International Tax Planning & Enforcement Attorney (FBAR & FATCA)
FATCA is one of the most complex tax laws pertaining to international tax planning and enforcement to be enacted in recent years. If you hold foreign bank or financial accounts, U.S. reporting rules such as FBAR and FATCA may apply, and missing required reporting can carry serious tax, interest and penalty consequences.
At M. Bradford Randolph, Esq., PLLC, we help New York individuals and businesses address foreign account reporting, FATCA compliance and IRS enforcement issues. Legal representation may be beneficial to help individuals and businesses reach satisfactory compliance or to defend against financial or criminal penalties.
With more than 25 years of experience with legal, tax, financial and business matters, the New York City, New York, law firm of M. Bradford Randolph, Esq., PLLC, is prepared to assist with the needs of individuals and businesses with regard to Foreign Account Tax Compliance Act (FATCA) compliance.
Attorney M. Bradford Randolph is an experienced international tax attorney, a licensed CPA and holds an MBA, with experience in asset acquisition and securities matters. Working with attorneys in the U.S. and abroad, Mr. Randolph will use his knowledge and experience to help you resolve your tax planning and compliance issues.
What FBAR Requires
Taxpayers with foreign financial accounts with a total value of more than $10,000 during a calendar year must file a Foreign Bank Account Report (FBAR or FinCEN Form 114) with the U.S. Treasury by June 30 each year, providing various information with respect to each foreign account.
If you hold foreign bank or financial accounts, understanding and addressing U.S. reporting requirements is an important part of remaining in compliance. We help individuals and businesses address foreign account reporting requirements and related international tax concerns.
These requirements can affect U.S. citizens and residents, as well as entities, including corporations, limited liability companies and partnerships, as well as trusts and estates.
What FATCR Requires
The Foreign Account Tax Compliance Act was signed into law in March 2010. FATCA requires foreign financial institutions to report to the IRS income earned by U.S. taxpayers on accounts with their institution. The foreign financial institution may also be required to withhold tax on income from an account.
New IRS reporting requirements for foreign assets, introduced in 2011, require taxpayers to show where income on their foreign assets is included in their annual income tax return. Compliance reporting is expected of U.S. taxpayers with foreign accounts, offshore assets or other non-U.S. holdings, including holdings of an ownership interest in a foreign business.
FATCA and related foreign asset reporting requirements can create complex compliance issues for individuals and businesses with financial or business interests outside the United States. We help clients understand and address these obligations as part of their broader international tax planning and compliance needs.
Penalties And Enforcement
Noncompliance with foreign account and asset reporting requirements can result in tax, interest and penalties, as well as possible criminal charges. When reporting requirements have been missed or an individual or business is facing IRS enforcement, experienced legal representation can be important.
At M. Bradford Randolph, Esq., PLLC, we assist clients with international tax compliance issues and enforcement matters. If you are facing fines or criminal penalties, we will advocate on your behalf, including administrative appeals and litigation, in both federal and state courts.
Our more than 25 years of experience with legal, tax, financial and business matters allows us to approach these issues from multiple perspectives. We work with attorneys in the U.S. and abroad when appropriate to help clients resolve tax planning, reporting and compliance issues.
Coming Into Compliance
If you are behind on FBAR, FATCA or other foreign asset reporting, there may be options for addressing your compliance situation. The appropriate approach depends on the circumstances and the nature of the missed reporting.
MBR Law Firm can help you understand your options and take steps toward getting back into compliance. For matters involving offshore accounts and voluntary disclosure, see our Offshore Voluntary Disclosure services.
Whether you are seeking to address reporting that has been missed or responding to an IRS enforcement matter, we can help you evaluate your legal options.
Talk To An Attorney
Questions about FBAR, FATCA or international tax compliance can have significant consequences. M. Bradford Randolph, Esq., PLLC, helps individuals and businesses address foreign account reporting, respond to IRS enforcement and work toward compliance.
Contact M. Bradford Randolph, Esq., PLLC, today at 212-759-0097 or contact us online to discuss your situation with an experienced international tax attorney.
For over 25 years, I’ve helped clients in New York and beyond with tax and business law matters. I’m committed to exceptional service and strong client relationships.
Our Services
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