshore voluntary disclosure programs and other international income tax issues.