FATCA requirements are causing some Hong Kong banks to elect to close U.S. accounts rather than put forth the time and money to comply with the strict reporting requirements.
Continual changes to the Offshore Voluntary Disclosure Program and the Streamlined Filing Compliance Procedures require attention from taxpayers.
Paying off debt is easier said than done, but it may be easier than you realize. If you have a life insurance policy that you no longer need for any reason, you may be able to sell your life insurance for a lump sum cash payment. The average American household is struggling with credit card debt, student loans, a home mortgage, and other expensive monthly payments. Imagine paying that off for good. With a life settlement company deal, … Read More
Freeman Tax Law provides a unique multidisciplinary approach to managing client tax services.
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 … Read More
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. Very recently a case was handled by us … Read More
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 … Read More
A U.S.-Canadian dual citizen living in Vancouver is being sued for over US$860,000 by U.S. tax authorities for failing to report bank accounts to them.