Updated Tax Seminar by Richard S. Lehman

What America does not know is the Internal Revenue System (I.R.S.) now has all of the tools necessary to find an American’s assets and sources of income.

Two pieces of Tax Legislation have been phased in over the last few years. Those two pieces of legislation, together with existing law, now make sure that every United States taxpayer’s assets and source of income, both foreign and domestic, will be included in an information return or a tax return that must be filed with the Internal Revenue Service of the United States.

These two new laws require U.S. Taxpayers to report all of their interest in foreign assets and shortly will require every foreign financial institution and many foreign non financial entities to report all payments to U.S. Taxpayers or the foreign institution will have to pay that tax. 

The presentation below is 1 hour and topics are: 

1. The Foreign Account Tax Compliance Act (FATCA)
   (Beginning Taxable Year 2011)
2. Foreign Financial Institutions (FFI’s) Report On Americans
   (Beginning in 2013)
3. I.R.S Grants NEW Amnesty Program
   (Beginning Taxable Year 2012)

Many more free informative Tax Law Seminars are available at www.ustaxlawseminars.com

IRS is aware of how much taxation is not being collected because of overseas bank accounts and transactions that have not been included in Americans income tax. Simply not reporting has serious consequences.

The IRS is making major push to make sure this is curbed. The IRS now has a several pronged approach to the full disclosure issue when it comes to Americans doing business around the world.

Americans as of last year have had to disclose all of their foreign assets to the I.R.S. and soon Foreign banks, and foreign institutions must soon report on U.S. accounts or the banks will force large U.S. taxes. Furthermore, since last year Americans had to disclose their interests in foreign assets. The foreign institutions are already gearing up for this.