International Tax Attorney
International Tax Attorney: Our offshore tax compliance team lives and breathes international tax – it is the only area of tax practice our lawyers handle. An international tax attorney is tasked with representing clients worldwide on a diverse range of issues that may involve one or more different tax jurisdictions simultaneously. We specialize in representing clients worldwide with IRS offshore and foreign tax compliance related matters. At our firm, each case is led by a Board-Certified Tax Lawyer Specialist. We have helped thousands of Taxpayers nationwide from New York to Washington DC, Florida, Texas, California, and more. We have represented many clients worldwide with unreported foreign income, accounts and/or assets in countries such as Taiwan, Hong Kong, China, Australia, France, Italy India the UK, and beyond (More than 80 countries and counting!)
Working with an International Tax Attorney
Many foreign taxpayers are overwhelmed by the US tax system — and we are here to help them safely get into foreign accounts compliance. In fact, the world of international tax is so vast — and the IRS reporting forms so complicated — that we have developed many different specialty websites designed to focus on a specific form, such as the notorious FBAR and (relatively) new IRS FATCA Form 8938.
To aid clients in obtaining cost-effective representation, our International Tax Attorney Team has also developed an innovative flat-fee model that has been implemented by tax and law firms across the globe.
The model is designed to handle both the tax and legal representation in-house, and help clients avoid the low upfront fee retainer bait and switch — and prevent inexperienced counsel’s misuse of Kovel.
*A Kovel Letter is often misused by inexperienced counsel to refer tax preparation matters to a CPA. It does not apply to tax return preparation and it puts client confidentiality and privilege at serious risk when used incorrectly.
International Tax Attorney & Offshore Compliance Specialist Team
Within the world of international tax, our international tax attorney team specializes exclusively in offshore tax and compliance matters.
Here is a brief summary of some of the key international tax Compliance matters that we offer representation for:
Offshore Disclosure Tax Amnesty & Voluntary Disclosure
When a US person has unreported foreign accounts, assets, investments, and/or income there may be a risk for IRS fines and penalties. The penalties can be rough, but they can oftentimes be avoided or minimized.
There are various approved offshore tax amnesty and voluntary disclosure programs that can safely get you into compliance.
Be careful with some of the fear mongering you will undoubtedly come across during your Google research expedition.
FBAR & FATCA Amnesty
FBAR & FATCA are two mainstays for aggressive IRS enforcement.
FBAR refers to Foreign Bank And Financial Account Reporting. The technical name of the form is FinCEN Form 114.
FATCA on the other hand refers to the Foreign Account Tax Compliance Act. When a Taxpayer has a FATCA reporting requirement, they are typically required to file a form 8938 to report their FATCA Specified Foreign Financial Assets.
The US government and IRS specifically have made enforcement a key priority.
If you receive a FATCA Letter or CRS (Common Reporting Standard) Letter — sometimes referred to as a Know Your Customer ;etter — the clock has started ticking for the foreign bank to report you to the IRS — and you should consult with experienced counsel.
Large Foreign Gifts
When a US person receives a gift from a foreign person that meets the threshold for reporting on form 3520, but they do not timely file the form — the IRS may issue penalties.
Since it generally takes the taxpayers some time to realize they should have filed the form, they oftentimes get hit with the maximum penalty — which is 25% of the value of the gift.
Reporting of Foreign Trusts
Foreign trusts have to be reported on Forms 3520 and 3520-A.
The tax and reporting requirements for foreign trusts can be very onerous and complicated.
Foreign Corporations & Partnerships
When a US person has an ownership or interest in a foreign corporation or foreign partnership, they may have several reporting and filing requirements.
Two of the most common forms the taxpayer may have to file is a form 5471 or form 8865.
If the taxpayer does not file these forms timely, they may be subject to fines and penalties.
The rules surrounding the US reporting and taxation of foreign pensions are very complicated.
Whether or not the foreign country has entered into a tax treaty with the United States (such as the UK) will help determine the US taxation rules for the pension. The problem is that not all tax treaties go into great depth regarding specific foreign pensions — such as Australia and the superannuation tax and reporting rules.
Likewise, with some foreign countries the US has not entered into any tax treaty with them, and therefore the income generated from these types of retirement plans — such as provident funds — from countries such as Singapore and Hong Kong may be taxable in the US (even though they are tax deferred overseas).
Sometimes a taxpayer will receive a notice such as a CP15 notice, 504 Notice or examination slash audit request regarding international related penalties.
Our International Tax Attorneys work with clients to try to get these penalties minimized, avoided or abated.
The US government has yet to issue specific rules regarding the tax and reporting of overseas cryptocurrency located outside of the United States.
As recent as December 2020, FinCEN has released proposed regulations for overseas cryptocurrency which tends to mimic the regulations required for similar cash transactions to avoid structuring and smurfing.
Expatriation for Legal Permanent Residents and Citizens
When it is time for a legal permanent resident to abandon their status or a US citizen to renounce their citizenship, they will enter the world of the IRS expatriation rules, US exit tax, and the dreaded covered expatriate analysis. This is a very complicated area of tax law. Our International Tax Attorneys have worked with many clients facing expatriation and offshore compliance and have developed strategies to help safely get them out of the U.S. tax system.
In conclusion, the international tax attorney team at Golding and Golding, specializes exclusively in offshore tax compliance and reporting. We have represented thousands of clients nationwide and in over 80 countries with safely getting into offshore tax and reporting compliance.
Golding & Golding: About Our International Tax Attorney Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS disclosure & compliance.
Contact our firm today for assistance.