Comply With Tax Laws Regarding Your International Assets And Business Transactions
Foreign financial accounts and investments help many people and businesses diversify asset portfolios. Whether for family reasons, business purposes or speculation and security, U.S. citizens and other individuals and organizations with U.S. taxpayer status often maintain international assets. Along with the financial benefits of such investments come reporting obligations. Legal advice is essential for taxpayers who hope to avoid penalties, loss of assets and even imprisonment for tax evasion.
Kundra & Associates, P.C., offers clients broad-sweeping counsel and guidance in all tax matters, including compliance with U.S. tax laws governing assets and income abroad.
How Kundra & Associates, P.C., Steers Clients In The Right Direction Regarding International Income, Assets And Tax Obligations
Many people assume that the U.S. government will not know about their offshore bank accounts and other foreign assets and income. However, the Foreign Account Tax Compliance Act (FATCA) passed in YEAR incorporates requirements that banks in other countries identify U.S. citizens and residents with accounts of $50,000 or more. Furthermore, the Foreign Bank Account Report (FBAR) stipulates that U.S. taxpayers with overseas assets worth $10,000 or more report these to the U.S. government. In addition, U.S. tax returns include statements that taxpayers must sign, stating that they have reported all income.
Helping clients understand and comply with these and other laws and rules regarding overseas accounts and assets is a valuable service that our firm provides, along with:
- Guidance for reporting capital gains taxes related to the sale of real estate and investments overseas.
- Resolution of international tax controversies related to private financial holdings, foreign trusts and bank accounts and business interests abroad
- Assistance accounting for, reporting and paying appropriate taxes on American business activities in other countries
- Accurate handling of foreign Investments per the Real Property Tax Act (FIRPTA)
- Tax obligations for foreign individuals living and working in the U.S. and for foreign businesses with U.S. branches or activities
- Accurate accounting for global intangible low-taxed income (GILTI) earned by U.S. businesses through intellectual property assets abroad
Attorney Chaya Kundra has more than 25 years of experience and a strong track record. With her knowledge and skills as our firm foundation, we help a wide range of clients with international tax concerns to avoid and resolve controversies.