FATCA attorneys Florida

 

FATCA, which is also known as the Foreign Account Tax Compliance Act, is an act that was passed in 2010 by the federal government. The main objective of this act was to support the initiatives that are carried out by the government to minimize tax evasion and other related issues that are taking place. You can also call this act as apart of the HIRE act. In case if you have to deal with FATCA and laws related to this act, you will need to make sure that you work along with one of the FACTA attorneys Florida. Then you can receive all the support that you need to overcome challenges.

Should I be worried about FATCA?

In case if you have invested your money on a financial institution that is located outside the country, or if you have your money deposited in a financial institution located out of the country, or even if you are making plans to hold your money within a financial institution located out of the country, you should learn more about FATCA. The understanding you have on how FATCA works will provide you the opportunity to overcome multiple struggles that you may come across. On the other hand, you can remain fully aware of how this law is impacting you.

What does FATCA expect from the taxpayers of the United States?

The main objective of FATCA is to ensure that no tax evasion is committed by the taxpayers who are living within the United States. There was a possibility for the taxpayers in the United States to have offshore revenue generating investments and use them to refrain from paying taxes. However, this possibility was taken away with the implementation of FATCA act.

If you have any offshore investments, or if you have held your money offshore, you will need to provide all information about that to the tax authorities in the United States. You may seek the assistance of one of the FATCA attorneys Florida, so that you can learn how it can be done. Brokers, banks, insurance companies, and numerous other financial institutions are under the FATCA reporting requirement. All of them should go ahead and provide required information to overcome the financial sanctions that can be implemented by the country.

You will need to fill out a form and then proceed with FATCA reporting. This form is usually complex, and you will find it as a difficult task to understand the content in it. This is where you can think about seeking the assistance of one of the attorneys for filing the form. Then you can have a clear understanding on what has to be reported.

If you are a person who is maintaining at least one offshore account, you will need to understand the impact that you have on FATCA. The FATCA attorney will be able to provide a clear guidance on that. On top of that, you should ensure that you are adhering to the reporting requirements at all times, so that you can refrain from encountering challenging situations that might come on your way in the future.

FATCA regulations are complex

The regulations implemented by FATCA are complex and difficult to understand. If you are going through them for the very first time, you might have a difficult time in understanding the terms and concepts as well. This is why it is important for you to work along with a FATCA attorney. The FATCA attorney will be able to help you to simplify the process and overcome the challenges that can arise as a result of it.

Even the foreign banks have a clear understanding about the complexities that are associated with FATCA regulations. This is the main reason on why they have avoided dealing with the people who are taxpayers in the United States. In other words, numerous foreign banks out there have restricted American citizens from opening financial accounts within their institutions.

In case if you own a foreign property and if you want o maintain a foreign account for managing all the expenses, you will need to work with your FATCA lawyer and see how you are impacted. This is applicable for all the investors who wish to proceed with diversifying their investments by keeping money deposited within offshore accounts. Once you discover a financial institution, you will need to adhere to the reporting requirements. Then you should proceed with successfully opening an account. The FATCA attorneys Florida are there to guide you throughout the entire process.

What would happen when you fail to adhere to FATCA?

You must also have a clear understanding on what would happen when you fail to comply with the FATCA laws. When you fail to report the obligations that you have under FATCA, you will have to face some dire financial sequences. For example, you will be asked to pay a penalty of $10,000. On the other hand, you may have to pay an additional penalty, which can be high as much as $50,000. This should be paid to the IRS.

On top of that, you will need to pay a penalty that is equivalent to around 40% of the assets, which you failed to disclose. The IRS will take some time in order to pursue you. However, you will surely have to face the dire financial consequences. Hence, you will need to make sure that you always work according to this act.

How can FATCA attorneys Florida can assist you?

As you go through the facts, you should also understand how the FATCA attorneys will be able to provide assistance to you. You can explain your situation to the FATCA attorney, and you will be provided with all information on what you should do. In fact, the FATCA attorney working with you will be in a position to provide personalized assistance to you as you are going through the FATCA compliance issues.

You will need to make sure that you maintain a close relationship with the FATCA attorney. It is perfectly fine to disclose all information to the FATCA attorney. In fact, disclosing information to the FATCA attorney will not lead you to any challenging situations or fines. The FATCA attorney will be able to provide guidance on what you should do, so that you can overcome fines and the other problems that can take place.

Make sure that you hire the most experienced FATCA attorney out there to receive the assistance that you want in moving ahead with the case. This will help you to overcome the negative consequences that you may have to deal with.