STGSILVER TAX GROUP
800-778-2741
Open 24 hrs / 7 Days A Week
Real Tax Attorneys For Real Tax Issues

Fast Action. Proven Results.

START WITH A FREE CASE EVALUATION

FATCA challenge may move to the Supreme Court

Congress passed the Foreign Account Tax Compliance Act (FATCA) with the idea of collecting more tax revenues from U.S. citizens living outside of the country. By implementing a series of complex reporting requirements on foreign financial institutions, authorities were hoping to identify accounts and assets belonging to such individuals.

FATCA has faced a great deal of opposition, however. Not all taxpayers or financial institutions understand the reporting requirements. Also, penalties for not reporting offshore assets are severe.

While a federal appellate court recently dismissed a challenge to FATCA, this dismissal may lead certain political leaders to take this matter to the U.S. Supreme Court. The concern among such leaders is that the appellate court was not appropriately sympathetic to the hardship FATCA places upon American citizens living overseas.

There have denials of bank accounts and mortgages due to FATCA reporting requirements. And FATCA requirements have led to significant prosecution of American citizens. This includes significant penalties for not filing a Foreign Bank and Financial Account Report (FBAR) and other forms related to FATCA.

The requirements in filing such forms can be difficult. For example, requirements led to one London official facing demands to pay taxes on the sale of his residence located in London. Though such a sale was not taxable in the UK, U.S. officials demanded payment.

It is important for Michigan residents to understand the penalties they may face for noncompliance. This is why having legal counsel on your side to help you understand such requirements can be essential. It is always best to avoid legal entanglements with tax officials before they even start.

No Comments

Leave a comment
Comment Information

When you hire us, we can help: you:

  • Obtain emergency relief from IRS actions
  • Stop the IRS from garnishing your wages
  • Prevent levees from being placed on your bank accounts
  • Keep tax payments and penalties from spiraling out of control

Phone Answered 24/7

We are always available to answer your questions and put your mind at ease.

Call us today at
800-778-2741 for a free initial consultation

Competitive Pricing

We offer flat fees that fit your needs and your budget.

Read Our Pricing FAQ

What Past Clients Say About Us

I know I won't be getting those frightening letters anymore thanks to Chad Silver - such a weight off my mind!” - A. Gould, Ohio

Read More Testimonials

A Real History of Success

IRS debt of $682,437, Attorney Silver and his team negotiated the Debt down to zero.

View More Results

You Can Fight The IRS And Win. We Can Help.

No matter where you are in the process, we can help you make the best of your situation. Call us toll free at 800-778-2741 for a free case evaluation.

Get A Free Consultation »
PRACTICING TAX LAW NATIONWIDE

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.

Back To Top