Trusted Counsel for FATCA Compliance

If you’re still trying to understand what your foreign-account reporting obligations are, you are not alone. Implementation of the Foreign Account Tax Compliance Act (FATCA) has greatly added to the complexity of an already complicated set of disclosure requirements.

At Frost Law, our tax lawyers have the in-depth knowledge and practical skills needed to help you take the right steps to meet your FATCA and other tax obligations.

What Are Your FATCA Obligations?

Tax authorities claim new regime ushered in by FATCA is needed to guard against tax evasion. In practice, it makes for unprecedented IRS scrutiny of compliance with foreign-account requirements that can easily cause problems for unsuspecting taxpayers.

Our tax lawyers provide skilled guidance on all aspects of these requirements, including:

Form 8938

FATCA requires certain taxpayers to disclose financial assets that are held outside of the U.S. These obligations are in addition to the existing requirements for the Report of Foreign Bank and Financial Accounts (FBAR, now officially known as FinCEN Form 114).

Unfiled FBAR

Since 2009, the IRS has pursued an enforcement crackdown on already existing reporting requirements for the FBAR. If you are still uncertain about how the disclosure requirements apply to you, we can help you identify your options and make a decision on the best course of action going forward.

Tax obligations for overseas U.S. taxpayers

Our founding attorney, Glen Frost, is the President of Americans Citizens Abroad Global Foundation (ACAGF). He is Frost Law’s best resource on foreign tax matters.

When does FATCA Apply?

When Congress passed FATCA in 2010, it was unclear how many countries would participate in disclosing information to U.S. authorities about U.S. taxpayers. But the Treasury Department has been able to work out intergovernmental agreements (IGAs) with more than 100 countries, ranging alphabetically from Algeria to Vietnam.

FATCA added new obligations for U.S. taxpayers holding offshore accounts to report those holdings to the IRS. As implemented through the IGAs, it also seeks to impose obligations on foreign financial institutions (FFIs) and others, such as U.S. individuals or entities with signature authority over foreign accounts.

If you are uncertain whether FATCA applies to you, and what your obligations might be, you should give us a call at (202) 618-1873 to discuss your particular circumstances or fill out our contact form.