IRS Roadmap to Overseas Account, Asset & Income Disclosure (Board Certified Tax Specialist)

IRS Roadmap to Overseas Account, Asset & Income Disclosure (Board Certified Tax Specialist)

IRS Roadmap to Overseas Account, Asset & Income Disclosure

When it comes to international tax, the stakes are high. The IRS has increased enforcement of all things offshore, including overseas accounts, assets, investments, and income.

The Internal Revenue Service and US. government as a whole have entering to agreements with more than 110 hundred and reporting (FATCA).

In addition, the IRS is joining on various global initiatives such as J5 — which is dedicated to reducing overseas tax evasion, with additional focus on short occurrence.

IRS Roadmap to Overseas Account, Asset & Income Disclosure

While it’s hard to condense overseas reporting and disclosure into bite-sized morsels to help assist you good understanding the basics, we are going to give it our best shot.

Unlike the other firms that may dabble in offshore compliance or identified and one of the list of different areas they handle, this is the single only area of tax law we handle at Golding & Golding.

Do you have Unreported Overseas Income?

If you have unreported foreign/domestic income and assets/accounts for prior years, then your prior year tax returns are inaccurate. You will need to get into compliance through an approved IRS program and you cannot just quietly disclose (aka just start reporting the income/assets from this year forward).

Do you Own Overseas Accounts or Investments

If you have unreported foreign accounts, you must assess the value of the accounts, the amount of unreported income, and whether foreign taxes have been withheld. Accounts includes bank accounts, investment accounts, pension accounts, mutual funds, insurance policies, etc. If there is no unreported foreign income, you may qualify for one of the delinquency procedures and avoid penalties. Otherwise, you may have to submit to one of the approved IRS programs.

Are your Overseas Bank & Investment Accounts Non-Compliant?

If you have unreported foreign assets, you also must assess the value of the assets, the amount of unreported income, and whether foreign taxes have been withheld. Assets includes foreign accounts, investments, corporations, joint ventures, trusts, etc. If there is no unreported foreign income, you may qualify for one of the delinquency procedures and avoid penalties. Otherwise, you may have to submit to one of the approved IRS programs.

What if you used an EA, CPA or Tax Preparer?

If you had a tax professional you worked with, it will impact whether you are considered willful or non-willful. In addition, it is important to assess if the preparer provided you a Tax Organizer/Binder or other written communications. There is no attorney client privilege with a CPA, EA, or Tax Preparer — unless the tax professional is also an Attorney.

Has the IRS Contacted You?

If the IRS has not contacted you, you may still apply for amnesty/voluntary disclosure. There are certain deadlines you must be aware of. And, it is important to note the IRS can terminate these programs (or increase the penalty) at any time. Unfortunately, time is of the essence, due to increased enforcement by the IRS.

Golding & Golding, A PLC

We have successfully represented clients in more than 1,000 streamlined and voluntary disclosure submissions nationwide and in over 70-different countries.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.

Golding and Golding, Board-Certified Tax Law Specialist

Golding and Golding, Board-Certified Tax Law Specialist

Golding & Golding: Our international tax lawyers practice exclusively in the area of IRS Offshore & Voluntary Disclosure. We represent clients in 70+ different countries. Managing Partner Sean M. Golding is a Board-Certified Tax Law Specialist Attorney (a designation earned by < 1% of attorneys nationwide.). He leads a full-service offshore disclosure & tax law firm. Sean and his team have represented thousands of clients nationwide & worldwide in all aspects of IRS offshore & voluntary disclosure and compliance during his 20-year career as an Attorney.

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.
Golding and Golding, Board-Certified Tax Law Specialist