Filing Your W8-BEN Form

Filing Your W-8BEN Form The International Revenue Service (IRS) has provided taxpayers with the ability to voluntarily disclose accounts and income that were not properly reported in the past. This is largely a result of the Foreign Accounts Tax Compliance Act (FATCA) which was passed in 2010 and came into effect just last year. The law requires foreign financial institutions to provide more detailed information about U.S. citizens who hold accounts or assets overseas. Since the law has gone into effect, the IRS has continued to search for undisclosed income and accounts that are hidden overseas and is prepared to levy strict penalties and charges for those who are in non-compliance. Filing Your W8-BEN Form from freemantaxlaw

By | 2017-01-01T11:26:23+00:00 March 3rd, 2015|Freeman Tax Law|Comments Off on Filing Your W8-BEN Form

OVDP to Stay Open Indefinitely

The International Revenue Service (IRS) has provided taxpayers with the ability to voluntarily disclose accounts and income that were not properly reported in the past. This is largely a result of the Foreign Accounts Tax Compliance Act (FATCA) which was passed in 2010 and came into effect just last year. The law requires foreign financial institutions to provide more detailed information about U.S. citizens who hold accounts or assets overseas. Since the law has gone into effect, the IRS has continued to search for undisclosed income and accounts that are hidden overseas and is prepared to levy strict penalties and charges for those who are in non-compliance. OVDP to Stay Open Indefinitely from freemantaxlaw

By | 2017-01-01T11:26:24+00:00 March 3rd, 2015|Freeman Tax Law|Comments Off on OVDP to Stay Open Indefinitely

Exceptional Collaborative Services Provided by Freeman Tax Law

Tax attorneys provide a necessary service for clients who require professional legal assistance with important tax matters regarding their personal or business finances. However, one boutique law firm is breaking the mold by offering more than just legal services and representation. Freeman Tax Law, founded by Jeffrey S. Freeman, J.D., L.L.M., provides a unique combination of legal and accounting services through a project-based approach to each case. Exceptional Collaborative Services Provided by Freeman Tax Law from freemantaxlaw

By | 2017-01-01T11:26:24+00:00 March 3rd, 2015|Freeman Tax Law|Comments Off on Exceptional Collaborative Services Provided by Freeman Tax Law

Additional Problems for Americans in Hong Kong Due to FATCA

Taxpayers from the United States who are living or working in other countries have continued to face negative consequences of the Foreign Accounts Tax Compliance Act (FATCA). The law was passed in 2010 and went into effect in July of 2014. It basically requires foreign financial institutions around the world to comply with strict information reporting requirements regarding all account holders who are U.S. taxpayers. Banks, investment groups, and even insurance companies are now required to report on qualifying US accounts and face strict penalties for failing to comply. So far, nearly five hundred jurisdictions throughout the world have signed agreements with the IRS, but some areas and institutions continue to hold out. Additional Problems for Americans in Hong Kong Due to FATCA from freemantaxlaw

By | 2017-01-01T11:26:24+00:00 March 3rd, 2015|Freeman Tax Law|Comments Off on Additional Problems for Americans in Hong Kong Due to FATCA

IRS Targets Groups of Taxpayers In Connection With Non-Compliance

Tax compliance is a serious issue, and with the recent FATCA updates, the government is more thorough than ever before in identifying non-compliant taxpayers among individuals who live overseas. In past years, taxpayers who were suspected of fraud were primarily targeted for investigation on an individual basis. Now however, the IRS is going after entire groups of people who are suspected of non-compliance. IRS Targets Groups of Taxpayers In Connection With Non-Compliance from freemantaxlaw

By | 2017-01-01T11:26:26+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on IRS Targets Groups of Taxpayers In Connection With Non-Compliance

Over 100 Jurisdictions Effected by FATCA Regulations In 2015

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. Over 100 Jurisdictions Effected by FATCA Regulations In 2015 from freemantaxlaw

By | 2017-01-01T11:26:26+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on Over 100 Jurisdictions Effected by FATCA Regulations In 2015

Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets

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. Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets from freemantaxlaw

By | 2017-01-01T11:26:27+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on Trouble With FATCA When Keeping Quiet About Undisclosed Offshore Assets

FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers

FATCA, the Foreign Account Tax Compliance Act was passed in 2010, and has since gone into effect as of 2014. The law requires all foreign financial institutions to report information to the United States government regarding U.S. account holders. Those institutions that fail to do so face penalties of up to a 30% sanction on funds transfers from the United States. With such steep penalties on the table, many foreign financial institutions have already signed up to comply with the law. In fact, over 100 countries have signed an Intergovernmental Agreement (IGA) to comply with FATCA requirements. FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers from freemantaxlaw

By | 2017-01-01T11:26:27+00:00 January 28th, 2015|Freeman Tax Law|Comments Off on FATCA Puts Pressure On Foreign Financial Institutions & Taxpayers

Foreign Trust Accounts Fall under Reach of FATCA

FATCA requires offshore trust accounts to disclose information to the IRS or face penalties or U.S. sanctions on funds transfers.  The Foreign Accounts Tax Compliance Act (FATCA) has created a slew of new requirements for United States citizens with funds and income in offshore accounts.  In addition to requiring citizens and foreign financial institutions to disclose information regarding personal and business accounts with U.S. owners, beneficiaries, or signatories, the law also requires the disclosure of foreign trust accounts.  Recently, trustees of private family trusts with U.S. ties are being advised to comply with the new FATCA obligations.  This includes individuals who may be beneficiaries or signatories on such accounts. What does this mean for trusts? Information regarding the deadline for disclosure reporting from trust accounts has been ambiguous. The Financial Times (FT) recently published an article about this process, and urged citizens who this may involve to research the new requirements under FATCA and take the necessary steps to remain compliant. According to U.S. tax authorities, investment-based trusts can be considered a “financial institution” if they are managed by a discretionary fund manager.  Because of this definition, those parties would be responsible for disclosing information in the same way a [...]

By | 2017-01-01T11:26:31+00:00 December 18th, 2014|Freeman Tax Law|Comments Off on Foreign Trust Accounts Fall under Reach of FATCA

Professional Tax Planning Can Lead to Significant Savings

As tax season approaches, it is important to find a reliable and experienced tax lawyer to help you identify possible tax savings and ensure compliance with changing processes and procedures.  Tax season might not be the first thing that comes to mind when you think of ways to save money, but by partnering with an experienced professional tax lawyer, this just might be the case.  Lawyers who are familiar with tax law are able to help clients identify and plan for savings while managing their wealth.  Each time you submit a tax return, it should be viewed as an opportunity to discover savings opportunities rather than just an expensive headache. Professional Guidance Results in Savings Tax laws change constantly, and it can be helpful to have an experienced tax lawyer on your side to identify updates that affect your financial circumstances and help ensure you are always in compliance with new requirements.  For example, in past years, the IRS has updated processes regarding business tax credits, deductions, and capital gains.  Furthermore, you may be eligible for certain credits based on recent life experiences including starting a home business, having a child, going back to school, or purchasing or selling a [...]

By | 2017-01-01T11:26:31+00:00 December 17th, 2014|Freeman Tax Law|Comments Off on Professional Tax Planning Can Lead to Significant Savings
SmartFinds Internet Marketing Logo

Contact Information

261 E. Maple Road
Birmingham, MI 48009

Phone: (866) 501-5758

SmartFinds is a web-marketing agency with over 20+ years experience in the Internet industry. As a full service, broad competency and experience agency we are able to become our client’s strategic partner managing all aspects of the digital presence, technologies and vendors.