Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to improve tax compliance involving foreign financial assets and offshore accounts.

Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting will be made on Form 8938, which taxpayers attach to their federal income tax return, starting this tax filing season.

As we are all aware, the U.S. government’s efforts to combat tax evasion culminated in the Foreign Account Tax Compliance Act (FATCA). Good or bad, FATCA is here and although Financial Institutions are preparing to comply, many United States persons living abroad may be adversely affected and are completely unaware of their obligations to the U.S. (IRS). Attached is a summary of a U.S. persons obligations to comply with U.S. tax laws and the opportunity they currently have. We would be happy to meet with or discuss your U.S. obligations or those of your clients. Please feel free to forward this to those who may benefit from the information.

In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

Steve Waserstein of WNF Law presented to a special group of International Bankers on the legal, accounting and criminal ramifications of FATCA. Click here for the conference agenda.

April 25, 2012, Steve L. Waserstein, along with Stanley Foodman, Foodman CPA’s and Advisors and Isabelle Wheeler, Senior Vice President, Head of High Net Worth Clients Group, BNP Paribas – presenting FIBA webinar to Latin American Bankers on FATCA.

Waserstein Nunez & Foodman and its experienced team of lawyers combine our knowledge of tax law and other areas of the law with our resources and experience in civil and criminal tax controversies, business, and litigation to provide practical and innovative solutions. As a result, our representation, often times, grows to include all aspects of a client’s business and personal affairs. We often become the outside version of “in house” counsel for our clients.