The soup is ready. It's filled with every letter in the alphabet and a pungent patchwork of laws, rules, regulations, forms and paperwork. The soup? It has the unappetizing acronym FATCA (Foreign Account Tax Compliance Act). And today, April 15, the Internal Revenue Service begins devouring the brackish brew, receiving returns and documents regarding the accounts Americans hold in other countries.
The IRS website is marginally helpful to laypeople on the subject of what FATCA-related forms to submit and what information should fill those forms. As we have noted in this space several times, the IRS and Department of Justice are aggressive in their pursuit of taxpayers who have failed in the past to report offshore holdings (trusts, corporations and bank accounts). They're hungry not only for FATCA data, but names of people who have failed to properly file in the past.
So the question today is how to proceed. If you have in the past failed to file, you are right to be concerned that neglecting these important matters for another year can possibly do you, your family and your business interests harm.
If you know your overseas holdings have already been reported to the IRS or know that the IRS is in the process of wringing information out of the financial institution holding your assets, further delay might no longer be an option. At the Law Offices of Horwitz & Citro, P.A., we are ready to begin to help you take the steps needed to resolve these matters.
We will assess your options and aggressively work to help you minimize penalties and potential punishments. There's more information for you on our FATCA, FBAR and IRS Amnesty page and, of course, much more detailed and personalized assistance in consultation with our experienced tax lawyers.