Foreign Tax Services

a table of foreign currency exchange rates

Our firm has the knowledge and experience to help you with a variety of U.S./International tax reporting obligations. Penalties for failure to timely disclose foreign-held assets, and income from those assets, can carry substantial civil penalties, many starting at $10,000 or more per failure, and can also include criminal prosecution.

A new set of laws collectively referred to as FATCA (Foreign Account Tax Compliance Act) requires foreign banking and financial institutions to identify and report to U.S. tax authorities any U.S. persons or entities that have accounts with them. The U.S. will use this information to identify non-compliant taxpayers, regardless of whether they reside in the U.S. or abroad, which may lead to an IRS audit and substantial civil or even criminal penalties. In fact, the IRS has recently stated that hiding money or income offshore is listed on their “Dirty Dozen” list of tax scams and has reiterated their dedication to aggressively detecting and addressing such noncompliance. So now, more than ever, it is imperative that U.S. individuals and business entities properly plan for and timely comply with their U.S. tax reporting obligations.

How can we help?

Our firm provides tax advisory and return filing services for:

U.S. persons working abroad
Resident aliens[1] or non-resident aliens, required to file a U.S. personal income tax return.
U.S. persons who own or control certain foreign assets, such as bank or financial accounts, or direct or indirect ownership in foreign entities, including corporations, partnerships and trusts, which meet certain threshold tests requiring disclosure on one or more U.S. tax forms, and the reporting of any income therefrom.
U.S. corporations and other entities that have foreign owners or foreign related party transactions that requires disclosure and/or tax reporting.
U.S. corporations and other entities that need assistance with their Form 1042-S and 1042 U.S. income tax withholding and income reporting requirements under Internal Revenue Code Subtitle A, Chapters 3 and 4 (FATCA).
Voluntary disclosure and settlement of any past omissions of required disclosures or income tax reporting.

With Michael K. Shelby, CPA, LLC, you have a CPA firm that will listen to your concerns and provide timely solutions. Visit our Foreign Tax Information Center found in the TAX CENTER of our website for Foreign Tax News, Information and resource links regarding foreign tax reporting matters.

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[1] Note: The term “U.S. Person” includes a Resident Alien, which is defined as any individual who has U.S. permanent residence status (i.e., “green card”) at any time during the calendar year, or is substantially present in the U.S. for at least 31 days of the current calendar year and a total of 183 days or more during the current year and the two preceding years. Internal Revenue Code section 7701(b).

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