international tax
International tax issues are very complex and if errors are made, the penalties can be quite steep.
If you have been penalized by the IRS for FBAR violations, there is hope. Learn options available to taxpayers to avoid excessive penalties and jail time.
Did you know that a 2020 California FTB guideline states “if you are impacted by the COVID-19 pandemic, it is one of the factors we will consider as we apply the general rules for residency and income sourcing?”
Did you know you are required to file a FBAR form if you have overseas accounts? If not, you could be in trouble with the IRS.
If you knowingly did not file a FBAR form to disclose your foreign financial dealings, expect major IRS penalties or worse.
International tax compliance is complicated. Learn which forms you need to file to stay off the IRS’ radar from a top national tax attorney.
Having interest in foreign corporations is not illegal. Failing to disclose it is. A top tax attorney explains why you need to file IRS Form 5471
IRS Form 8938 is required if you have foreign assets. An experienced tax attorney explains when you need to file Form 8938 and how to complete it.
When you file your Form 1040, do not omit information about any overseas holdings you have. Confused? Learn what to do to avoid problems with the IRS.
If you are a nonresident but earn income from U.S. sources, then you owe taxes to the IRS. Read this advice from a top U.S. tax attorney.
If you are not in need of the Streamlined Procedures because you do not owe additional tax, and you have reasonable cause for not filing an informational return, you may file the delinquent international tax returns along with an explanation
Previously, the IRS had two programs, Offshore Voluntary Disclosure Program (2009) and Offshore Voluntary Disclosure Initiative (2011), which have been discontinued.