Having a foreign bank account or assets that have not been properly disclosed could expose you to large civil and criminal fines and penalties.
Birmingham, MI (PRWEB) September 18, 2014
Foreign banking has been under intense scrutiny over the past several years and the recent roll out of the Foreign Account Tax Compliance Act (FATCA) provides a new complexity that account holders and financial institutions are still working to understand. Offshore bank account holders are required to stay in compliance with the IRS regarding existing accounts and assets. Having a foreign bank account or assets that have not been properly disclosed could expose you to large civil and criminal fines and penalties.
On September 17th, 2014 Jeffrey S. Freeman, J.D., LL.M of Freeman Tax Law will provide a free webinar to help understand the options for handling “undisclosed" foreign bank, foreign financial accounts and foreign assets. Registration for the free webinar is available at: https://attendee.gotowebinar.com/register/668429763602056706
Disclosure of accounts to the IRS
With FATCA the IRS is able to track the opening and closings of foreign accounts. Hiding from them is no longer an option. If funds are moved from one bank to another or new funds appear the IRS will be looking into where those funds were located. At this free webinar, Freeman will discuss determining whether to keep funds offshore or move them back to the United States, and options regarding the various tax implications associated with foreign bank account disclosures. Understanding the options can save stress, financial challenges, and possibly an untimely audit in the long run.
Keeping foreign accounts open
Foreign bank accounts cause a headache at tax time, requiring additional filing procedures depending on the amount held in the foreign account. With the exposure of many Swiss banks aiding Americans in evading their tax responsibilities, foreign accounts are under more scrutiny than ever before. Is the headache and stress worth having funds outside of the United States?
There are many instances where it is advantageous to have foreign assets. FATCA is changing the degree of secrecy associated with foreign funds and banks have increased responsibility to verify that clients are correctly reporting their foreign funds in their US tax returns. Whether or not to keep offshore bank accounts and foreign assets is a complicated decision. Learn as Jeffrey S. Freeman tackles this perplexing question.
Join the Webinar to be IRS Compliant
As a seasoned tax lawyer Jeffrey S. Freeman has successful represented clients in IRS tax courts on a national level and is thoroughly versed in the ever-changing U.S. tax laws. This free webinar will help to determine the best course of action for offshore bank accounts.
Date: Wednesday September 24, 2014 at 12 p.m. EST
Webinar Location: an email will be sent to you confirming your registration with details on how to attend the webinar through GoToMeeting.
Webinar Recording: the event will be recorded and made available for playback to all attendees.
Free E-Book: Jeffrey S. Freeman's e-book will be made available to all attendees.
Information in the webinar will be applicable to all circumstances, from years of experience managing assets overseas to a novice looking to more effectively manage foreign held money.
About Freeman Tax Law
Freeman Tax Law professionally handles all domestic and international tax law matters. At Freeman Tax Law, the attorneys and staff have vast experience with foreign tax compliance, international tax planning, and resolving tax controversies involving offshore banking matters. Freeman Tax Law helps taxpayers and foreign entities become in compliance with laws such as Foreign Account Tax Compliance Act (FATCA), Offshore Voluntary Disclosure Program (OVDP), and Streamlined filing procedure. In addition to handling complex tax controversies, the Freeman Tax Law team has extensive expertise in assisting clients with wealth management and estate planning.
Freeman Tax Law