International Tax
International Tax Services from TaxLawFirm.net
If you are a U.S. citizen living abroad, or if you have offshore accounts, the IRS may pursue you for an international tax audit or even more serious tax issues. Since 2001, governments in Asia, Europe, Canada and Japan have formally cooperated with the IRS to target tax evaders. If you are experiencing international tax problems a tax attorney from TaxLawFirm.net can assist you.
Not Just Millionaires Need International Tax Advice
The IRS isn’t just going after a bunch of rich people hiding millions of dollars in offshore accounts. The IRS estimates that as many as 700,000 U.S. taxpayers are hiding assets in foreign countries, but many of these taxpayers are most likely U.S. citizens living and working overseas who may not be aware of U.S. tax rules governing expatriates. These honest Americans include students and recent graduates, members of the armed forces, and employees who are working for their U.S. based companies overseas.
According to U.S. tax laws, no matter what your occupation, and no matter what your reason for living or working abroad, if you are a U.S. citizen with more than $10,000 in a foreign bank account, you must disclose it to the IRS. In the past, this law wasn’t or couldn’t be enforced, but in recent years the IRS has built a stronger foreign presence and now has a much easier job of obtaining foreign financial information.
If you are a U.S. citizen and you do not disclose any foreign bank accounts that contain more than $10,000, you could be forced to pay up to half of your bank balance in fines, plus you could face up to ten years in prison.
Get Help Now!
If you are facing international tax problems or an offshore tax audit, the good news is you’re still subject to the same tax laws as every other U.S. citizen. That means that international tax advisors from the U.S. can help you with your predicament. Hiring a U.S. tax attorney or U.S.-based offshore bank account lawyer is especially useful if you live overseas and can’t return to the U.S. to file your tax documents in person.
Call a TaxLawFirm.net tax attorney today, and get international tax advice now! Evening and weekend hours are available by appointment.