Tax Consulting Services for Individuals

Domestic Tax Consulting

Esquire Group provides a full-range of domestic tax consulting services. Whether you are buying a house, starting a family, considering a charitable gift or contemplating a business start-up, we can help make sure you do it in the most tax advantaged way. You might be asking yourself: How much should I be contributing to a retirement plan? Is the timing right for purchasing or leasing a car? Am I missing any deductions that could reduce my tax liability?

 

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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.

 

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Tax Consulting for U.S. Persons Living Abroad

Many U.S. citizens or resident aliens have, for various reasons, decided to live outside of the U.S. If you are one of these individuals, remember that the U.S. taxes you on your worldwide income, and requires that you disclose certain foreign financial accounts and assets.

 

If you are an expat, you likely have many questions such as: How will my foreign wages and investments be taxed?

 

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Tax Consulting for Nonresident Aliens

If you are a nonresident alien but have U.S. income or assets, it is important that you understand how the U.S. will tax you, and that the U.S. tax system will treat you differently than it treats U.S. taxpayers. You need to know what those differences are and how they impact you.

 

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Foreign Account Tax Compliance Act (FATCA)

FATCA is legislation that was enacted to combat tax evasion by U.S. persons with foreign financial assets. Under FATCA, U.S. tax payers holding financial assets outside of the U.S. must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets, if they exceed a certain threshold. Not reporting these assets can result in serious penalties, not to mention an unlimited statute of limitations. In other words, don’t take your FATCA reporting lightly.

 

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Pre-Immigration Planning

Obtaining a visa, green card, or U.S. citizenship is a dream come true for many people. But without proper planning this dream can quickly turn in to a tax nightmare. It is also possible to inadvertently become a U.S. tax resident by virtue of the substantial presence test. Simply stated, under the substantial presence test you can become a tax resident of the U.S. by spending too much time in the U.S. If this happens you could be subject to tax in the U.S. on your worldwide income as well disclosure to the U.S. of certain foreign assets.

 

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Cross-Border Estate Planning

A properly executed estate plan can protect you and your family in the event of sickness, accidents, or death. With just a little advanced planning, you can help your family avoid wasted expense and unnecessary hardship.

 

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