The IRS updates the FATCA website. With the new Foreign Financial Institution List and Search Download Tool and revised FAQs, the Foreign Account Tax Compliance Act (FATCA) continues to evolve into a financial reality with serious consequences. The Foreign Financial Institution List and Search Download Tool allows a taxpayer to search for a foreign institution and discover whether they are part of the FATCA community. The international tax consultants at LSL CPAs believes such a tool can fool a taxpayer into believing they can handle the FATCA reporting requirements and foreign account tax preparations on their own.
FAQs On The FATCA Website
In practice, the complexities of FATCA on the FATCA website can be overwhelming not just for taxpayers, but even for accountants lacking in experience with international tax compliance issues and regulations. A perfect example of such complexity is the updated FAQS added to the FATCA website that are meant to add clarification.
In truth, if you examine these Frequently Asked Questions on the FATCA website, the complexities of the answers provided is nothing less than intimidating if you do not have a background in international tax consulting. The majority of the FAQs are directed at foreign financial institutions, providing very little guidance to actual taxpayers. As a result, the international tax team at LSL CPAs in Santa Ana is now a valued resource for numerous Southern California taxpayers with foreign accounts that need to be disclosed to the IRS.
Southern California FATCA Support
If you are a Southern California taxpayer with an undisclosed foreign account living anywhere from San Diego and Santa Ana to Orange County and Los Angeles, you need the support of the experienced international tax consultants at LSL CPAs. You should not be forced to muck through the swamp of FATCA requirements and regulations on the FATCA website. Instead, we will guide you to the proper course that should be taken to lessen penalties and improve your ultimate financial position.
FFI Search Tool On The FATCA Website
What is so frightening about the new Foreign Financial Institution List & Search Download Tool is the manner in which it demonstrates just how many international financial institutions have come on board with FATCA. Congress enacted FATCA to prevent U.S. taxpayers from concealing assets held in offshore accounts and shell corporations. Although the ultimate goal is to recoup federal tax revenues, the resulting penalties and interest accrued often result in a major profit margin for the United States government. If you have foreign accounts, the time to take action is now before the hammer falls.
U.S. Treasury Department Regulations
Pursuant to U.S. Treasury Department Regulations, any federal tax advice in this article is not intended or written to be used for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.
It is important to further note that this article presents only a partial view of the subject matter. It does not claim or attempt to be comprehensive or perfectly accurate. To learn more about FATCA requirements for U.S. taxpayers with foreign accounts, please call LSL CPAs international tax accountant Yana Weaver at 714.569.1000.
