America's FATCA Experts
If you have a bank account outside of the United States, you will more than likely be scrutinzed by the IRS at some point..
If you do not get into compliance with the IRS, you are at risk of having your foreign accounts frozen or even closed.
Freeman Tax Law has decades of experience representing individuals with complex overseas tax problems, specifically regarding FATCA law and helping them protect their assets while avoiding civil and criminal liability. Learn more below or watch the free FATCA webinar.
FATCA AND OFFSHORE REPORTING REQUIREMENTS
WHAT IS FATCA?
FATCA stands for The Foreign Account Tax Compliance ACT. FATCA was enacted to allow the IRS to gain information about U.S. citizens and residents who have financial assets in non-US banks and institutions. Foreign financial institutions are required to report directly to the IRS the name, address and account numbers of all clients deemed to be U.S. persons. The foreign banks must also report the highest daily account value, as well as inflow and outflows from the account over the course of the year.
FATCA OR FBAR QUESTIONS?
Freeman Tax Law has of decades of experience representing individuals with complex overseas tax problems, specifically regarding FATCA law and helping them protect their assets while avoiding civil and criminal liability.
OFFSHORE VOLUNTARY DISCLOSURE PROGRAM
Below are two of the forms that you may be required to file if you have or have had income or assets in foreign countries:
FinCEN From 114
FinCEN Report 114, Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account. United States persons that have a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. Foreign financial accounts include bank accounts, brokerage accounts, mutual funds and trusts.
Form 8938 is used to report “specified foreign financial assets” if the total value of all specified foreign financial assets in which you have an interest is more than the reporting threshold (which varies depending on your filing status and whether you live in the U.S. or abroad). You are required to include a reportable asset even if you receive no income or distributions with respect to that asset. Form 8938 must be filed with your income tax return. The penalty for failure to file this form or late filing is $10,000. If you receive a notice from the IRS for failure to file this form and do not file it within 90 days of the IRS notice, additional penalties may be imposed.
FATCA FILING SERVICES BY FREEMAN TAX LAW
Why do people choose Freeman Tax Law?
- Straight-Forward, Easy to Understand Style
- Years of Experience Handling Cases of All Sizes and Types
- Will Handle All Communication with the IRS on Your Behalf
- Free, No-Obligation Initial Consultation
MAKING YOUR DISCLOSURES CORRECTLY?
Freeman Tax Law created the FATCA Compliance Ebook to guide you through the complex process of making an offshore bank account disclosure to the IRS
We'll teach you:
- How to avoid criminal issues from improper disclosures
- The inner workings of FBAR and FATCA
- How to protect your money when you bring it in from overseas
If you need more assistance with your offshore bank account disclosure, please contact us.
Jeffrey S. Freeman, Esq. has personally represented and counseled hundreds of clients with regard to their tax matters. During his early career, Mr. Freeman worked for a large international tax firm specializing in international tax issues. He has extensive experience representing Fortune 100 clients and high net worth families. By combining large firm training and attention to detail, with a boutique firm approach and a personal focus on resolving complex tax matters efficiently, creatively and strategically, Mr. Freeman’s priority is always to provide his clients with the highest level of representation.
Mr. Freeman holds a Masters of Law in Taxation (LL.M.) from Georgetown University Law Center in Washington, D.C. and Juris Doctor, Cum Laude, from the Detroit College of Law at Michigan State University and a Bachelor of Arts in Accounting, with honor, from Michigan State University.
“The client is the most important person at our firm….it is our job to understand their facts, clearly explain all options to resolving a problem, treat them with integrity and provide the highest level of representation.”
— Jeffrey S. Freeman, J.D., LL.M., Attorney and Counselor