The federal government’s taxation powers have grown far beyond our country’s borders. The attorneys at Frost & Associates can help protect your rights in international tax litigation matters, and can help safeguard your interests if you are a U.S. resident, U.S. citizen residing abroad, or have foreign bank accounts.
The IRS pays close attention to Foreign Bank Account Reporting compliance. If you have $10,000 or more in foreign bank accounts or overseas investments, you must file an FBAR to report the account(s). In addition, U.S. citizens must report all foreign income on their tax returns.
Taxpayers who have unreported foreign income and unreported foreign bank accounts may be eligible for the IRS Offshore Voluntary Disclosure Program (OVDP). In order to comply with OVDP amnesty terms, for the past eight tax years you must:
Beginning on July 1, 2014, foreign financial institutions are required to follow the terms of the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign financial institutions to provide the U.S. with annual information on U.S. account holders, including their names, addresses, and largest account balance of the year. International tax enforcement is clearly becoming a priority for the IRS, and it is important to get experienced legal advice on how FATCA may affect you.
We have extensive experience handling a wide range of offshore tax issues, including:
If you are facing any number of US Tax Issues, including those listed above, or more, it is necessary that you speak with a n expert as soon as possible. Contact a Northern Virginia Tax Attorney at Frost Law today for a free consultation.