by Brian Mahany
Our goal in this blog is to educate clients and readers. Obviously, we can’t dispense legal advise by blog post but we do try to get information out to as many people as possible.
As tax lawyers, we help people and foreign financial institutions comply with American tax laws. This includes the controversial new FATCA regulations. For those not familiar with FATCA, Congress passed comprehensive legislation a couple years ago called the Foreign Account Tax Compliance Act. That law requires U.S. taxpayers to report both foreign income and foreign bank accounts. The U.S. is unique in its requirement to have Americans report income earned in a foreign country.
Beginning in 2014, foreign financial institutions (banks, brokerage firms, hedge funds and some others) will be required to identify account holders who may be U.S. taxpayers. The new FATCA rules have caused a widespread outcry from foreign banks and governments.
While not taking sides in the debate, we decided to post this YouTube video by Jon Richardson who hosted a FATCA forum in Canada. Several other videos can be linked from this video.
If you have unreported foreign accounts or income, please feel free to give us a call. We also represent banks and hedge funds interested in developing FATCA compliance mechanisms. For more information, contact attorney Bethany Kroes at firstname.lastname@example.org or by telephone at (414) 223-0464. All inquiries are protected by the attorney – client privilege and kept in strict confidence.