Foreign Account Tax Compliance Act (FATCA)
How does FATCA Affect You?
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, requires U.S. taxpayers holding foreign financial assets to report information about those assets on a new form, Form 8938. The Form 8938 must be attached to the taxpayer’s annual income tax return beginning with the 2011 tax return.
Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 for each year.
FATCA also requires foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. As a result, the IRS will know if you are not in compliance with your voluntary disclosure obligations.
How do you know if you have a reporting requirement? Let The Tax Professionals of Thorn Law Group assess your liability today.
A voluntary disclosure lawyer from Thorn Law Group would like to help you assess whether or not you are required to complete the Form 8938 and other foreign asset reports. The experienced attorney’s at Thorn Law Group are always up-to-date on FATCA regulations.
Our IRS disclosure lawyers have already helped assess many U.S. taxpayers’ reporting requirements with regard to their obligations in filing a Form 8938, and you should be one of them. Call us today so we can help you avoid any civil penalties that could arise from this matter.
Please contact IRS offshore voluntary disclosure lawyer Kevin E. Thorn, Managing Partner of the Thorn Law Group at firstname.lastname@example.org or call (202) 349-4033 to assess your civil and/or criminal exposure. Find out if there is an office close to you so you may set up an appointment today!