Foreign And Specialty Services
The draconian civil and criminal penalties associated with the foreign asset reporting can land one in bankruptcy or even jail. Lack of knowledge about the compliance requirements does not excuse one from the sanctions.
Navigating these rules is tricky, and life insurance or foreign pension, assets you viewed as tax-free, might be reportable as well as taxable financial transactions. You might have to file forms even your accountant has never heard of, and pay unexpected taxes.
From foreign property rentals to a variety of pension and investment schemes, to the more traditional foreign bank holding reporting, we are equipped to help keep you out of the reporting trouble.
These are some of the forms that you may have to file, all of which carry extremely high punitive penalties for incorrect or missing reporting:
- FBAR (form 114) – FinCEN reporting of all foreign financial assets
- 8938 – IRS reporting of all foreign financial assets
- 3520 – foreign gifts and trusts
- 3520-A – foreign gifts and trusts
- 5471 – US owners of foreign corporations
- 5472 – foreign owners of US corporations
- 8621 – US owners of PFICs
Tax planning is one of our niche areas of specialization that is considered an added-value service. Our solutions are outside the box and provide real tax-saving strategies. We have successfully structured significant tax savings for our clients ranging up to tens of thousands of dollars. Speak with us today to see how we may be able to help you defer and minimize taxes through effective tax planning.
Projecting a tax outcome is yet another specialty service we have offered for many years. When you have a significant change in business dealings, like expansion, succession, or merger, we will help you with tax liability exposure. Tax projecting is different from planning concerning quantifying an event with one or more given scenarios. A tax projection will help you understand the “how much in tax will my business owe if I do X, Y, or Z” question.