Seek the Guidance of Trusted Counsel for FATCA Tax in Singapore to Avoid Tax Penalties

If you are still trying hard to understand your legal obligations as well as liabilities for foreign-account reporting, you’re not alone in this challenge. The implementation of the Foreign Account Tax Compliance Act (FATCA) Singapore has greatly added a set of ‘hard-to-decode’ complexities to an already existed set of tax disclosure requirements. Intended purposely to combat tax evasion and increase tax transparency for the US Internal Revenue Service (IRS), the provision to FATCA brings many new regulations and reporting standards to compliance, which need the assistance of a skilled tax specialist. 

FATCA compliance and its regulations are no small thing to be ignored. Also, one thing is needed to be noted here that its non-compliance in Singapore could result in grave consequences which may bother you to the cost of fortune. 

By having the experienced guidance of tax professionals as your FATCA counsel, probably you will not see such a bad phase in your life ever. The in-depth knowledge and practical skills of such professionals can help you to the great extent in meeting your FATCA compliance in Singapore and other tax obligations. 

How An Experienced FATCA Tax Counsel Can Help You?

US taxpayers living or working in Singapore temporarily or permanently have an array of tax obligations as well as concerns that need to be satisfied professionally. To keep the tax penalties as well as issues at bay, you need professionals to help to tackle your FATCA tax Singapore concerns from the scratch. 

These FATCA tax counsel professionals are well-versed in providing skilled guidance on all aspects of FATCA, including:

  • Filing FBAR- FBAR filing requirement is annoying, an unnecessary breach of privacy, and believe it or not, the obligations are far more complicated than the first time filer would have ever imagined. FBAR is the Foreign Bank Account Reporting, also known as FinCEN form 114. An individual or an entity is required to file an FBAR if they have a financial interest in or signature authority over at least one type of foreign financial account that exceeds an aggregate value of $10,000 at any time during the year. However, FBAR reporting is not only limited to foreign bank accounts, but also includes pensions and life insurance policies.

Meeting such complicated FBAR filing requirements is a challenging task to overcome without prior experience. If you’re finding it difficult to determine how the FBAR disclosure requirements apply to you, the guidance of your legal counsel can help you to identify your best options and make a decision on the best course of action in the future.

  • Form 8938- FATCA law Singapore requires certain taxpayers, corporations, partnerships, and trusts to disclose their financial assets that are held outside of the US. They are required to report their holding of those assets to the Internal Revenue Service (IRS) on Form 8938, Statement of Specified Foreign Financial Assets. However, the requirement to file form 8938 is an addition to the FinCEN Form 114, and does not replace or otherwise affect a taxpayer’s obligation to file form 114 (FBAR, now officially known as Report of Foreign Bank and Financial Accounts). 
  • Tax obligations for overseas US taxpayers- Working overseas can be an exciting experience, but it also takes careful thought and planning to keep it rewarding and enjoyable. Most expats and others living overseas have tax responsibilities and complexities that they must understand and are required to overcome timely with no blunder. Unfortunately, the penalties for a failure to comply with tax payment, filing, or return as an overseas taxpayer is severe. Therefore, it becomes prudent to work with an experienced FATCA tax expert who is well-acquainted with the international tax laws and issues faced by an expatriate or Americans living overseas.

It is important to note here that most US citizens living abroad often run the risk of double taxation and therefore, it is extremely important for US taxpayers living and earning income in Singapore to seek the guidance of FATCA experts- to timely report and pay taxes on all foreign income while availing maximum credits and deductions. 

The FATCA compliance law expert in Singapore never lets you free unprepared or without important information, you need to make a sound decision. 

Pavan Kumar
Proud organizer. Food nerd. Extreme thinker. Evil alcohol expert. Falls down a lot. Freelance music buff. Explorer.

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