- January 19, 2018
- Posted by: Tony
- Category: Uncategorized
A number of the charges faced by former Donald Trump advisers, Paul Manafort and Richard Gates are in respect of failure to report foreign financial accounts.
Under the Foreign Account Tax Compliance Act ALL US citizens and greencard holders must report their foreign financial assets (if the sum is greater than US$10k) to the US Department of Treasury, Financial Crimes centre.
This information is already being provided to the US Government by the foreign financial institutions.
You must file a Fincen114 (FBAR).
Failure to do so is criminal offence with potential fines up to 50% of the high balance in each account AND seven years jail.
Ty Warner (Beanie Babies founder) was forced to pay penalties in excess of US$50 million, and there are many examples similar to this.
Large or small, obscure or famous, residing in or outside ALL US citizens are subject to the same rules and risks.
Don’t place yourself or your wealth at risk, ensure you understand and meet your FATCA compliance obligations.
The team at US Global Tax are experts in assisting with your FATCA compliance.
We can assist you achieve FATCA and IRS compliance quickly and easily.
Contact us now.