Tax & Wealth Management

Tax compliance, FATCA and FBAR

With the increased focus in recent years by the U.S. tax legislation and the Internal Revenue Service (the IRS) to target U.S. taxpayers with overseas ties and foreign entities with U.S. connections, U.S. taxpayers and U.S. subsidiaries of non-U.S. corporations and cross-border businesses have been faced with significant U.S. tax compliance obligations.

The King & Wood Mallesons’ U.S. tax team provides comprehensive U.S. tax compliance advice, focusing on income tax and sales tax compliance as well as transfer pricing regulations.

We regularly assist our clients on U.S. tax reporting of their foreign entities, financial accounts and cross-border transactions, including preparation and filings of IRS Form 5471, Form 8865, Form 8858, Form 8621, Form 8938, Form 3520, Form 926, FBAR (Report of Foreign Bank and Financial Accounts), and other types of information returns and statements.

We also provide U.S. tax assistance and advice in relation to Foreign Account Tax Compliance Act (FATCA) for non-U.S. financial institutions and investment entities.

Representative Matters:

  • Advised founders of several Chinese high-tech companies on their U.S. tax information filing obligations with respect to their ownership interest in the companies.
  • Advised Asia-based family investment fund groups on the FATCA classification of their investment entities and family trusts
  • U.S. tax advice relating to FATCA on securities offering: Bank of China, ICBC, Hang Seng Bank, Bank of East Asia, DBS Bank, BNP Paribas, Guotai Junan, and other major Asia-based financial institutions
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