International tax attorneys and CPAs in Tampa specializing in offshore asset protection and Expat tax compliance
Along with our long list of domestic tax resolution specialties we offer to Tampa taxpayers every day, we offer professional consulting and compliance services for Tampa-area taxpayers with offshore assets, or working under Expat tax requirements. Our services range from providing offshore asset protection for international investors, including FBAR and FATCA preparation, or helping Expatriates properly manage and file taxes domestically with the IRS.
The Tax Attorneys of Pure Tax Resolution
The Risks of Owning Foreign Investments
Over the past few years, the U.S. Government, along with all respective U.S. tax departments have been exercising new legislation to increase the tax reporting transparency for offshore accounts owned by U.S. taxpayers. This means that U.S. taxpayers looking to shelter their investments overseas are now required to comply with these laws, or face serious financial or criminal penalties.
As the nature of these regulations continue to evolve, it makes it more and more difficult for Tampa-area taxpayers to avoid hefty international tax law penalties. And, regardless if international tax delinquency is willful or not, the Government continues to enforce crippling penalties and criminal charges on a daily basis.
FBAR & FATCA Compliance for Offshore Investments
The two most notable programs mandated by the U.S. Government are FBAR (Report of Foreign Bank and Financial Accounts), and FATCA (Foreign Account Tax Compliance Act). These laws delegate strict regulations on Tampa taxpayers with foreign assets, and the foreign financial institutions that harbor any investments. You, and any respective financial institution(s), are required to provide up-to-date records of asset value and gains, mainly by submitting specific forms with your tax returns. If these filing deadlines are not satisfied on time, or filed improperly, the Government will enforce hefty financial penalties and even criminal investigations.
Failing to comply with Government FBAR and FATCA regulations can result in:
- Substantial fees that can range in the hundreds of thousands of dollars, which is calculated as a percentage of your asset values, and longevity of delinquency.
- Criminal investigations and prosecution, if they determine your tax reporting delinquency is will-ful, and goes unsettled for too long.
At Tampa Pure Tax, we work with local international investors to provide offshore asset protection for any foreign investment or asset they own. We evaluate your FBAR or FATCA filing status, and make sure your filing is up to date, and provide ongoing offshore asset reporting to ensure your investments are protected.
Expat Tax Compliance
Many Tampa area are considered Expatriate (Expat), and need to adhere to the unique Expat tax filing requirements of the U.S. Government. Whether you are a U.S. citizen working on foreign soil, or a foreign citizen working in the U.S. (VISA/Green card), it's important to understand the conditions and regulations for Expat tax filing. Your income must be claimed properly, no matter what country you work from, and not doing it properly can result in back taxes, audits, and collections, just like any other IRS tax problem we handle at our firm. If you are a local resident of Tampa that falls under Expat tax status, our team of tax attorneys and CPAs can help provide clarity, and rectify and Expat tax filing errors or delinquencies you may have.
LEARN MORE ABOUT OUR COMPREHENSIVE INTERNATIONAL TAX SERVICES IN TAMPA
