International Tax Attorneys
International tax attorneys helping Grand Rapids taxpayers with FBAR and FATCA reporting and compliance
Over the years there have been many new laws mandated by the U.S. government to monitor and regulate foreign bank accounts and assets owned by U.S. citizens. So, if you are a citizen of Grand Rapids or Kent County with offshore assets, like bank accounts, real estate, market accounts, or any other investment, you are expected to comply with the recent FATCA and FBAR regulations. Failure to comply with these reporting standards can result in severe penalties, so it's crucial to consult with an international tax attorney that can shed light on your situation and keep your foreign assets in compliance. at Pure Tax Resolution, we have licensed tax attorneys on staff that specialize in the complex, ever-changing international tax regulations. There are many factors involved that can impact your compliance, so we invite you to contact us today for a free consultation, and we'll help you formulate a plan to achieve compliance with your offshore FATCA and FBAR reporting.
Andrew Linke - Senior Tax Attorney
How Our International Tax Attorneys Can Help You...
FBAR & FATCA Compliance
Recently, the U.S. Government has mandated strict laws and regulations to monitor the nature and amount of offshore assets owned by Grand Rapids citizens. The 2 most notorious are FATCA (Foreign Account Tax Compliance Act) and FBAR (Report of Foreign Bank and Financial Accounts) regulations, which, in a nutshell, require owners of foreign assets (and their respective Foreign Financial Institution) of any kind to submit detailed and current reports of their asset values. Foreign assets that are eligible for FATCA and FBAR regulation include bank accounts, mutual funds, life insurance, and real estate commodities.
The requirements to satisfy these regulations are frequently evolving, making it more difficult for Michigan residents with offshore investments to stay compliant. If you are FBAR or FATCA delinquent, you are no doubt subject to the strict penalties mandated by the U.S. Government:
- Substantial financial penalties deducted from your assets or bank account (based on percentage of asset values, and longevity of delinquency).
- Serious criminal charges for international tax delinquency identified as on purpose, or cases that go un-settled for an extended period of time.
Just like with filing State or Federal tax returns, filing errors or delinquency with your FBAR or FATCA documentation is still subject to penalties, whether they are purposeful or not. Our FATCA and FBAR attorneys handle all kinds of FBAR and FATCA compliance issues for Kent County residents. Every situation is different, so it's important you contact our professionals today so we can evaluate your case and customize a compliance plan that suits you.
International Tax Compliance
Many Michigan residents have a VISA status where they are classified workers in multiple countries, which in turn has increased potential for tax complications and penalties. If you are a Michigan resident that works, or has worked, in multiple countries or you are a business owner that operates offshore, it's crucial that you stay compliant with the unique tax requirements that come with your status. We are a professional tax resolution firm based in Michigan that provides effective tax problem resolution and consulting for Michigan residents that are involved with international employment or business operations. Our team of international tax attorneys, CPAs, and enrolled agents have the expertise to represent you with the State of Michigan and IRS to rectify tax problems and maintain healthy international tax compliance.