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Internet Marketing Authors: Elizabeth White, Melih Oztalay, John Khan, Carmen Gonzalez, Neil McNulty

Related Topics: Internet Marketing, Wealth Management

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FATCA Compliance Comes with Higher Costs than Anticipated

A recent study reveals that FATCA is causing unexpected increases in budget costs for many foreign institutions.

ftx-expatriates-tax-issuesForeign banking institutions are realizing significant increased costs due to the Foreign Accounts Tax Compliance Act as the year draws to a close and the final costs are being calculated.  According to a recent Thompson Reuters study, foreign institutions have reported higher than anticipated costs in connection with reporting and compliance expenses for FATCA.

Costly Consequences

Three hundred institutions were surveyed by Thompson Reuters.  Of those, 55% have stated that they expect to exceed their budget for FATCA compliance by the end of the year.  This means over half of the institutions underestimated the mounting costs of documentation and reporting procedures tied to FATCA compliance.  Unfortunately, these extra costs end up causing a significant strain on each institutions budget.  Consequently, these institutions are seeking professional help to navigate FATCA regulations in a more effective way to reduce costs while still ensuring compliance.

Where to Turn?

When it comes to understanding the nuances of FATCA reporting and documentation procedures, there is professional assistance available.  Law firms like Freeman Tax Law specialize in representing financial institutions and US financial institutions so they can stay compliant with FATCA requirements and withholding tax obligations.

Here to Stay

It is important for financial institutions to plan for effective FATCA compliance because for the time being, it looks like FATCA is here to stay.  Just recently, 51 countries joined with the Common Reporting Standard (CRS) which will require additional reporting on even more customers.  Transparency and increased reporting seem to be the way of the future, so it is best for banking institutions to make it a top priority to implement efficient, organized, and cost-effective reporting processes.

Professional Support

Freeman Tax Law is uniquely qualified to support and represent financial institutions seeking to stay compliant with FATCA.  Jeffery S. Freeman J.D., LL.M. has an extensive background working with accounting firms and with international tax law.  This history gives him the unique capabilities necessary to help clients navigate FATCA requirements and to file the necessary documents and paperwork to meet their tax obligations. Services are available nationwide, by phone, or online.  Additionally, Freeman Tax Law implements innovative technology to streamline the reporting process and optimize communication and organization.  Clients have access to a team of accounting and legal professionals to collaborate on each project.

About Freeman Tax Law

Freeman Tax Law (FTL) is a boutique law firm consisting of a multi-disciplinary team of tax professionals including tax attorneys, CPAs and a professional staff that have vast experience with foreign tax compliance and regulatory matters for financial institutions. FTL consults with both FFIs and USFIs with regard to Foreign Account Tax Compliance Act (FATCA) and related regulatory matters and assists them developing procedures on how to comply with these laws. FTL provides a multidisciplinary approach for filing offshore voluntary disclosures. Working to help clients prevent future tax headaches we offer a complete wealth management and estate planning team. As an experienced firm with wide reach, Freeman Tax Law provides immediate assistance to our clients planning for and resolving all tax related challenges.

Freeman Tax Law

(855) 935-5945

[email protected]

The post FATCA Compliance Comes with Higher Costs than Anticipated appeared first on SmartFinds Internet Marketing.

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More Stories By Melih Oztalay

I have over 20 years of experience in developing successful, efficient and strategic web marketing and advertising solutions for businesses. Working through an entrepreneurial framework, I have focused on business development, sales, execution, and management. Combining solid knowledge of marketing and advertising with information technology, I have been successful in being able to apply digital technologies to the needs of businesses. As an early adopter of new ideas and technology, my clients are able to benefit from imaginative and effective programs that keep them ahead of their competition.

The Company

Smartfinds is a digital marketing agency working with national and global corporate clients including domestic and off-shore franchise operations with their online marketing efforts. We offer a number of core competencies including web marketing research, analysis, strategies, and tactics; website development and SEO; organic search engine marketing with content marketing and social media marketing; Google AdWords advertising including pay-per-click; Google Analytics and Google Webmaster Tools interpretation; Local Store Marketing including customer ratings and reviews management; and more.

Our entrepreneurial business approach employs open-mind creativity and early-adopter assertiveness along with in-depth planning for business growth. Our goal is to be a strategic partner with our clients focused on increasing traffic to the website, business growth, generate leads, increase sales and revenues.