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Criminal and Tax Lawyer David M. Garvin, P.A. Located at 200 S. Biscayne Blvd. Suite 3150, Miami, FL. Phone: 305-371-8101. .
Criminal Lawyer David M. Garvin, P.A. Located at 200 S. Biscayne Blvd. Suite 3150, Miami, FL. Phone: 305-371-8101. .
Tax Lawyer David M. Garvin Reviewed by Alicia Diaz on . Outstanding tax lawyer with proven trial results! David Garvin is an tax attorney that will put his heart in defending, your rights, he is a very knowledgeable trial lawyer with excellent results. Rating: 5.0
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Criminal Tax Attorney David M. Garvin, P.A. Located at 200 S. Biscayne Blvd, Suite 3150 Miami, Fl. Phone: 305-371-8101 http://davidmgarvin.com
CRIMINAL AND  TAX ATTORNEY
DAVID M. GARVIN, P.A.
Florida Bar Board Certified Attorney
Criminal and Fraudulent Tax Matters Representation by Attorney David M. Garvin
200 S. Biscayne Blvd. - Suite 3150 - Miami (305) 371-8101
David Garvin AV Rated Criminal and Tax Lawyer in Miami

Miami Criminal Tax Lawyer

Miami Criminal Lawyer David Garvin

Foreign Account Tax Compliance (FATCA)

See Offshore Voluntary Disclosure Program Options


Foreign Account Tax Compliance Act (FATCA)
 

   U.S. citizens, U.S. individual residents, and a very limited number of nonresident individuals who own certain foreign financial accounts or
        other offshore assets (specified foreign financial assets) must report those assets (Offshore Voluntary Disclosure Program)

   Use Form 8938 to report these assets
   Attach Form 8938 to the annual income tax return (usually Form 1040)
   Taxpayers with a total value of specified foreign financial assets below a certain threshold do not have to file Form 8938
    If the total value is at or below $50,000 at the end of the tax year, there is no reporting requirement for the year, unless the total value was
         more than $75,000 at any time during the tax year
   The threshold is higher for individuals who live outside the United States
   Thresholds are different for married and single taxpayers
   Taxpayers who do not have to file an income tax return for the tax year do not have to file Form 8938, regardless of the value of their
        specified foreign financial assets.
   Penalties apply for failure to file accurately

   Report of Foreign Bank and Financial Accounts (FBAR)

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing electronically a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). See the ‘Who Must File an FBAR’ section below for additional criteria.

Alert: The reporting requirement for Form 8938 is separate from the reporting requirement for the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”)  (formerly TD F 90-22.1). An individual may have to file both forms and separate penalties may apply for failure to file each form.  See the Comparison of filing requirements for further information (FATCA).

Third-party reporting: Foreign financial institutions may provide to the IRS third-party information reporting about financial accounts, including the identity and certain financial information associated with the account, which they maintain offshore on behalf of U.S. individual account holders.

Application to domestic entities: The IRS anticipates issuing regulations that will require a domestic entity to file Form 8938 if the entity is formed or used to hold specified foreign financial assets and the total asset value exceeds the appropriate reporting threshold. Until the IRS issues such regulations, only individuals must file Form 8938. For more information about domestic entity filing, see Notice 2013-10.

On July 1, the Foreign Account Tax Compliance Act will fully take effect. FATCA is supposed to reduce tax evasion by making it harder for tax cheats to abuse tax havens. In practice, however, FATCA is forcing law-abiding American taxpayers residing overseas to bear enormous financial and legal burdens.

Congress should reform FATCA so that it does not hurt innocent Americans residing and working overseas. More important, Congress should turn its full attention to broader tax reform that would help curtail tax evasion in a more effective way without resorting to onerous and intrusive regulations such as the Foreign Account Tax Compliance Act.

Empowering the IRS  Read More


Our  Tax attorney will aid you with the Offshore Voluntary Disclosure filing.

View IRS (Offshore Voluntary Disclosure Program) update

The voluntary disclosure program forms can be found at IRS site
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Miami Criminal Lawyer David M. Garvin
200 South Biscayne Blvd. Suite 3150 Miami, FL 33131
Phone: 305-371-8101
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