Understanding and planning for the new tax and financial landscape encountered after a move abroad is crucial. Prior to your move, we will analyze your current financial position and plans for the future, in light of the tax obligations you will encounter in your new country of residence.
Where tax and financial planning opportunities arise we can work with you to design and execute a strategy to minimize your tax exposure.
Delinquent U.S. Tax Returns and FBARs
When living and working overseas, U.S. tax and foreign account reporting obligations are commonly overlooked. Fortunately, many options are available to Americans expats who need to catch up on their filing requirements.
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We bring to the table a wealth of knowledge and experience in developing U.S. tax compliance strategies for American expats and can work with you to provide a recommendation and assist in preparing the necessary U.S. tax filings.
Tax Planning and Advice for American Expatriates
Streamlined Compliance Programs
The Streamlined Compliance Programs allow U.S. taxpayers who have honestly overlooked their U.S. tax return and foreign account reporting obligations to get back into compliance by filing the prior three years of returns and six years of foreign account reports. Participation in the Program may be a solid solution for certain taxpayers but offers no protection from criminal prosecution.
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We will work with you to determine whether this is the right option to handle your compliance issues and if so, we will prepare your submission.
For American Expatriates, neglecting to account for U.S. tax implications can severely undermine financial planning goals and retirement savings strategies. We will work with you and your financial advisor to ensure that your financial plan accounts for the nuances presented by your international lifestyle.
GLOBAL TAX LAW SOLUTIONS
Offshore Voluntary Disclosure Program
The Offshore Voluntary Disclosure Program (OVDP) obligates participating taxpayers to submit eight years of delinquent tax returns and foreign information reports. Substantial (but predictable) penalties are assessed against participants but protection against criminal prosecution is afforded.
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We can help taxpayers with more serious U.S. tax concerns consider entry to OVDP.
Abandonment of U.S. Citizenship and Green Card Status
Pre-Move Tax Planning
Abandoning your U.S. citizenship or green card status will require more than going through the process with U.S. immigration officials. All U.S. citizens and any green card holder who has held such status during eight of the prior fifteen years must submit a statement of expatriation with the IRS. Individuals who meet the definition of a "covered expatriate" will be subject to the exit tax.
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We will work with you to understand the tax implications associated with abandoning your U.S. status so that you can make an informed decision. We will assist with preparation of necessary filings and can help analyze any available planning strategies to minimize your exposure to the exit tax.
IRS Audit Representation for Overseas Americans
Receiving a notice from the Internal Revenue Service can be stressful even for U.S.-based taxpayers. When living overseas, the stress is multiplied and numerous challenges can arise when attempting to resolve the issue.
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We can help if you are subject to an IRS or State Department of Revenue examination or encountering difficulties in resolving a tax problem while living overseas.
FBAR and Foreign Information Reporting and Penalty Abatement
U.S. owners of foreign trusts, businesses, and other assets often encounter difficulty determining U.S tax and related reporting obligations. To complicate matters, penalties for incorrect reporting can be overwhelming.
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Ensuring that businesses or investments are structured with an eye towards U.S. tax reporting obligations is important. We can work with you to analyze the requirements applicable for both new and existing businesses. And if you are facing penalties, we will help you fight the case.