Foreign Tax Problems
Recent laws require disclosure of foreign financial interests – failure to comply can lead to severe penalties. Members of our tax litigation team specialize in foreign tax problems and can assist you if you have a:
- Foreign bank account
- Foreign investment account
- Foreign Trust – grantor or beneficiary
- Retirement accounts in foreign jurisdiction
- Real property ownership in a foreign jurisdiction
- Interest in foreign corporation
- Foreign mutual funds
- Foreign commodities accounts (gold, silver, etc.)
- Other foreign assets
The new global economy creates complicated income, audit and reporting requirements. The IRS has dedicated its resources to detecting, auditing and collecting taxes from international accounts and transactions. Penalties can include deportation of foreign citizens, large penalties that can exceed the value of the foreign asset, and potential criminal charges.
The tax attorneys at Anderson & Jahde work with the tax authorities every day. We litigate offshore cases and help taxpayers obtain the foreign tax benefits to which they are entitled and comply with foreign asset reporting.