Compliance challenges are even more significant since the introduction of the Foreign Account Tax Compliance Act (FATCA).
Under FATCA a number of foreign jurisdictions will automatically report bank account information of a U.S. resident taxpayer (U.S. Person) to the Internal Revenue Service. The significant penalties for non-compliance can be very costly.
CST’s U.S. tax team can assist U.S. taxpayers not only with U.S. tax laws – we can also ensure that clients are properly advised about the use of foreign companies or trusts to ensure their income tax positions are the most efficient for their personal circumstances.
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