“The tax transparency we now face in the international tax area by FATCA/CRS, has an enormous affect on not only Americans living abroad, but also on global trade and business.” says Maja Fohlin Gyllner, the owner of MAJATTORNEY, a boutique firm specialized to help clients affected by US international income taxation in the Nordics, and one of the speakers at an upcoming seminar hosted by LegalWorks.
The seminar, which is arranged by MAJATTORNEY and US Tax and Financial Services, addresses the FATCA regulations which came into effect in July 2014. FATCA requires foreign financial institutions to report US account holders’ year-end balances, income and capital gains directly to the IRS or via their domestic tax authority. Failing to comply with US tax obligations may have serious consequences such as double taxation, penalties and criminal prosecution. In 2017 there are still programs available enabling Americans abroad to voluntarily comply with their US tax filing and reporting obligations, minimizing their risks of having to pay tax and penalties.
“The odds of minimizing the risk of unwanted consequenses are of course much better in situations where clients have taken volontary actions/volontary compliance measures, before the respective tax authorities request them to. Therefore I see a continued trend of volontary disclosures and compliance developments” says Maja Fohlin Gyllner.
“To add complexity, the EU has in parallell introduced its version of the same theme – the Common Reporting Standard – which will require financial institutions to report certain holdings” says Peter Utterström, a tax and compliance expert that will join the panel at the event.
The seminar is co-hosted with American Chamber of Commerce in Sweden and the Swedish Chapter of the New York State Bar Association.
Please find the invitation here:
For further questions please contact:
Peter Utterström, +46 725 862 224, [email protected]
Maja Fohlin Gyllner, +46 706 188 016, [email protected]