Stricter rules have been enacted in 2010 by the U.S. Government under the Foreign Account Tax Compliance Act which aims to enforce the requirement for United States persons including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN). The Act requires all non-U.S. (foreign) financial institutions to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury. If the U.S. Government establishes non-compliance with the financial assets reporting requirements of the above law then hefty fines could be imposed.
Under the provisions of FATCA and other US tax laws many companies and individuals with ties to the United States have income and financial assets reporting obligations towards the US authorities in regards to income earned abroad and specifically in Bulgaria.
Through our partnership with a US based accounting firm my office can help you meet all filing requirements before the US Government and avoid fines being levied.