Assisting institutional and individual high net worth clients with reporting and enforcement of domestic and international holdings.
The international business arena has created a highly complex legal tax structure for individuals and corporations who operate across borders. This complexity has fueled an aggressive and hostile civil and criminal enforcement policy by the Internal Revenue Service (IRS) and the U.S. Department of Justice for perceived tax abuse and non-compliance with U.S. tax laws and off-shore accounts.
Drawing on our lawyers’ experience, Akrivis Law Group, PLLC, represents clients on critical matters related to international tax and cross-border transactions. Given our robust financial regulatory practice and experience dealing with the multiple bureaus of the U.S. Department of the Treasury, including the IRS, Akrivis assists clients with reaching optimal decisions and helps them ensure compliance. Akrivis conducts corporate internal investigations, and represents clients in civil and criminal matters involving significant tax penalties and implications. Akrivis also has experience working with clients, in-house counsel, and local counsel alike to assist in seeing a matter through to a favorable conclusion
FATCA, Foreign Bank Account Reporting (FBAR), and Overseas Voluntary Disclosure Programs (OVDP).
The United States recently implemented the Foreign Account Tax Compliance Act (FATCA). FATCA’s provisions refer to the provisions of the Hiring Incentives to Restore Employment Act (HIRE). Both Acts affect taxation and reporting requirements for corporations and individuals, financial institutions, and investment vehicles. FATCA applies abroad in foreign countries, and is far-reaching beyond U.S. borders because numerous foreign countries have entered into intergovernmental agreements whereby other countries agree to adhere to FATCA, and also because the U.S. has entered into several agreements with Foreign Financial Institutions (FFIs) to disclose bank account information to the IRS.
The international application of FATCA’s laws abroad have eased civil and criminal tax enforcement for the IRS and the U.S. Department of Justice against non-U.S. and U.S. banks and financial institutions, companies, and individuals who have undisclosed foreign financial accounts. FATCA requires FFIs to disclose to the IRS any information on certain U.S. persons with accounts and investments outside the U.S., and for certain non-U.S. entities to provide information about U.S. owners.
By penalizing non-U.S. banks and U.S. banks, financial institutions, and investment vehicles, or any other company or person who do not report accounts maintained by U.S. taxpayers, FATCA mandates that other countries enforce the sharing of vast amounts of information on accounts maintained overseas with the IRS. Penalties for non-disclosure or improper disclosure are increasing rapidly and are often hefty. Penalties may include both civil and criminal punishment.
Tax Controversy & Mitigation
Akrivis represents clients in civil or criminal tax litigation before the IRS and the federal courts. Investigations and fines by any U.S. government agency will almost certainly have a separate tax case involving investigation, litigation, and additional fines spurned by the IRS and the U.S. Department of Justice. IRS audit investigations can lead to civil and criminal tax prosecution where the IRS suspects fraud, usually where income has been substantially over or understated. We understand the administrative process intimately, and will work to efficiently defend our clients, and to negotiate the best settlement possible for our clients when necessary. We have experience with, and understanding of IRS policies, regulations, and procedures, and of the litigation process in federal courts and in the U.S. Tax Court.
Akrivis offers a host of services to clients with an international financial footprint. Our services include counseling clients on:
- FATCA and HIRE
- Tax Litigation
- Enforcement proceedings
- Negotiating settlements
- Cross-border disclosure requests from tax authorities
- Cross-border issues including permanent establishments, employment