Our team of international tax attorneys & advisors help with a wide range of international tax compliance and offshore investing matters for Tampa area residents
In addition to providing a wide range of domestic IRS tax relief and consulting services, our firm also helps Florida residents involved with offshore business/investing matters set up, and maintain proper compliance. It begins with the international tax advisors at our firm, that have a 360 degree understanding of the ever-evolving international tax regulations. International tax compliance is a serious matter, where many serious penalties and consequences can arise, many issues that can be prevented with the help of experts in the realm of international tax compliance.
Are you conducting business offshore and would like help streamlining your tax filing or payroll? Do you currently have offshore assets, or looking to invest offshore with proper FBAR/FATCA reporting? Our firm is ready to have a discussion with you today. From our offices in Clearwater, FL, our team of international tax attorneys and accounting professionals have helped hundreds of taxpayers resolve international tax problems (penalties, violations, audits), plus offer the sound international tax consulting needed to help them stay on track for compliance.
FBAR Filing & Compliance
FBAR is short for Report of Foreign Bank Accounts, a U.S. Treasury regulation that requires foreign account assets to be reported using the FinCEN 114 tax filing. To fall under this compliance provision, you must own assets that exceed $10,000 in value, within these categories:
- Offshore bank accounts
- U.S. bank accounts located on foreign soil
- Commodity futures or options accounts
- Cash-value driven insurance policies
- Mutual funds (any pooled investment fund)
- Indirect interests in foreign financial accounts through another entity
Any Florida (or U.S.) citizen, including resident alien, trusts, estates, or domestic entities, that meet that criteria must file a FinCEN 114 form every year by June 30th, disclosing all account values and earnings. Penalties for misfilings or any type of non-compliance delinquency can be severe, ranging from $10,00 per violation, and up to $100,000 or 50% of your account value(s) for more serious violations. As FBAR filing experts, we can help you rectify any FBAR compliance problems, and help you streamline your FinCEN filing every year.
FATCA Filing & Compliance
FATCA, also known as the Foreign Account Tax Compliance Act is another Government mandated regulation that requires offshore asset owners and their FFI (Foreign Financial Institutions) to report their asset values and earnings to the IRS. However, this regulation applies to those who have a total foreign asset value of $50,000 or more. Just with FBAR filing, there are heavy penalties involved for FATCA delinquency:
- Up to $10,000 fine for failure to file
- Additional $10,000 fine for every 30 days of delinquency (maximum of $60,000)
- Criminal prosecution is possible for extreme FATCA delinquency cases
FATCA violations committed by the FFI also falls on the responsibility of the account owner, so it's crucial that there is 100% transparency between the owner and the FFI to ensure FATCA regulations are being complied with. Our firm works directly with you, the asset holder, and any Financial Institution to ensure FATCA filing requirements are being filed properly, and on time.
Foreign Asset Inheritance
If you area Tampa area taxpayer who has inherited assets internationally of any kind, it's quite common to be unaware of the tax filing regulations involved. In this case, you are responsible for filing a form 3520 with the IRS to disclose the inherited assets (bank accounts, real estate, investments, etc). Failure to file, filing late, or misfiling of this document also comes with financial penalties, but can be easily avoided with the help of our international tax advisors.
International Business Consulting & Tax Filing
For Tampa area residents who are involved with offshore business matters, there are unique tax filing requirements involved that have consequences if not handled properly. Whether you are experiencing issues with your international tax filing, or looking to engage in offshore business/employment and need your tax filing setup properly, we offer a full-suite of international tax consulting and accounting to help maintain compliance.