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Are you tired of sleepless nights? The weight of concern over undisclosed foreign accounts can disrupt your sleep, but avoidance is no longer an option. With the IRS’s enforcement tools like FATCA sharpening their detection capabilities, it’s only a matter of time before they shine a light on your hidden assets. Take the decisive step to restore your peace of mind. Reach out to the Tax Law Offices of David W. Klasing today, and let’s secure your financial tranquility, ensuring you can rest easy once more.

The IRS is getting more aggressive towards taxpayers with unreported taxable income from foreign assets, foreign financial accounts, and foreign information reporting noncompliance daily. Honest mistakes that have caused these taxpayers to fall out of compliance with the international tax code are being discovered because of FACTA mandated reporting by your offshore financial institution where they might have otherwise gone under the radar in years past. With that in mind, now is the time to get the seasoned eyes of legal counsel on your international tax filing history to get you back into compliance in a fashion that minimizes additional tax, penalties, and interest and successfully avoids criminal tax prosecution.

If you have financial accounts abroad, ensure you report the assets correctly and avoid costly penalties by working with an experienced international tax attorney serving San Francisco. David W. Klasing, a former public auditor with nearly three decades of legal experience, is an award-winning, dually-certified attorney-CPA focusing on international tax representation. Providing FATCA tax services for U.S. citizens, residents, non-residents, business entities, trusts, and U.S. expats, Mr. Klasing is dedicated to helping international taxpayers achieve tax compliance, avoid or mitigate IRS penalties, and plan successfully for the future.

Contact our dual-licensed FATCA Attorneys & CPAs online here, or reach our San Francisco office directly at (415) 287-6568.

Understanding FATCA: What San Francisco Residents Need to Know

What is FATCA?

FATCA, or the Foreign Account Tax Compliance Act, is a federal tax law enacted by Congress in 2010 as part of the broader HIRE Act. FATCA targets offshore tax evasion through two primary mechanisms:

Foreign Financial Institutions (FFIs) Reporting

FATCA requires foreign financial institutions (FFIs) – including banks in Asia, Africa, South America, Australia, and Europe – to report their U.S. customers to the Department of Justice. Despite the risk of heavy fines, many FFIs failed to comply, leading to the IRS’ announcement of new enforcement programs targeting FFIs. However, while FFIs may be the campaign’s primary target, U.S. taxpayers will likely suffer as more foreign banks turn over information to avoid fines.

Taxpayer Reporting

U.S. citizens (including residents plus certain non-residents) must report offshore assets exceeding $50,000 by filing Form 8938 (Statement of Specified Foreign Financial Assets). As a backup to this self-reporting requirement – which many taxpayers, deliberately or inadvertently, fail to comply with – FATCA also requires foreign financial institutions (FFIs), such as non-U.S. banks and mutual funds, to report information about U.S. customers to the IRS.

At the Tax Law Offices of David W. Klasing, our team of dual-licensed International Business Tax Attorneys in San Francisco, CA, is poised to protect your interests. Addressing compliance oversights timely and correctly is essential, with the IRS currently escalating its efforts to uncover unreported global investment income & unreported offshore businesses and financial accounts. Now is the time to enlist experienced international tax counsel to review the international aspects of your U.S. tax filing history, ensuring compliance that minimizes additional tax penalties & interest and avoids criminal tax prosecution at all costs.

Whether you’re an American expatriate or have multiple offshore business entities and investments, our dual-licensed San Francisco FATCA Tax Attorneys and CPAs provide meticulous attention to ensure your international tax dealings are reported with precision and foresight. Our association with Marc Schwartz, a dually licensed International Tax Attorney and CPA, greatly enhances our ability to address the often complex federal offshore tax planning, compliance, and controversial implications surrounding engaging in international business and the associated mandatory information reporting.

Who Needs to Comply with FATCA?

FATCA impacts millions of Americans living and working globally. Unless you are exempt from FATCA reporting, you must comply with the Foreign Account Tax Compliance Act if the following statements apply to you:

• Eligibility:
  • U.S. citizens, residents, or non-resident aliens, depending on the situation. This also includes U.S. business entities.

• Thresholds for Foreign Assets, Income, or Bank Accounts:
  • Unmarried or Married Filing Separately; Living Inside the U.S.:
    • $50,000 (on the final day of the tax year)
    • $75,000 (on any day of the tax year)

• Unmarried or Married Filing Separately; Living Outside the U.S.:
  • $200,000 (on the final day of the tax year)
  • $300,000 (on any day of the tax year)

• Married Filing Jointly; Living Inside the U.S.:
  • $100,000 (on the final day of the tax year)
  • $150,000 (on any day of the tax year)

• Married Filing Jointly; Living Outside the U.S.:
  • $400,000 (on the final day of the tax year)
  • $600,000 (on any day of the tax year)

At the Tax Law Office of David W. Klasing, we are seasoned FATCA tax attorneys with extensive experience in this complex, high-stakes area of tax law. With the FATCA prosecutions moving swiftly through the courts, now is the time to review your records and ensure compliance. Contact our San Francisco office at (415) 287-6568 or book a reduced-rate initial consultation online here.

Have You Received a FATCA Letter from Your Bank? Here’s What to Do

If you are a U.S. citizen or resident alien with a foreign checking or savings account, you will likely receive a FATCA letter from your bank at some point. FATCA, or the Foreign Account Tax Compliance Act, is a federal anti-tax evasion law enacted in 2010 under the Hiring Incentives to Restore Employment (HIRE) Act. FATCA requires foreign financial institutions (FFIs), such as banks and mutual funds, to disclose information about U.S. account holders to the Internal Revenue Service (IRS). Because FFIs fail to comply with FATCA risk incurring massive fines, foreign banks have potent incentives to report their U.S. clients. Unfortunately for such clients, this creates a high risk of penalization, as federal laws require U.S. taxpayers to report foreign accounts to the IRS (provided certain thresholds are surpassed). Though it is crucial to act quickly if you have received a FATCA letter from an overseas bank, you should consult with an international tax lawyer before proceeding because how you respond could impact how swiftly and severely you are penalized.

If you have received a FATCA letter from your bank or are concerned about past failures to report offshore bank accounts, it would be wise to consult with a FATCA attorney now – before your disclosure options begin to dwindle. Noncompliant taxpayers risk heavy fines and even criminal FATCA prosecution, unless they act swiftly and strategically. To arrange a reduced-rate consultation with the experienced FATCA tax lawyers at the Tax Law Office of David W. Klasing, Call us today at (888) 564-1409, contact us online, or reach our San Francisco office directly at (415) 287-6568. We will keep your information confidential.  Our tax firm has distinguished itself in FATCA compliance, making our practice ideally suited to handling complex offshore disclosure issues.

International FATCA Tax Compliance Lawyers and CPAs in San Francisco, CA

The international tax professionals at the Tax Law Offices of David W. Klasing have decades of experience helping taxpayers come clean with the government via Offshore Voluntary Disclosures. Furthermore, our attorneys have represented clients through examinations and even criminal investigations to ensure they received the most favorable outcome. When determining when you should come forward to disclose your foreign account, remember that the IRS and Department of Justice are rapidly investigating and convicting Americans suspected of hiding money overseas. Do not go at it alone when you interact with the government where your physical and economic freedom is on the line. Let us zealously advocate on your behalf.

Our San Francisco Tax Compliance Attorneys + CPA specializes in navigating the intricacies of voluntary disclosures for international tax noncompliance. Taxpayers in San Francisco who have willfully evaded taxes, including not filing foreign information returns and actively avoiding U.S. income tax on foreign income, can generally return to compliance and avoid criminal tax prosecution if they voluntarily disclose their tax non-compliance before the IRS initiates an audit or criminal tax investigation. In doing so, they prevent criminal tax charges and often benefit from reduced civil penalties.

Contact us at the Tax Law Office of David W. Klasing online here or call our San Francisco office at (415) 287-6568. Please note that our San Francisco office is by appointment only.

Our San Francisco office is conveniently located at:

1390 Market St #200,

San Francisco, CA 94102

(415) 287-6568