Offshore Bank Accounts
We publish, lecture , and counsel globally on FBAR issues and FATCA:
FBARs CTSW counsels individuals, business entities and trusts on the preparation of annual Reports of Foreign Bank and Financial Accounts. We review the impact of the latest FinCen regulations and revised FBAR form with our clients. We counselforeign national clients who are obligated to file FBARs because they meet the Internal Revenue Code “substantial presence” test, dual citizens,and U.S. citizens with offshore accounts.
FATCA CTSW tax lawyers understand the need for clients to keep abreast of the procedures being promulgated under the Foreign Account Tax Compliance Act which became law in March 2010 as part of the Hire Act. FATCA requires completion of the new Form 8938 which is part of the 2011 Form 10040.. Clients receive guidance on how to deal with the adverse action of overseas banks and securities dealers reacting to the prospect of becoming Participating Foreign Financial Institutions under FATCA.We review the notices clients receive from their banks and brokers and advise clients on response options.