FBAR FATCA IRS: What Chinese-US persons need to know for 2018

Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-293-4857. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped!

https://www.irsmedic.com/pages/servic...

The US tax code has many unpleasant surprises for Chinese-American citizens.

Here’s an example, if a Chinese-American received a gift of over $100,000 from their Chinese parents and fail to report it, the IRS can impose a penalty of up to 25% of the gift amount.

There are other risks the Chinese-American citizens and Visa holders face, including those who have been in the US for more than five years on a student Visa.

What is FATCA?




FATCA stands for the Foreign Account Tax Compliance Act.

It requires China to see if any Americans or Chinese-Americans have bank accounts and then to share that information with the IRS.
Chinese banks will finish reviewing all bank accounts by the end of 2018.

https://www.irsmedic.com/blog/2017/10...
A bank will send you a letter when they suspect you are a US person for tax purposes.

We can help you deal with this letter.

What is FBAR?

The FBAR requires that all US persons file a report each year of the foreign bank accounts they have of over $10,000 in the aggregate.
This means if you have three banks account of $3334 each, you have to file and FBAR.

The FBAR is required for many things that aren’t bank accounts.

What if I did something wrong. What kind of penalty will I have to pay?

This depends on what you did wrong. And if you come clean using the appropriate disclosure program for your situation. If you are just missing FBAR forms but have no additional income to report, you may have no penalty to pay is you properly use the delinquent return process.


Or you could have up to a 5% penalty based on your year-end balance in the affected accounts.

If you did something intentional, or “willful,” you may have to enter in the Full Offshore Voluntary Disclosure Program and pay a 27.5% or 50% penalty. Your penalty amount depends on whether or not your bank is on the “blacklisted” bank list.

Yet is some situations by "opting-out" of the standard 27.5% or 50% penalty, you can pay much less.

We recommend contacting us so that we can review your filing to see if any mistakes need to be fixed. We help Chinese-Americans around the globe. We can help you.


Parent & Parent LLP
60 EAST 42ND STREET
SUITE 4600
New York, NY 10165
(212) 356-1335