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Back in 2010, congress created the FATCA (Foreign Account Tax Compliance Act). In a nutshell, this act was created to address tax evasion in offshore and other foreign acts. Not only must the account holder be fully advised of this act, but also the foreign banks and financial entities holding the accounts. What has caused concern and confusion for many is the actual implementation of FATCA, which finally went into effect July 1, 2014.

As a U.S. citizen or legal resident who holds any offshore or foreign bank accounts, it is imperative that you make proper disclosures to the IRS (Internal Revenue Service). Do not gloss over FATCA and think it won’t affect you or you won’t be contacted by the IRS. This can and likely will happen to you if you do not take preventative measures now. Otherwise there are serious financial penalties and in the worst cases, criminal consequences.

These matters should not be left in the hands of inexperienced or general practice lawyers. FATCA can be complicated to interpret. At the Tax Litigation Law Office of Scott Kauffman, I not only have more than two decades of specific tax law experience but also hold an advanced degree in tax law. I have a reputation for thorough and effective tax representation throughout California. Reach out to me to today to discuss your specific FATCA case today.

Call 949-474-1820 immediately if you have questions or concerns about FATCA and how it applies to your situation. You can also contact me online.

FATCA Applies to Banks and Financial Institutions as Well

What gives many offshore account holders so much stress is not just the fact that they must meet many reporting requirements under FATCA but that foreign banks and foreign financial institutions (FFIs) are also being held to reporting measures. If they fail to comply, they face a stiff penalty of having the U.S. source income cut by 30 percent.

This pressure to report is affecting not just large account holders but middle-class holders as well. Let me help you understand how FATCA applies to your situation and develop the best strategy to resolving this issue as efficiently and effectively as possible.

Contact me at my Irvine, California, tax law firm. Remember, I practice exclusively in tax law and can provide you with the solutions you need.