Steven J. Fromm, Philadelphia Tax Attorney offers the following are foreign tax preparation services:
A U.S. person is required to disclose any financial interests in, signature authority or other authority over foreign financial accounts or financial assets if the aggregate value of the accounts exceed $10,000 at any time during the calendar year under 31 CFR regulation 1010.350.
The information is reported electronically on FinCEN Report 114 (commonly referred to as an FBAR) through the Treasury’s Financial Crimes Enforcement Network (FinCEN) BSA E-Filing System.
It is important to understand that the filing of the FBAR does not relieve the taxpayer from the filing requirement of filing Form 8938 to report specified foreign financial assets.
For a more detailed discussion please read Foreign Bank Account Reporting (FBAR)
Under the Foreign Account Tax Compliance Act (FATCA), an individual is required to disclosure his or her interest in specified foreign financial assets during the year if the aggregate value exceeds an applicable threshold amount. These threshold amounts vary depending upon the taxpayers filing status.
This filing requirement also applies to any domestic entity that is “formed or availed of” for purposes of holding, directly or indirectly, specified foreign assets.
The filing of the Form 8938 does not relieve the taxpayer from the filing requirement of having to file an FBAR return if required.
For more insights into this area please read When Do I Need to File IRS Form 8938, Statement of Specified Foreign Financial Assets?
A taxpayer may be required to file both an FBAR and Form 8938 to report the same information on certain foreign accounts.
Remember that the FBAR is not filed with a taxpayer’s individual return, while the Form 8938 is filed with an individual’s tax return.
The IRS offers various remedial programs to help taxpayers to correct their failures to file these forms and to pay any income taxes associated with the failure to report foreign taxable income on their US tax returns.
Basically, there are two remedial programs that taxpayers may consider. One program is the Offshore Voluntary Disclosure Initiative (OVDI) which should be considered when foreign reporting violations are severe and significant. For more details, please read Foreign Offshore Accounts: IRS Third Amnesty Program.
The second program is called the Streamlined Foreign Offshore Procedure offered to both US citizens living in the United States and those living abroad. These two programs are similar but not identical. For a discussion of the streamlined program for those US citizens living abroad, please read US Citizens Living Outside America: Streamlined Foreign Offshore Procedure Offers Tax and Compliance Relief
Our firm has extensive experience in assisting clients with these remedial programs and bringing them into full compliance with all laws.
Our firm frequently assists taxpayers with the tax preparation of their tax returns when dealing with various foreign tax implications and compliance requirements.
For an tax guide for foreign nationals please read Foreign Nationals: US Income Taxes
Hiring Steven was quite possibly the best decision of my life! Steven took the time to hear every single one of my concerns and address them in an extremely clear, concise and thorough manner. He guided me through the notoriously complicated and stressful process of probate with the utmost of compassion and dedication. Thank you Steven!
I highly recommend Steven J. Fromm for all your estate and tax planning needs. He has the most complete and thorough knowledge of current as well as pending federal, state, and local tax codes of any professional that I have ever been involved with. His ability to totally sort out your current financial condition and relate it to a plan to minimize your tax liability and allow you to sleep at night is without equal. He is professional, timely, creative, and an advocate for your needs, whether its personal or business. You can be assured that you will be well taken care of, with cutting edge/ sound financial and tax advice by Steven J. Fromm.
I have always found Steve to be very responsive, accurate and creative in legal matters presented to him. He demonstrates a good business sense. We have collaborated on several highly technical issues over the years. I look forward to our continuing relationship.
Steven has been instrumental in helping my partner and I to create a secure and satisfying estate plan, which meets or exceeds all of our wishes and contains contingencies for everything from medical issues to wealth management and living wills. In this process, Steven has also become a friend. If you need Estate Planning, Tax Advice, a Will or a trust, etc., we highly recommend Steven Fromm, Esquire. He will listen and be sensitive to your unique situation.
Steve is an excellent attorney who has provided help for my family personally for business, tax, and other services for many years. He is extremely knowledgeable and thorough, and is extremely good at explaining legal concepts to me in clear terms understandable to a non-attorney. It is difficult to pick only three attributes above, since Steve’s work meets most if not all of the attributes above.
Steve is an excellent corporate attorney who has a deep understanding of corporate law, taxes and estate planning. He’s been extremely helpful to me in keeping my many companies and business ventures organized, focused and squeaky clean. He’s very strong in estate planning and wealth preservation as well. Finally, his follow through is air tight and utterly dependable.
Steven is a trusted adviser. We depend on him for so many things. He is patient, listens to our needs and makes excellent suggestions. He is extremely talented. We value his advice and have recommended him unhesitatingly to friends and family.
Steve Fromm is a superb lawyer and I highly recommend him! After a terrible experience with a previous lawyer concerning an estate administration, I entered his office feeling very deflated, confused and discouraged. However, I left his office feeling enthusiastic and eager to get down to business. My situation was very unique, I needed his expertise for an array of things and Steve was able to address all of my needs. With a limited timeframe and an extreme amount of obstacles to overcome he worked meticulously, diligently and accomplished extraordinary results. His professionalism is incomparable and I am forever grateful.
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