Why do I need a FATCA tax attorney in Bellingham?

 

What is FATCA?

FATCA, short for Foreign Account Tax Compliance Act sets all the domestic and international reporting requirements for financial institutions and taxpayers in the United States. The FATCA laws apply to those who own foreign assets and are US citizens.

That being said, if your foreign assets are located in one of the countries that are in FATCA agreement with the United States, you will be investigated for tax purposes.

If the investigation does not go in your favor, the financial institution will be asked by the US authorities to report your account information to the Internal Revenue service in the United States. If you answer no to this question, the IRS will open an investigation and you would have to bear with the prosecution for taxation fraud.

Tax evasion and FATCA

Congress requires the foreign financial institutions to report account information of those under investigation for tax fraud. This rule for the US taxpayers has made it easy for the Internal Revenue Service to track tax evasion.

Tax evasion and taxation fraud are both federal offenses. Individuals who are hiding money in foreign bank accounts are subject to investigation by the Internal Revenue Service.

Other than that, taxpayers are obliged to report their own file of the foreign account along with your tax return. The filing requirement is for every US citizen and separate from the Foreign Account reporting. Moreover, the threshold of FBAR and bank account reporting are different as well.

FATCA lawyers Bellingham

If your filing report is triggered, the IRS will take you under investigation immediately. Therefore, you need a licensed FATCA lawyer in Bellingham to get you out of this mess. The Internal Revenue Service has increased foreign account compliance and FATCA acts. The enforcement acts are very difficult to deal with, especially if you have no FATCA attorney by your side.

FATCA attorneys in Bellingham prepare the summary of FATCA to assist you with the basics first. Moreover, a FATCA attorney in Bellingham also helps in dealing with all aspects of off-shore disclosure. The previously unreported income, investments, assets, and foreign accounts might get you in deep trouble. Therefore, you need an experienced FATCA attorney to assist you legally in the courts.

FATCA attorneys in Bellingham to help you with the FATCA obligations

FATCA is used by tax authorities to guard against tax fraud and evasion. In short, it allows the financial institutions to report the foreign accounts so that IRS could track all the fraudulent activities or federal offenses.

Here are the FATCA obligations on each taxpayer in the US:

Unfiled FBAR

The Internal Revenue Service has introduced an enforcement crackdown, which is limited to existing reporting requirements for foreign bank accounts. If you are still confused about how the filing requirements apply to you, take the help of a FATCA lawyer in Bellingham.

Form 8938

FATCA requires the US taxpayers to disclose all the assets that they have outside the US, at foreign lands. These obligations are separate from the existing requirements as per the foreign bank account reporting account act.

Tax obligations for the US citizens outside the US

If you are a US taxpayer living overseas, different requirements apply to you. Therefore, you should hire a FATCA tax attorney in Bellingham to help you out legally.

Conclusion

FATCA has allowed the United States to make an agreement with more than 100 countries. The foreign bank reporting and FATCA rules are quite complex. It will remain unclear what rules you have to oblige by unless you hire a FATCA lawyer in Bellingham for legal assistance.