International transactions are increasing, whether through immigration or business. We have experience with international matters and can help you navigate through the international tax filing requirements for establishing and maintaining both personal estates and business activities in foreign countries.
The Tax Cuts and Jobs Act (TCJA) was written to entice businesses to bring that business income back into the U.S. In combination with the TCJA, there are a number of individual compliance requirements that must be maintained. To promote compliance, the IRS and other compliance agencies have a number of enforcement options. Failure to comply has become a very serious matter.
There are a few topics that seem to create questions for taxpayers, more than others.
TREATIES – The United States has negotiated tax treaties with a number of different nations. Treaties are important to reduce the potential for double taxation when conducting business and generating income from other tax regimes. Do you know how to claim the benefits of these treaties?
FATCA - The Foreign Account Tax Compliance Act (FATCA) requires U.S. Taxpayers, individuals and businesses, to submit annual reports regarding their foreign assets. This includes the FBAR filing requirement. Are you submitting all of the required reports?
FIRPTA – The Foreign Investment in Real Property Tax Act (FIRPTA) was created to ensure that foreign investors are taxed upon disposition of their U.S. real property. Please understand, this disposition is not restricted to a sale or other transfer; it is much broader. Also, it places the burden of compliance upon the purchaser (buyer) of the real property. Are you completing your real estate transactions with proper due diligence?
If you have questions regarding international tax compliance please let us know. We can help you navigate through the various regulations and laws for safe passing.