Singapore to Put U.S. Taxpayer's at Risk by Sharing Data Regarding U.S. Tax Residents with Potentially Undeclared Singapore Bank and Financial Accounts
IRVINE, Calif., Nov. 12, 2020 /PRNewswire/ -- Failure to make proper U.S. foreign source income tax and foreign information reporting as required by law can lead to serious and often draconian civil fines, criminal tax evasion and foreign information reporting failure prosecution in egregious cases where there was willful noncompliance.
The U.S. and Singapore first came to a non-reciprocal agreement called The Singapore-US Foreign Account Tax Compliance Act (FATCA) Model 1 Intergovernmental Agreement (IGA) and Regulations, which was entered into force on 18 March 2015.
On 13 November 2018, the U.S. and Singapore signed a new version of the Intergovernmental Agreement (IGA) that is reciprocal in nature. On August 8, 2020, Singapore's tax ministry ratified the agreement and it set to go into effect and supersede the prior IGA on January 1, 2021. This means that Singaporean financial institutions will soon be sharing information regarding potential FATCA violations with the U.S.
Many U.S. taxpayers with assets in Singaporean bank or financial accounts may be unaware of their reporting requirements under FATCA and the existing IGA that has created a close working relationship between U.S. tax authorities and South Korean banks and financial institutions.
If you believe that you may not have made accurate or complete FATCA reports regarding bank accounts in Singapore or another foreign nation, you should reach out to a skilled dual licensed Tax Lawyer and CPA like those at the Tax Law Offices of David W. Klasing right away to try to mitigate any damage that has already been done.
There are several ways to bring you back into compliance, including potentially amending your tax returns or filing for a voluntary disclosure program. We can look at the particulars of your situation and give you the most accurate, up-to-date advice.
Other Types of Offshore Voluntary Disclosure Programs That May be Available to You Depending Upon Your Unique Individual Facts and Circumstances:
- Quiet Disclosure
- Delinquent FBAR
- Offshore Voluntary Disclosure
- Streamlined Disclosure
- What to do if interested in a Program
Call our office today at (800) 681-1295 or visit the contact us page of our website to schedule a reduced rate initial consultation.
See the full version of this article here.
Public Contact: Dave Klasing Esq. M.S.-Tax CPA, [email protected]
SOURCE Tax Law Offices of David W. Klasing, PC
Related Links
https://klasing-associates.com
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