In March 2010, when the provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law, U.S. taxpayers with foreign accounts discovered they were non-compliant with the new foreign reporting requirements and were unknowingly exposed to large penalties.  Today, many U.S. taxpayers remain non-compliant because they simply do not know reporting requirements exist.

Have you inherited overseas property from a loved one? Have you worked abroad and continued to maintain bank accounts or retirement accounts in another country? Do you own property with a mortgage that has a life insurance rider? Do you work for a US subsidiary of a Foreign Entity and have Stock Options?  Or do you have just signing authority over a foreign bank account, even if you are not the owner?

Navigating the waters of FATCA can be tricky and costly, if not managed properly. It is vital to analyze your assets and determine the extent to which you will be impacted by FATCA.

Abeles and Hoffman has experience working with individuals and international tax attorneys to assist in gaining and maintaining compliance with FATCA to reduce or even eliminate penalties for unreported foreign assets.  We are dedicated to helping clients resolve complicated tax issues, navigate FATCA and other tax-related regulations, and gain tax compliance. Our tax professionals have extensive experience in the following:

  • Offshore Voluntary Disclosure Program (OVDP)
  • Streamlines Domestic Offshore Procedures (SDOP)
  • Delinquent FBAR Submission Procedures
  • Delinquent International Information Return Submission Procedures