International Tax Lawyers Specializing in IRS Offshore Disclosure

IRS Voluntary Disclosure Program (VDP)

IRS Voluntary Disclosure Program: VDP is the oldest offshore voluntary compliance program. In recent years, the IRS developed several offshore voluntary disclosure tax amnesty compliance programs to allow Taxpayers to report and disclose unreported assets & income. Under the new  version of the program, the IRS combined Offshore and Domestic Voluntary Disclosure into one program. Our Tax Attorneys can help you get compliant.

Streamlined Domestic Offshore (SDOP)

Streamlined Domestic Offshore Procedures: When U.S. resident Taxpayers have unreported offshore assets, income, accounts & assets and are non-willful, they may qualify for SDOP, and a reduced a 5% Title 26 offshore penalty. Our Tax Lawyers represent clients in the Streamlined Domestic Offshore Program in order to leverage a smaller penalty now, against a potentially larger penalty later. This reduces the chance of a tax audit or examination in the future.

Delinquent Information Returns (DIIRSP)

Delinquent International Information Return Submission Procedures: If you have not filed one or more required international information returns, such as a 5471, 3520-A, or 8865, the IRS may penalize you extensively for not being in "IRS Offshore Compliance." Our Tax Lawyers are very experienced with DIIRSP. The program is designed to help safely bring people into compliance with a reduced risk of an "offshore penalty." 

Delinquent FBAR Submission Procedures 

Delinquent FBAR Submission Procedures: If you are only out of compliance for not filing the annual FBAR (FinCEN Form 114), and you do not have any unreported income, you may be able to avoid FBAR Penalties. Our Tax Lawyers are very experienced with the Delinquent FBAR Submission Procedures. This program is also designed to help safely bring U.S. taxpayers from around the world into compliance with a reduced risk of an "offshore penalty."  These penalties can be civil or criminal.

FATCA Penalties

A person may be subject to a FATCA penalty of $10,000. And, if you do not file a correct and complete Form 8938 within 90 days after the IRS mails you a notice of the failure to file, you may be subject to an additional penalty of $10,000 for each 30-day period (or part of a period) during which you continue to fail to file Form 8938 after the 90-day period has expired, up to $50,000. Our Tax Attorneys work to minimize and eliminate FATCA foreign asset penalties.

Form 3520 Penalties

The initial Form 3520 penalty is equal to the greater of $10,000 or: 35% of the gross value of any property transferred to a foreign trust; 35% of the gross value of the distributions received from a foreign trust; 5% of the gross value of the portion of the foreign trust's assets treated as owned by a U.S. person under the grantor trust rules, and potential additional separate penalties as well. Our Tax Attorneys work to minimize and eliminate Form 3520 penalties.

Form 5472 Penalties

A Form 5472 penalty of $25,000 will be assessed on any reporting corporation that fails to file Form 5472 when due. Each member of a group of corporations filing a consolidated information return is a separate reporting corporation subject to a separate $25,000 penalty, If the failure continues for +90 days after notification by IRS, an additional penalty of $25,000 will apply. Our International Tax Lawyers work to minimize and eliminate Form 5472 penalties.

Form 8621 Penalties

Form 8621 is a form that is required to be filed by individuals who have a PFIC (Passive Foreign Investment Company) and are not exempt from filing. If you are required to report a form 8621 but failed to do so, that means your tax return is incomplete and the IRS can go back and audit you for years to come, on that return (aka the Statute of Limitations does not expire). This may lead to additional penalties. Our Tax Attorneys work to minimize and eliminate Form 8621 penalties.

Form 8938 Penalties

A person may be subject to a Form 8938 penalty of $10,000. And, if you do not file a correct and complete Form 8938 within 90 days after the IRS mails you a notice of the failure to file, you may be subject to an additional penalty of $10,000 for each 30-day period (or part of a period) during which you continue to fail to file Form 8938 after the 90-day period has expired, up to $50,000. Our International Tax Attorneys work to minimize and eliminate Form 8938 penalties.

Offshore Tax Fraud Penalties

When a person is liable for international tax fraud or tax evasion, they may be subject to either civil and or criminal tax fraud and evasion penalties. These IRS offshore penalties may result in significant monetary penalties, and penalties on taxes due. In addition, the matter may be referred to an IRS Special Agent investigation, which may lead to prosecution, more financial penalties, & prison.  Our Offshore Tax Fraud Attorneys can help minimize fraud risks.

Calculating Exit Tax

The exit tax is calculated using a Mark-to-Market analysis. Essentially, the person determines the adjusted basis of each asset and FMV on the date before expatriation. There are some exceptions to this rule, including: Eligible deferred compensation items; Ineligible deferred compensation items; Specified tax deferred accounts; and Interests in nongrantor trusts. Deferral of tax is possible.

Covered Expatriate

A covered expatriate is a U.S. citizen or Long-Term Resident that meets one of the three tests. The three test include: the net-worth test ($2M); average tax liability test (~$165,000 5-year average) or the certification of accurate tax filings for the 5 prior years. If a person does not meet the requirements of being a covered expatriate, they will not have an exit tax. Otherwise, the filer may have to pay an Exit Tax.

Board-Certified Tax Attorney

Becoming a Board-Certified Tax Specialist is a tough feat. There are more than 200,000 attorneys in California alone, and tens of thousands of them practice in some area of tax, including tax litigation, employment tax, real estate tax, & IRS Offshore Disclosure. Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys nationwide

Flat-Fee, Full-Service (Tax & Legal)

Our Offshore Tax Attorney team offers flat-fee, full-service representation for tax preparation, legal representation and IRS tax audit/examination defense.  We are the "go-to" international tax lawyers for clients, CPAs, Lawyers, Financial Planners, and businesses across the globe. Our EA and Offshore Voluntary Disclosure Lawyer team handles the entire tax, legal, & examination defense process, from beginning-to-end. Avoid less-experienced firms trying to mislead you.