American Tax Bureau opens office in Bahrain

KUWAIT: Following the sweeping changes instigated by the US Federal Government’s Foreign Account Tax Compliance Act (FATCA) in 2010, American Tax Bureau has opened a new office in Bahrain, located at Manama’s Bahrain Financial Harbor to service the growing needs of individual US taxpayers in the kingdom as well as other Gulf States, such as neighboring Saudi Arabia. ATB opened its first office in Kuwait in 2014 and in just three years, has assisted thousands of US citizens and green card holders with their FATCA’s needs.

ATB’s team brings together 20 years of accumulated expertise in US tax issues. ATB’s second office, will offer comprehensive and professional counsel on all individual tax and IRS-related issues. US taxpayers with undisclosed offshore accounts, or those who have not filed annual tax returns, have been reminded repeatedly by the US Internal Revenue Service (IRS), that they must fully comply with their Federal reporting obligations, to avoid the possibility of facing severe penalties.

ATB’s General Manager, Hilmi Hakim (CPA), explained: “Our mission at ATB is to ensure US citizens are accurately advised on the new tax compliancy requirements. After success in Kuwait, we are delighted we can now expand our confidential assistance to US citizens in Bahrain and across the Gulf”. GCC banks are obliged to report US citizen account holders whose non-US held accounts have balances that reach $10,000, when combined. The total balance on the individual’s account or accounts is sent to the US Treasury department through a system utilizing the Foreign Bank Account Report (FBAR).

Any failure to comply with the new rules could also result in the US government’s seizure of all the funds maintained in the overseas bank account. ATB’s team of professionals can field the many questions on tax returns and indeed explain how under certain rules, filing a tax return does not necessarily mean paying tax. FATCA is designed to create greater transparency and make it more difficult for Americans and permanent residents to evade taxes by asking financial institutions to share certain information with the IRS about accounts held outside of the US.

Hakim added “The complexity of the Foreign Account Tax Compliance Act (FATCA) demands highly-trained individuals who understand the Act in it’s entirely and the nuances within it”. American Tax Bureau’s professionally trained staff understand the needs of US citizens living and working abroad, moreover they are available to provide quality customer service and year-round support so that US citizens can be helped to safeguard their hardearned assets. For more information about the new branch office, kindly visit www.americantaxbureau.com