FBAR (Foreign Bank Account Report):
Any United States person is a Citizen or Resident who has financial interest in or Signature authority, or other authority over any financial account in a foreign country and if the aggregate value of these accounts exceeds US $10,000 at any time during the calendar year must file a report of Foreign bank and financial accounts by 30th June 2016 for the Calendar Year 2015.
FATCA ( Foreign Account Tax Compliance Act ):
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return.
Specified foreign financial assets include foreign financial accounts and foreign non-account assets held for investment (as opposed to held for use in a trade or business), such as foreign stock and securities, foreign financial instruments, contracts with non-U.S. persons, and interests in foreign entities.
Representation Services:
Professional representation can be Vital during an audit, and our experience with tax authorities enables us to guide clients in their dealing with Federal and State Agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking you.
Retirement Account withdrawl
An individual retirement account is an investing tool used by individuals to earn and earmark funds for retirement savings. There are several types of IRAs as of 2016: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Sometimes referred to as individual retirement arrangements, IRAs can consist of a range of financial products such as stocks, bonds or mutual funds.