Tax Consulting for U.S. Persons with Foreign Income or Assets
If you have foreign income or assets, such as a bank account, brokerage account, business entity, wages, or investment income, it is crucial that you understand your U.S. tax obligations. As a U.S. citizen or resident alien you are taxed on your worldwide income; that is income earned anywhere in the world. Foreign income and assets are subject to complex U.S. tax rules—so proper planning is critical. Without it you could wind up paying more tax than you have to, be subjected to stiff penalties, or even face criminal charges.
For example, the average person – or tax professional, for that matter – probably doesn’t know that foreign mutual funds, unless handled properly, are subject to a draconian tax regime that often wipes out any profits. Or they may not know that there are different exchange rates that must be used to report various types of income and assets, and which exchange rate to use for which type of income or asset.
The complex tax rules governing foreign income and assets can be difficult to wade through; fortunately, this is our specialty and we can explain it to you in plain language. We also know how to structure your foreign holdings to reduce potential negative tax consequences.
And, if you have foreign income or assets that you have not been correctly reporting, we can help you get into compliance.
Esquire Group will ensure you are in tax compliance and keep you there, reduce the impact U.S. taxes have on your foreign income, and help you devise a tax plan for the future