Unfortunately, when a person lives in the United States as either a Legal Permanent Resident (“Green Card Holder”) or Foreign National who meets the 183-day substantial presence test, they may have the same obligations as a US citizen — but not the same rights.
One of the most important aspects of these obligations is the requirements to Report Foreign Income and Report Foreign Accounts on an FBAR and IRS Tax Return.
When a non-US citizen commits a crime, the outcome may be much more severe for the non-US citizen, than for the US citizen. This is very apparent in the arena of tax law.
Specifically, if a green card holder is not tax compliant, there can be serious repercussions – especially if the individual was willful and thus committed a tax crime called “tax evasion” for “tax fraud.” This may include Detention, Deportation/Removal and denial of Naturalization (U.S. Citizenship)
Tax Negligence vs. Tax Crimes
If a person was unintentional or non-willful in their failure to report foreign accounts or foreign income, then there are mechanisms they can use to get compliant. The main procedure is the Streamlined Offshore Disclosure Program, which allows a person to get compliant without admitting a crime — and if handled properly should avoid any criminal or serious repercussions. A comprehensive summary of the Streamlined Program is available by Clicking Here.
When a person was willful or intentionally failed to report the foreign accounts and/or foreign income it is important that they speak with an experienced International Tax Lawyer who has experience with representing non-US citizens, especially due to issues of removal and deportation
FBAR Reporting & Tax Compliance Options
When it comes to foreign tax compliance, one of the most important issues is ensuring compliance with the FBAR (Report of Foreign Bank And Financial Accounts). The failure to comply with FBAR (and IRS 8938 Form) requirements can result in significant fines and penalties.
IRS Voluntary Disclosure of Offshore Accounts
Offshore Voluntary Disclosure Tax law is very complex. There are many aspects that go into any particular tax calculation, including the legal status, marital status, business status and residence status of the taxpayer.
When Do I Need to Use Voluntary Disclosure?
Voluntary Disclosure is for individuals, estates, and businesses who are out of compliance with the IRS and the Department of Treasury. What does that mean? It means that if you are required to file a U.S. tax return and you don’t do so timely, then you are out of compliance.
Golding & Golding: About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.
Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.
*Please beware of copycat tax and law firms misleading the public about their credentials and experience.
Less than 1% of Tax Attorneys Nationwide Are Certified Specialists
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.
Recent Golding & Golding Case Highlights
- We represented a client in an 8-figure disclosure that spanned 7 countries.
- We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
- We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
- We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
- We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.
How to Hire Experienced Offshore Counsel
Generally, experienced attorneys in this field will have all the following credentials/experience:
- 20-years experience as a practicing attorney
- Extensive litigation, high-stakes audit and trial experience
- Board Certified Tax Law Specialist credential
- Master’s of Tax Law (LL.M.)
- Dually Licensed as an EA (Enrolled Agent) or CPA
Interested in Learning More about Golding & Golding?
No matter where in the world you reside, our international tax team can get you IRS offshore compliant.
Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.