International Tax Lawyers Specializing in IRS Offshore Disclosure
What is IRS Offshore Disclosure?
IRS Offshore Disclosure is the process for U.S. Taxpayers to disclose previously unreported foreign accounts, assets, income, & investments. The main programs are: Traditional Voluntary Disclosure Program; Streamlined Filing Compliance Procedures; Delinquent International Informational Return Submission Procedures, and Reasonable Cause. Our Tax Attorneys have helped 1000s of clients get compliant and avoid a high-stakes FBAR & offshore catastrophe.
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.
Streamlined Foreign Offshore (SFOP)
The Streamlined Foreign Offshore Procedures or (SFOP) is a great program for expats and other individuals who do not qualify as a U.S. citizen or legal permanent resident. it a highly cost-effective method of quickly getting you into IRS (Internal Revenue Service) or DOT (Department of Treasury) compliance. Our Tax Attorneys represent you with getting into IRS Tax and Reporting Compliance, without having to pay any penalties. It also allows taxpayers to file original tax returns.
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.
Reduce & Avoid IRS Offshore Reporting Penalties
FBAR penalties can range extensively. The main categories include: Civil Penalties and Criminal Penalties. Civil FBAR Penalties can be broken down further into Willful and Non-Willful. Non-Willful Penalties can go as high as $10,000 per account, per year. Willful Penalties can reach 50% penalty on the maximum value of the account(s). Our Tax Attorney & EA team helps people reduce, minimize, & avoid non-willful and willful FBAR 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 5471 Penalties
A $10,000 Form 5471 penalty is imposed for each annual accounting period of each foreign corporation for failure to furnish the information required by section 6038(a) within the time prescribed. If the information is not filed within 90 days after the IRS has mailed a notice of the failure to the U.S. person, an additional $10,000 penalty (per foreign corporation) is charged up $50K per failure. Our Tax Attorneys work to minimize and eliminate Form 5471 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 8865 Penalties
A $10,000 Form 8865 penalty is imposed for each tax year of each foreign partnership for failure to furnish the required information within the time prescribed. If the information is not filed within 90 days after the IRS has mailed a notice of the failure to the U.S. person, an additional $10,000 penalty (per foreign partnership) up to a maximum of $50,000 for each failure. Additional penalties may apply. Our Offshore Tax Attorneys work to minimize and eliminate Form 8865 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.
Expatriation, Exit Tax & IRS Offshore Disclosure
Expatriation Tax Lawyers
Expatriation is the process of relinquishing U.S. Citizenship or Legal Permanent Resident Status (Depending on if the filer is a Long-Term Resident). Some expatriates that are considered covered expatriates will have to prepare a shadow sale of their assets using a Mark-to-Market election on Form 8854, and possibly pay an Exit Tax. Our Expat Tax Attorneys can help with offshore disclosure and expatriation.
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.
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.
Meet Golding & Golding
Who are Golding & Golding?
Our Offshore Tax Attorneys specialize exclusively in IRS Offshore & Streamlined Voluntary Disclosure of domestic & foreign accounts, assets, investments and income. Each case is led by a Board-Certified Tax Attorney Specialist. Our international tax attorney team at Golding & Golding has helped thousands of taxpayers successfully navigate the complex maze of FBAR & FATCA. Our Tax Attorney & Enrolled Agent team represents clients nationwide and worldwide.
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.
Our Managing Partner, Sean M. Golding, is a 20-year attorney with a license in both New York & California and has a Master's degree in Tax Law from University of Denver (where he also completed his undergraduate degree).
Sean M. Golding is one of less than 350 attorneys (out of more than 200,000 practicing California Attorneys) to earn the Board-Certified Tax Law Specialist credential. Sean has also earned the prestigious IRS Enrolled Agent credential.
He represents clients before the IRS nationwide and worldwide in over 75 countries. He was recently featured in Forbes.
Jenny has been living in Southern California for over 30 years. She earned a Bachelor of Arts in Business Economics and then graduated from USC Gould School of Law (a Top 20 Law School).
Jenny has over 15 years of legal experience and works directly with Sean on various complex tax and estate planning matters.
Having grown up helping her immigrant parents forge their way in America, she fully understands how confusing and overwhelming the American legal system can be. Thus, she truly enjoys assisting clients with diverse backgrounds and cultures and helping them with their legal issues.
International Tax Blog
“The whole process of correcting unresolved tax issues went smoothly as Sean provided me with a courteous, timely and professional service” – Foreign Account Compliance Client
“The reason went with Golding & Golding was that we wanted to work with someone that had both knowledge and expertise as well as actual in-depth experience of working through international tax situations.” – Offshore Compliance Client
“Sean has provided us with an outstanding service throughout the streamlined procedure. Sean is straightforward, knowledgeable, reliable and extremely responsive. His empathic approach and ability to explain complicated matters in a simple way are very comforting in such a stressful situation.” – IRS Voluntary Disclosure Client
3 years of amended tax returns and 6 years of delinquent FBARs, plus a thoroughly researched reasonable cause statement citing the tax laws of both countries and the treaties between them. All from a jumble of papers faxed from my files. Sean had the issue resolved in less time than it took me to find out what the problem was in the first place” – Offshore Disclosure Client
“The Only Lawyer I don’t have to Babysit – His Confidence, Expertise, and Experience are Truly Reassuring…Lastly, Sean cares for his clients. I can not stress how rare it is to find an attorney who genuinely cares.” – Reasonable Cause Client
“Mr. Golding was prompt, professional, reassuring (and explained everything patiently and thoroughly) and very attentive. I was not aware about a filing requirement for several years, and he handled the process for me. He was always a pleasure to deal with, and he is as kind as he is skilled.” – FATCA & FBAR Disclosure Client.
“Sean closely examined my situation and he educated me of various options available for me. He was very patient and answered all my questions on timely manner. After consulting him I felt relaxed. Sean and his firm were very supportive in the entire process to safely report my offshore accounts to the treasury. Overall I am very satisfied with the outcome.” – Streamlined Disclosure Client
“During the entire process, we were extremely impressed with their in-depth knowledge of not only OVDP but also with various other IRS Tax Amnesty Programs, as well as with their professionalism and diligence. It is both an honor and a privilege for us to give them our highest possible recommendation.” – OVDP Client
“Mr. Sean M. Golding’s empathetic expertise and timely decision-making involved me in positive actions and actual solutions. My results were: no penalties, no legal issues. My own mind now rests easy, at peace.” – OVDP & International Estate Tax Client
After hiring him as our tax attorney, Sean did not disappoint. He is always positive and proactive. He basically took my hand and walked me through the complex and ever-changing FATCA and voluntary disclosure maze.” — FATCA & OVDP Client
“They did our OVDP. We got our final letter and now we have peace of mind. What a relief, thank you.” – OVDP Client with various classes of assets in numerous different countries.
“Mr. Golding, thank you for helping me get through this without any problems.” – High-Profile International Tax Law Client with 11 foreign accounts and real estate, while facing civil and criminal penalties
Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.