Compliance challenges are even more significant since the introduction of the Foreign Account Tax Compliance Act (FATCA).
Under FATCA a number of foreign jurisdictions will automatically report bank account information of a U.S. resident taxpayer (U.S. Person) to the Internal Revenue Service. The significant penalties for non-compliance can be very costly.
Asena’s U.S. tax team can assist U.S. taxpayers not only with U.S. tax laws – we can also ensure that clients are properly advised about the use of foreign companies or trusts to ensure their income tax positions are the most efficient for their personal circumstances.
Contact us today to arrange your no obligation consult.