We provide tax preparation services for foreign businesses, Controlled Foreign Corporations (CFC), non-residents and U.S. expatriates tax returns. Beginning 2018 the new Trump Tax Law, Tax Cuts And Jobs Act (TCJA) taxes foreign corporations; the tax levied on these foreign businesses (businesses owned by US Tax Persons) is called the Global Intangible Low-Taxed Income (GILTI) tax.
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 the current, 2017, IRS Offshore Compliance and Voluntary Disclosure Initiatives:
Streamlined Filing Compliance Procedures – A Compliance Option for Some Taxpayers
Streamline for U.S. Taxpayers Residing in the United States
Streamline for U.S. Taxpayers Residing Outside the United States
FOREIGN & INTERNATIONAL TAX RESOURCES
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.
