Is Your Financial Institution Overseas Asking About U.S. Status?
Is Your Financial Institution Overseas Asking About U.S. Status? With the introduction of the Foreign Account Tax Compliance Act, more than 300,000 Foreign Financial Institutions have agreed to compliance with IRS account holder requests. This means that foreign banks will report their U.S. customer account holder information to the IRS periodically throughout the year.
Before submitting your information, the bank will want to confirm your U.S. status. You may receive a correspondence, email, or other transmission asking your to confirm, and asking you to complete a W-8BEN or W-9 and Self-Certify,
The W-8BEN is completed by non-U.S. person. This signifies to the foreign institution that you are not a U.S. person
The W-9 is completed by U.S. persons. This confirms to the foreign institution that the customer is a U.S. person. The bank will then send the account holder information to the IRS.
In addition to completing the above forms, the customer will have to self-certify to the foreign institution. This is to confirm that the person is certifying (usually under penalty of perjury or equivalent) of their U.S. status.
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.
*Please beware of copycat tax and law firms misleading the public about their credentials and experience.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.
Recent Golding & Golding Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Offshore Counsel
Generally, experienced attorneys in this field will have all the following credentials/experience:
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
Interested in Learning More about Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.