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Freeman Tax Law
(855)935-5945
Over 100 Jurisdictions
Effected by FATCA
Regulations In 2015
Countries & Jurisdictions
Freeman Tax Law (855) 935-5945 [email protected] www.freemantaxlaw.com
The number of countries and jurisdictions that have now signed an agreement with the United States under the Foreign Account Tax Compliance Act (FATCA) has now exceeded one hundred. While this number grew slowly at first, more and more countries are climbing on board as the world realizes banking transparency is becoming a thing of the past.
Penalty For Not Signing
Freeman Tax Law (855) 935-5945 [email protected] www.freemantaxlaw.com
Among the most recent jurisdictions to sign an agreement are areas within Russia, China, and even The Vatican Bank. The penalty for not signing an agreement or complying with FATCA requirements is steep. Banks and foreign financial institutions face a 30% withholding on all U.S. based transfers of funds. The IRS has made it clear it will enforce penalties and many institutions that were once sitting on the fence are now scrambling to comply to avoid penalties.
What Does This Mean For US
Taxpayers Living Abroad?
Freeman Tax Law (855) 935-5945 [email protected] www.freemantaxlaw.com
What this means for taxpayers living abroad is that they can expect their financial institution, investment company, and even insurance group to be gathering information on their accounts and sending it along to the United States. Consequently, failure to disclose assets held overseas will become much more apparent. Tax avoidance is considered a serious crime and individuals who are found guilty may face expensive penalties and even criminal charges.
Freeman Tax Law (855) 935-5945 [email protected] www.freemantaxlaw.com
What Does This Mean For US
Taxpayers Living Abroad?
(Continued)Because of these changes, it is imperative that Americans living and working abroad disclose all of their income and assets to the IRS. If you have failed to do so in the past, you should consult a tax attorney or tax law firm to discuss your best options. The IRS offers a few different voluntary disclosure programs that enable taxpayers to report income and assets that were previously withheld. Penalties and charges vary depending on the selected disclosure process. Even individuals who paid all of the taxes due but failed to submit an FBAR form are being followed up on and should take the necessary steps to amend their returns and submit the appropriate documentation. In many cases, this is not a simple process, but can be navigated with the assistance of a tax attorney.
International
Locations:Basel, Switzerland
Bern, Switzerland
Geneva, Switzerland
Zurich, Swizterland
Atlanta, Georgia
Austin, Texas
Birmingham, Michigan
Boston, Massachusetts
Charlotte, North Carolina
Chicago, Illinois
Cleveland, Ohio
Dallas, Texas
Denver, Colorado
Greenwich, Connecticut
Houston, Texas
Irvine, California
Las Vegas, Nevada
Los Angeles, California
Miami, Florida
New York, New York
Palo Alto, California
Phoenix, Arizona
Pleasanton, California
San Antonio, Texas
San Diego, California
San Francisco, California
San Jose, California
Short Hills, New Jersey
Tampa, Florida
Washington DC
Freeman Tax Law (855) 935-5945 [email protected] www.freemantaxlaw.com
Our Locations
Freeman Tax Law
About Freeman Tax Law
Freeman Tax Law (855) 935-5945 [email protected] www.freemantaxlaw.com
Freeman Tax Law is a boutique tax law firm with national
exposure equipped to handle all domestic and international tax
law matters. At Freeman Tax Law, the attorneys and
professional staff have vast experience with foreign tax
compliance, international tax planning, and resolving tax
controversies involving offshore banking matters. Freeman Tax
Law helps taxpayers and foreign entities become in compliance
with laws such as Foreign Account Tax Compliance Act
(FATCA) and Offshore Voluntary Disclosure Program (OVDP).
In addition to handling complex tax controversies, the Freeman
Tax Law team has extensive expertise in assisting clients with
wealth management and estate planning.