In line with its campaign for greater financial transparency, the United States has signed an agreement with the Vatican in tracing American taxpayers who have assets hidden in the Holy See. 
Why This Matters
The Vatican is the latest of approximately 62 countries to agree in helping the US government crack down on tax-evading Americans with undisclosed off-shore assets. The Foreign Account Tax Compliance Act was previously passed in 2010 to identify people who have not disclosed all foreign assets to the IRS. It requires all financial information—including foreign financial accounts—of US citizens and permanent residents be reported fully and directly to US authorities.
Do you have foreign assets within the Vatican or in other countries? Have they been disclosed properly? The IRS has been strictly clamping down on foreign financial account and asset reporting in recent years. If you’ve erroneously or have willingly not disclosed information, you could be subjected to stiff penalties as stated by law.
How to Get the Help You Need
To prevent trouble with the IRS and other financial authorities, turn to the experts in foreign account tax compliance in Tysons, VA you can trust—US International Tax Advisors. We serve clients in the Metro DC area as well as nationally and internationally.
We can help you with effective reporting of all of your offshore accounts, including the filing of your Foreign Bank and Financial Accounts Report (FBAR). We work with you in resolving all past filing issues and ensuring that you comply with US tax laws moving forward. We can also help you or your business find and complete government amnesty programs to avoid the strictest penalties.
The agreement between the US and the Vatican is just another indicator that more and more nations are cracking down on American tax evaders. Make sure your assets and accounts are properly declared to comply with US law. If you’re in need of assistance with foreign account tax compliance in Washington DC, you can always rely on the effective services of US International Tax Advisors. Learn more about tax compliance by giving us a call today.
