WE SPEAK THE LANGUAGE...
...of FATCA Compliance for Americans Living Overseas
Meeting the needs...
International Taxation demands are a major concern for the American Expatriate. But a new concern has appeared on the horizon for Expats who are not fully in compliance with their US Tax obligations.
FATCA is the new "buzz word" for Expats. It is
estimated that there are about 7 million US Expats worldwide, and that
up to 50% of them are not in compliance with
their US filing requirements. As a result...
FATCA (The Foreign Asset Transaction Compliance Act), passed in 2010, requires foreign banks, brokerage firms, and other financial insitutions to begin reporting to the US Internal Revenue Service certain details about US Expats' accounts in their institution, provided the balance exceeds the specified threshhold. More than 90,000 banks and other financial institutions have entered into agreements with the US to report. The first filing will occur in 2015, and will contain information about 2014 accounts. The following year, additional information will be added to the reporting.
As a result, IRS will know where noncompliant expats live, their account numbers, how much they have in their accounts, and other financial information. They are subject to stiff monetary penalties and possible criminal prosecution. Through mid-2014, thousands of Taxpayers already have paid penalties and fines in the millions of dollars, and a number of them have been criminally prosecuted.
To encourage voluntary
compliance, IRS has introduced the Offshore
Delinquent Voluntary Program ("OVDP"), and its alternative
the Streamlined Program (for those who are eligible). By
entering into one of these programs, a non-compliant US Expat can
avoid criminal prosecution, and can avoid the more severe penalties
that will be incurred with non-filing. In many cases, those
penalties can take
one's life savings, or more!
For example, if one
does not enter the program, the penalty for failing to file the FBAR
form is $10,000 for each year the form was not filed, plus 50% of the highest balance in
the account for each year the
form was not filed. So you can see, a Taxpayer could forfeit his
entire account if the delinquency covered two years or more.
Help is available...
We are here to help guide you through this maze of complexities. We are experienced in advising and guiding noncompliant Expats through the IRS' OVDP or Streamlined Program (for those who are eligible). We are also experienced in assisting Taxpayers who have decided to renounce their US Citizenship.
And this experience can be placed at your disposal. Whether your needs include having your OVDP or Streamlined Program forms prepared, delinquent or amended income tax returns or FBAR filings prepared, advice on FATCA compliance and FBAR filings, assisting with citizenship renouncement, representing you before the IRS, working with your Attorney, or other FATCA-related services, we are prepared to help you.
ABBM Group, Ltd LLP and
its affiliated firms in the UK200Group
Association of Practising Accountants have teamed together to
international services to companies and individuals all around the
Who you are...
You are an American living abroad who is not fully complianct
with your US tax or FBAR filing obligations.
You are concerned about your family,
and want to correct your current tax situation.
Who we are...
ABBM Group, Ltd LLP may be the biggest small firm you’ll ever find…big in ideas, and big in vision. Big in quality of work product and quality of client service. And yet we’re small enough to have a close relationship with clients.
UK200Group and IAPA members are independent accounting firms located in more than 200 cities around the world, including about 20 members in principal cities of the U.S. Each member firm is a leader in its geographic area, and was admitted after a rigorous investigation. Founded in 1979, the organization has experts in every conceivable field, and its members meet regularly to exchange ideas and develop personal relationships - all designed for your benefit.
At ABBM, we work hard at maintaining relationships with our UK200Group and IAPA colleagues around the world. This means we can pick up the telephone to provide an introduction for you with a colleague overseas at a moment’s notice. That’s a big plus for you!
We were established in 1967, and our record of service has built for us a reputation as one of THE quality firms in Texas.
We serve privately-owned companies, Americans living overseas, foreign persons and companies residing in and doing business in the U.S., high income individuals, partnerships, trusts, estates, and non-profit organizations.
We want to perform the highest quality professional services available for a reasonable fee. In doing so, we will conform to the high professional standards imposed by the profession in which we practice.
That’s not easy. It takes a stringent system of quality control, and highly qualified and motivated people. It demands dedication and hard work. It means no cutting corners.
At ABBM Group, Ltd LLP, we feel a strong sense of duty to our clients - and ourselves - to be true to those lofty principles.
Leading the way...
Our experience assures you of all the deductions and credits to which you are legally entitled. Through our membership in UK200Group, we and our affiliates can handle your tax needs both in the U.S. and in your country of foreign assignment.
You have the confidence of knowing that your taxes will be handled by experts experienced in the tax laws in both jurisdictions. In case of an Audit by IRS, we can represent you, vigorously presenting your position in "tax" language the IRS will understand. We pledge to carry your case to them competently and effectively.
We speak the language!
For more information, please contact Clinton F. Bateman, CPA (email@example.com) or Kara B. McDuffie, CPA (firstname.lastname@example.org)
A Member Firm Of
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