Foreign Bank Account Reporting & FATCA Compliance Services
If you own foreign property, operate a business in another country, or hold financial accounts exceeding predetermined thresholds somewhere outside of the U.S., you’re required to file annual reports in compliance to the Department of Treasury’s foreign account regulations. Ryan Consulting Group, P.A. ensures you and your business are in direct compliance with FBAR and FATCA in Tampa.
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U.S. and Foreign Finance Compliance
Individuals with a financial interest in or signature authority over a foreign financial account are required to file a Financial Crimes Enforcement Network (FinCEN) Form 114, commonly referred to as the Report of Foreign Bank and Financial Accountings (FBAR). Some individuals or business entities may also be required to file a Foreign Account Tax Compliance Act (FATCA) form 8938, which is a report on foreign assets held by U.S. account holders.
This ensures all businesses and individual operating outside of the U.S. remain in compliance with American tax laws. In short, this regulation is put in place to deter tax evasion. Noncompliance with this act can result in severe penalties, such as varying levels of fines at the discretion of the IRS representative.
Filing these forms can get confusing if you’re not familiar with regulations. Additionally, mistakes that may cause penalties to accrue can lead to greater tax liability and less money in your pocket to reinvest into your business ventures. Ryan Consulting Group, P.A. guides you through collecting all necessary information required to remain compliant and ensure your forms are filed accurately and efficiently. We carry the burden adhering to the right processes to disclose your foreign accounts and avoid accruing costly penalties.
Who is Required to File an FBAR or FATCA?
U.S. citizens, corporations, sole proprietors, partnerships, and other business entities operating outside of the U.S., holding accounts exceeding $10,000, or with a financial interest or signature authority over at least one financial account located outside the U.S. are required to file an FBAR. Additionally, children who fall under these criteria may also be subject to filing, albeit with the assistance of a parent or certified CPA.
Failure to comply with regulations can result in varying levels of fees due to negligence ranging from $500 to up to $50,000. Avoid these penalties by allowing Ryan Consulting Group, P.A. to help you and your business.
Consult with Ryan Consulting Group, P.A. Today
Our company is committed to helping you avoid discrepancies in your foreign financial holdings and ensuring you receive the maximum amount of profits from your business ventures. Call Alex Moghadasi at Ryan Consulting Group, P.A. and schedule a consultation today to find out how we can help you save money on penalties.