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Foreign Account Tax Compliance Act (FATCA)

Zaher Fallahi, Certified Public Accountant (CPA) and Attorney At Law, is a CPA and Law firm with emphasis on US tax, tax controversy, un-disclosed offshore accounts, international tax, foreign gifts, and Office of Foreign Assets Control (OFAC) Regulations. We are licensed in California and Washington D. C., and represent tax and OFAC clients throughout the United States and overseas. Depending on the case, telephone appointments are available for long-distance clients.

 Toll Free 877-687-7558


Harvard Law School

Zaher Fallahi has completed “Negotiation and Leadership” and “Leveraging the Power of Emotions as You Negotiate” Certificate Programs at Harvard Law School.



The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an effort to combat tax evasion by U.S. persons holding investments in foreign accounts. Under FATCA, some U.S. taxpayers holding accounts overseas must report them to the IRS, along with their regular income tax returns.

 

Additionally, FATCA will require foreign financial institutions to report directly to the IRS about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.


FATCA requires some U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form (Form 8938) that must be attached to the taxpayer’s annual tax return. 

 

Reporting applies for assets held in taxable years beginning after March 18, 2010. For most taxpayers this will be the 2011 tax return they file during the 2012 tax filing season.  Failure to report foreign financial assets on Form 8938 will result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification). 

 

Further, underpayments of tax attributable to non-disclosed foreign financial assets will be subject to an additional substantial understatement penalty of 40 percent; See FATCA

 


FATCA will also require foreign financial institutions (“FFIs”) to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Click here to see the countries signed up Countries signed up for FATCA.

Zaher Fallahi, Tax Attorney, 
Certified Public Accountant (CPA), advises taxpayers and small businesses with undisclosed Foreign Bank Accounts (FBAR,OVDP, FATCA); See  OVDP

New 20% tax deduction. There is a new 2018 deduction of 20% for pass-throughs; New 20% Deduction for Pass-Throughs

Outside General Counsel Services ( through our law firm)

 We can help with undisclosed offshore accounts

Zaher Fallahi, Attorney At Law, CPA has been rated 10 out of 10 by Avvo Rated 10 of 10 .

Zaher Fallahi, Tax Attorney, CPA, has been ranked a top tax attorney TOP Tax Attorney

About 1.8% of the US lawyers are also CPAs, and we are proudly one of them.

 

(310) 719-1040 (Los Angeles)

(714) 546-4272 (Orange County)

Toll Free 877-687-7558

e-mail taxattorney@zfcpa.com
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