Here’s an initial point to note concerning today’s above-posed blog headline: You unquestionably do need to spotlight all foreign financial holdings you control and ensure legal compliance with Internal Revenue Service mandates.
If you don’t, there will literally be a heavy price to pay. The IRS is thorough in its tax probes and uncompromising in the penalties it levies on alleged wrongdoers.
It also commands a broad sweep. Assets held by a U.S. filer anywhere in the world are subject to examination. The IRS has sometimes been termed a jealous mistress, and its global searches for taxable income confirm that depiction.
The bottom line regarding foreign accounts of any type: Declare them and, if necessary, pay all taxes owed upon them. Compliance might sometimes seem an onerous proposition, but it spells a far better outcome than being labeled a tax cheat by the U.S. government.
We address foreign asset identification and accounting on our firm’s website. The Bay Area Law Offices of Connie Yi represents valued clients having diverse holdings across the world, helping them ensure that their tax filings with American tax regulators are deemed fully lawful. In short, our proven representation helps individuals and families with offshore sources of wealth “get everything in order.”
Unsurprisingly, that can take some digging and specialized research. U.S. tax laws are not static. In fact, they have undergone material changes in recent years. Additionally, other countries where assets are held likely have their own tax exactions, which must also be complied with.
Taking timely and proactive steps to ensure tax compliance can materially promote peace of mind for Americans filers having foreign assets. An experienced professional with an integrated legal and accounting background can help promote their best interests.