Help Reporting Foreign Financial Accounts
WTAS, waiting for your inquiries about reporting foreign financial accounts.
“We are helping the Korean community which has been growing and developing rapidly in the 21st century.”
WTAS provides full services in tax compliance, valuation, and consulting to private clients and businesses. The firm announces extension of their services to the Korean community.
WTAS is comprised of over 600 personnel located in 16 major U.S. cities, including Washington, D.C.
As new laws about reporting foreign assets are expected to be aggressively enforced in the next year, the Korean Community is getting concerned and wondered about Foreign Bank Account Report (FBAR), Offshore Voluntary Disclosure Program (OVDP), and Foreign Account Tax Compliance Act (FATCA).
Susan Choi, Senior Manager in the WTAS Washington, D.C. office, advises that the Korean community should be aware of the new law, which is designed to trace foreign accounts of permanent residents or U.S. citizens by the federal government and Internal Revenue Service (IRS).
She said “the government is increasingly turning more of its attention to financial institutions in Asia. If IRS investigates taxpayers who do not properly report foreign financial accounts, there would be a possibility to be subject to criminal penalties. WTAS will advise you on your foreign asset and foreign financial accounts”.
She added, “you should seek the advice of an experienced international tax professional depending on your situations to find your best way to report.”
December 19, 2013
Read the article in Korean here.
The Chosun Daily interview is based on a more comprehensive article available here.