If you hold an overseas bank account or financial Assets outside US, then FATCA (Foreign Account Tax Compliance Act) may be applicable to you. It is very important that you get professional Tax Services who are expert in FATCA tax filing services. There are serious penalties for not reporting these financial assets.
What Can Happen?
Many tax preparation services do not have knowledge of FATCA compliance specially in Jersey City. The FATCA Compliance is a complicated task which involves valuation of assets, foreign currency exchange rate and define what is Foreign Financial Assets. You are not expected to know all the tax laws and disclosure requirements but you should have a tax expert in your side who understands it. The heavy penalties may fall on you if you do not report Foreign Financial Assets. You can:
- Face heavy penalties and fines
- Be open to an investigation by the US government
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Have assets frozen in the worst-case scenario until the investigation is cleared
It Can Be Easy
WorkMyTaxes is team of Expert Tax professionals who understands the International Tax Laws. They are expert in All types of Tax Filing including FATCA. The type of expertise that you need to ensure that you do not face the penalties and the embarrassment of an investigation is the expertise that comes from hands on experience! WorkMyTaxes has the kind of experience! Get the support that you can trust.
