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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

Failure to Disclose Expensive Assets May Put Taxpayers in Hot Water with IRS

Taxpayers are required to disclose all income and assets to the U.S. government and with laws like FATCA, failure to do so could mean steep penalties. Understanding tax laws can often be a confusing, and tedious process for taxpayers.  As procedures change, navigating the updates can be a challenging task.  Furthermore, reporting requirements may seem daunting for those who receive income from a variety of sources such as self-employment, tips, or inconsistent cash payments or who hold accounts or income overseas.  However, when it comes to compliance, it is never a good idea to purposefully mislead the IRS or fail to disclose income and assets.  This is especially true for U.S. residents living abroad since the Foreign Accounts Tax Compliance Act (FATCA) was passed and went into effect July of this year. Financial Transparency Overseas FATCA was passed in 2010, and now requires banks, investment groups, and other financial institutions to gather and disclose information on all accounts held by U.S. citizens.  Failure to comply would lead to penalties for U.S. taxpayers and a 30% tax withholding penalty on all U.S. funds for banks and other financial institutions. For years, U.S. citizens have been able to take advantage of offshore [...]

By | 2017-01-01T11:26:32+00:00 December 17th, 2014|Freeman Tax Law|Comments Off on Failure to Disclose Expensive Assets May Put Taxpayers in Hot Water with IRS

FATCA Compliance Efforts Give Taxpayers and Foreign Financial Institutions an Advantage with IRS

FATCA causes foreign banking and financial institutions to place priority on information sharing practices and procedures. Foreign banks, financial institutions, and U.S. taxpayers living abroad are being advised to show a strong “good faith” effort in complying with the Foreign Accounts Tax Compliance Act.  Passed in 2010, the law requires banks, investment groups, and other financial institutions to gather and disclose information on all accounts held by U.S. citizens.  Failure to comply would lead to penalties for U.S. taxpayers and a 30% tax withholding penalty on all U.S. funds for banks and other financial institutions. Putting Effective Practices into Place FATCA officially went into effect in July, 2014 and as a result many banks and overseas institutions are dealing with the real effects of meeting compliance.  For some, it can be a costly process.  By showing that they have made legitimate efforts to set up training and procedural processes regarding FATCA compliance, financial institutions may have a better chance of avoiding restrictions or penalties imposed by the United States.   Furthermore, institutions should realize inter-governmental cooperation regarding tax information sharing is becoming more and more standard, and setting effective documentation and communication practices could be of significant benefit in the future. [...]

By | 2017-01-01T11:26:32+00:00 December 17th, 2014|Freeman Tax Law|Comments Off on FATCA Compliance Efforts Give Taxpayers and Foreign Financial Institutions an Advantage with IRS

Global Acceptance of Standardized Tax Information Exchange Gaining Ground

U.S. legislators fueled the movement towards creating a globally standardized process surrounding the communication and sharing of tax and financial information with the introduction of FATCA. The Foreign Accounts Tax Compliance Act (FATCA) set the foreign financial sector in motion when it was initially passed in 2010.  Since that time, financial institutions across the world have been working to understand the requirements and implications of complying with FATCA.  The law requires foreign financial institutions to share information regarding U.S. account holders with the IRS.  Those who fail to comply face penalties such as a 30% reduction in international monetary transfers from U.S. sources.  The effects of the law have had a wide reach, as other countries and world leaders are also seeking to establish a more standardized information exchange process among tax authorities across the world. International Movement towards Information Standards One international group in particular which has spearheaded these efforts is the Organization for Economic Cooperation and Development (OECD).  This group is advocating for one global standard regarding the exchange of information among countries and financial institutions for tax purposes.  The council adopted a declaration on the automatic exchange of information in tax matters and is moving towards finding [...]

By | 2017-01-01T11:26:33+00:00 December 15th, 2014|Freeman Tax Law|Comments Off on Global Acceptance of Standardized Tax Information Exchange Gaining Ground

FATCA Compliance Comes with Higher Costs than Anticipated

A recent study reveals that FATCA is causing unexpected increases in budget costs for many foreign institutions. Foreign banking institutions are realizing significant increased costs due to the Foreign Accounts Tax Compliance Act as the year draws to a close and the final costs are being calculated.  According to a recent Thompson Reuters study, foreign institutions have reported higher than anticipated costs in connection with reporting and compliance expenses for FATCA. Costly Consequences Three hundred institutions were surveyed by Thompson Reuters.  Of those, 55% have stated that they expect to exceed their budget for FATCA compliance by the end of the year.  This means over half of the institutions underestimated the mounting costs of documentation and reporting procedures tied to FATCA compliance.  Unfortunately, these extra costs end up causing a significant strain on each institutions budget.  Consequently, these institutions are seeking professional help to navigate FATCA regulations in a more effective way to reduce costs while still ensuring compliance. Where to Turn? When it comes to understanding the nuances of FATCA reporting and documentation procedures, there is professional assistance available.  Law firms like Freeman Tax Law specialize in representing financial institutions and US financial institutions so they can stay compliant [...]

By | 2017-01-01T11:26:34+00:00 December 10th, 2014|Freeman Tax Law|Comments Off on FATCA Compliance Comes with Higher Costs than Anticipated