Pembroke Pines - Miami, FL CPA, Tax Accountants And Business Advisors/ GLOBAL TAX GROUP, INC.

We provide tax preparation services for foreign businesses, Controlled Foreign Corporations (CFC), non-residents and U.S. expatriates tax returns.

We also address other international tax and compliance issues: Report of Foreign Bank and Financial Accounts (FBAR) filing for owners and those who have authority over foreign financial accounts including a bank account, a brokerage account, mutual fund, or other types of financial accounts; Foreign tax credits; Withholding Taxes; Transfer of Assets; Foreign Trusts; Tax Treaty; Logistics and Customs.

Are you a candidate for a treaty (E1 & E2) visas, or a transfer manager/executive or Specialized Knowledge Staff seeking an L1/L2 visa? We can help with your accounting and tax issues as well as preparation of business plans.

We provide consultancy to foreigners that owns and disposes of US realty, as well as foreigners that own shares in a US corporation or LLC, that they are in tax compliance with the Foreign Investment in Real Property Tax Act (FIRPTA) rules.

We incorporate and setup US corporations and Limited Liability Companies for foreign nationals and also obtain Individual Taxpayer Identification Numbers (ITIN) for business owners.

OFFSHORE TAX COMPLIANCE

FORMS	DESCRIPTION
5471	Information Return of U.S. Persons With Respect to Certain Foreign Corporations
TD F 90-22.1	Report of Foreign Bank and Financial Accounts (FBAR)
8938	Statement of Foreign Financial Assets
926	Return by a U.S. Transferor of Property to a Foreign Corporation
1042	Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
1042-S	Foreign Person?s U.S. Source Income Subject to Withholding
8828	US Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests
3520	Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
3520-A	Annual Information Return of Foreign Trust With a U.S. Owner
2555	Foreign Earned Income
1116	Foreign Tax Credit (Individuals Estates & Trusts)
8833	Treaty-Based Return Position Disclosure
1118	Foreign Tax Credit - Corporations
8858	Information Return of U.S. Persons With Respect To Foreign Disregarded Entities
8865	Return of U.S. Persons With Respect to Certain Foreign Partnerships
8621	Passive Foreign Investment Company

Select the LINKS below to view to view the current, 2011, IRS Offshore Compliance and Voluntary Disclosure Initiatives:

2011 Offshore Voluntary Disclosure Initiative

2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions and Answers

Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline

Offshore Tax-Avoidance and IRS Compliance Efforts

2010 International Tax Questionnaires

Offshore non-compliance carries steep penalties. Form 5471 for instance, failure to file penalty is $10,000.00 per form per year. Further, there are civil and criminal penalties for non-compliance with the FBAR filing. Civil penalties for a non-willful violation can range up to $10,000 per violation. Civil penalties for a willful violation can range up to the greater of $100,000 or 50 percent of the amount in the account at the time of the violation. Criminal penalties for violating the FBAR requirements while also violating certain other laws can range up to a $500,000 fine or 10 years imprisonment or both. Civil and criminal penalties may be imposed together.

STATEMENT FROM IRS DIRECTOR DOUG SHULMAN

Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline

IR-2011-14, Feb. 8, 2011

WASHINGTON ? The Internal Revenue Service announced today a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary disclosure initiative will be available through Aug. 31, 2011.

?As we continue to amass more information and pursue more people internationally, the risk to individuals hiding assets offshore is increasing,? said IRS Commissioner Doug Shulman. ?This new effort gives those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before we find them.?

The IRS decision to open a second special disclosure initiative follows continuing interest from taxpayers with foreign accounts. The first special voluntary disclosure program closed with 15,000 voluntary disclosures on Oct. 15, 2009. Since that time, more than 3,000 taxpayers have come forward to the IRS with bank accounts from around the world. These taxpayers will also be eligible to take advantage of the special provisions of the new initiative.

?As I?ve said all along, the goal is to get people back into the U.S. tax system,? Shulman said. ?Combating international tax evasion is a top priority for the IRS. We have additional cases and banks under review. The situation will just get worse in the months ahead for those hiding assets and income offshore. This new disclosure initiative is the last, best chance for people to get back into the system.?

We can help with your offshore tax compliance.

International Tax

STATEMENT FROM IRS DIRECTOR DOUG SHULMAN

Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline

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