There is no denying it, successfully navigating international tax laws and regulations requires a specialised set of skills. The sections of law dictating the taxation of international transactions are the most complicated parts of the tax code.
The IRS holds you personally responsible for understanding them.
“But what about my CPA?!”
The tax professionals that prepare your return are only liable when there is serious negligence or fraud.
That’s right – your tax guy can make an error and you might pay the consequence.
When it comes to international taxation, the penalties for getting it wrong are massive. The government can seize up to 50% of the peak value of bank accounts that go unreported. You could even face time in prison.
There is a cottage industry around the non-reporting or mis-reporting of assets held abroad. The IRS has created a Voluntary Disclosure program. There are specific penalties for FBAR violations and IRS Forms 8938 (FATCA), 3520, 5471, and 8865.
The government has created a rat’s nest of overlapping and contradictory demands from taxpayers. Disclosing certain information can get you out of trouble in one respect but seal your fate about another issue.
Getting out of trouble requires a delicate touch – you need the help of a tax lawyer that focuses exclusively on these matters.
But you can avoid ever needing their services by hiring an international tax specialist before moving assets across borders. Your average CPA or tax lawyer in town probably has no experience with international tax matters. Trust me, you don’t want to be somebody’s first client with international tax issues on their return.
Remember, even if they screw up your return it’ll be you paying the price.
Like most things in life, you get what you pay for. The Esquire Group goes to great lengths to ensure their client stay out of trouble with the IRS. The same cannot be said for some of our competitors.
In the Esquire Group we offer you Concierge Tax Service. So start today to experience the Esquire Group difference.