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Trouble With FATCA When Keeping Quiet About Undisclosed Offs

Ever since the implementation of the Foreign Account Tax Compliance Act (FATCA), the IRS has spent increased time and resources in seeking out undisclosed income and assets among U.S. citizens living abroad. FATCA now requires foreign financial institutions including banks, investment groups, insurance programs, and employers to report information on American account holders. Over 100 countries have already signed agreements with the United States and more are in discussions with the IRS. Because of this new widespread financial transparency, taxpayers living abroad are now in the spotlight.

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Trouble With FATCA When Keeping Quiet About Undisclosed Offs

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  1. Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets Freeman Tax Law (855)935-5945

  2. FATCA Requirements Ever since the implementation of the Foreign Account Tax Compliance Act (FATCA), the IRS has spent increased time and resources in seeking out undisclosed income and assets among U.S. citizens living abroad. FATCA now requires foreign financial institutions including banks, investment groups, insurance programs, and employers to report information on American account holders. Over 100 countries have already signed agreements with the United States and more are in discussions with the IRS. Because of this new widespread financial transparency, taxpayers living abroad are now in the spotlight. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com

  3. Tax Evasion & Tax Avoidance The United States has already shown an aggressive increase in the number of individuals investigated for tax evasion or tax avoidance. Furthermore, the IRS levies steep fines, penalties, and even criminal charges for those who are found guilty. Because of this, it is imperative that U.S. citizens living abroad ensure that they are in full compliance with FATCA by disclosing all income held overseas and filing the necessary paperwork including an FBAR (fincen form 114). Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com

  4. Unfortunately, even with all the attention on U.S. taxpayers living abroad, there are still some individuals who will wonder whether or not they should disclose their income. People who have failed to disclose accounts or assets in the past now wonder if joining the Overseas Voluntary Disclosure Program (OVDP) will be of benefit to them. Others may choose to simply begin filing an FBAR (fincen form 114) this year and move forward in full compliance and ignore their failure to disclose income in the past years or attempt to simply amend previous returns without going through the actual program. This is known as “quiet disclosure” and is not an advisable choice. Will OVDP Benefit Them? Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com

  5. OVDP Provides Taxpayers With An Option The OVDP provides taxpayers an option to disclose previously unreported income from accounts held abroad. The process outlines specific fees and penalties but ensures that the participant is not held responsible for criminal charges or ongoing penalties. A tax attorney can assist clients in navigating the process and understanding what forms need to be filed and how to move forward. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com

  6. Who Is The IRS Working With The IRS is currently working with hundreds of banks and financial groups who are now providing information on U.S. account holders so it is important to understand that you can no longer hide your head in the ground and hope to be passed over. Now is the time to address any non-compliance that you may have in your tax history and consult a professional tax law firm for advice and legal representation. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com

  7. Our Locations 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 International Locations: Basel, Switzerland Bern, Switzerland Geneva, Switzerland Zurich, Swizterland Freeman Tax Law  (855) 935-5945 info@freemantaxlaw.comwww.freemantaxlaw.com

  8. Freeman Tax Law About Freeman Tax Law 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. Freeman Tax Law  (855) 935-5945  info@freemantaxlaw.com  www.freemantaxlaw.com

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