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Foreign Account Tax Compliance Act

What We Do

Freed Maxick’s experienced international tax team will assist you in assessing your international tax issues and filing requirements, assimilating the necessary information, and preparing the required materials. We also have considerable experience in helping taxpayers that have not been historically compliant to deal within the IRS guidelines and minimize their potential penalties through the various IRS Voluntary Disclosure Programs (VDPs) available.

FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)

The Foreign Account Tax Compliance Act (FATCA), is aimed at foreign financial institutions (FFIs) and other financial intermediaries to prevent tax evasion by U.S. citizens and residents through use of offshore accounts. FATCA focuses on reporting:

  • By individuals with certain foreign financial accounts and offshore assets
  • By foreign financial institutions about financial accounts held by their customers or non-financial entities, U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest (withholding may be required in some instances)
  • The base penalty for failure to file is $10,000. Additional penalties for failure to comply once notified may be levied and can increase beyond 90 days by $10,000 for each 30-day period up to a maximum of $50,000.

Your Expert

William S. Iannarelli, CPA

Director

Are you looking for Foreign Account Tax Compliance Services from a New York CPA firm?

If so, simply fill out the form below or call us at 716.847.2651 for more information.