FATCA Reporting & Filing Requirements - Are You In Compliance?
Do you own foreign assets and haven't filed form 8938 on your tax returns?
Have you gotten letters from the IRS informing you of FATCA violations?
Do you know if your foreign financial institution is FATCA compliant?
Do you plan on investing offshore and need FATCA reporting & filing help?
If you are aware of any FATCA (Foreign Account Tax Compliance Act) issues involved with your foreign assets, or have concerns about your FATCA compliance, our FATCA compliance experts will help you get in good standing with IRS FATCA regulations now, and for the life of your offshore investments.
How Do FATCA Laws Affect You?
Foreign Account Tax Compliance Act (FATCA) was established in 2010 to regulate how U.S. taxpayers with foreign assets and financial institutions report their foreign financial assets to the IRS. Specifically, FATCA requires the following:
- Individuals: Must attach form 8938 (Statement of Specified Foreign Financial Assets) to their tax return if total value of foreign assets exceed $50,000. (irs.gov)
- Foreign Financial Institutions: That enter into an agreement with the IRS must report certain information to the IRS regarding assets with U.S. owners. (irs.gov)
Is your Foreign Financial Institution in FATCA compliance?
Visit our resource center to see which foreign countries are subject to FATCA compliance
Am I At Risk of FATCA Penalties?
If you own offshore accounts or investments of any kind, and have failed to, or improperly filed form 8938 with your tax return, you are at risk of imposed penalties and criminal examination by the IRS. In addition, if your FFI is not compliant with FATCA by not disclosing the required information, the FFI faces a 30% withholding tax on payments/deposits U.S. account holders make to them.
Penalties for FATCA Violations:
- Up to $10,000 for failure to disclose the required FATCA information
- An additional $10,000 for each 30 days of non-filing of form 8938 (after receiving failure of disclosure notice from IRS)
- Potential maximum penalty of $60,000
- Potential criminal penalties for certain cases
FATCA laws, and the different parties involved, can create a very ominous situation for U.S. taxpayers with foreign accounts or investments. Our team of licensed International Tax Attorneys and CPAs are experienced in understanding FATCA guidelines, and making sure our clients and their FFI are in good standing with FATCA laws.
Resolve Your FATCA Compliance Matters Today!
When you contact Pure Tax International today, we will perform a comprehensive strategy to evaluate and resolve your FATCA issues:
Step 1 - FATCA EvaluationIf you have FATCA issues or concerns, contact us today to speak directly with our President, Tim Halcomb. He will schedule a time at your convenience to conduct a conference with you and our team of international tax specialists. We will gather and evaluate the information necessary to construct a FATCA compliance strategy.
Step 2 - Cultivate Necessary DataWhen you retain our services, our team of International Tax Attorneys and Enrolled Agents will contact the IRS and appropriate governing bureaus to collect the necessary FATCA records and filing requirements.
Step 3 - FATCA Compliance StrategyOnce we collect and organize all pertinent information, we will perform a personalized strategy to address your FATCA compliance issues. We will keep your personal information 100% confidential as we rectify your FATCA compliance status with the IRS. Our team of international tax professionals will keep you up-to-date on the progress of your case, from start to finish.
Call us today to speak directly with our President, Tim Halcomb
Or, fill out our appointment request form