The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States Congress with the intention of finding US taxpayers who have unreported foreign income and accounts. It also applies for foreign individuals, companies, or trusts that receive US income. How well do you know this new law? US International Tax Advisors can shed some light on FATCA and assist you with IRS voluntary disclosure for Tysons, VA area taxpayers, or for anyone across the U.S. or the globe.
What You Need To Know
The best way to comply with FATCA is knowing who it covers and what it requires. Here’s information you can use:
• If you’re a US citizen, resident, or nonresident individual, you must report all your foreign financial accounts and other offshore assets to the IRS.
• To properly report these accounts, you need to be able to file Form 8938 along with your annual income tax return.
• Taxpayers whose assets amount to a total value of $50,000 and below at the end of the tax year do not need to file Form 8938. However, if the asset values reached $75,000 at any point within the year, you still need to file the form.
• In the event that you’re a taxpayer who does not have to file for income tax return for the tax year, there’s no need for you to file Form 8938.
• If you fail to report your finances accurately, you may be facing heavy penalties.
Who to Turn to For Help
US International Tax Advisors is among the most experienced FATCA consultants serving Chevy Chase, Virginia, Maryland and taxpayers across the U.S. and globe. We can assist individuals and businesses in complying with the law by helping them process and file requirements properly.
Because we’re subject-matter experts, we can help you in all areas that concern FATCA, including IRS voluntary disclosure in Washington, DC, nationally and worldwide. Learn more about FATCA compliance and other asset-related issues by giving US International Tax Advisors a call at (844) 796-8565.
