Legal Counsel To Stay In Compliance With International Taxation
As an American citizen with businesses or assets abroad, you should report your financial activity to the Foreign Bank And Financial Accounts (FBAR). However, learning what you have to report and when you have to report it might become a challenging task.
VB Tax & Trust, in Chino Hills, provides advisory services to individuals and businesses in general with financial activity and bank accounts abroad and similar. If you want to learn if you should file an FBAR report in April, we can assist you.
Skillful And Insightful Legal Guidance In FBAR Issues
The IRS determines that American citizens or business owners should file an FBAR report if:
- The individual has financial accounts exceeding $10,000 on an aggregate basis over a calendar year
- The individual has interests or financial accounts outside the U.S.
After learning about your situation and concerns in an initial consultation, we will determine a strategy to assist you. International tax issues are also tied to domestic tax matters, and we will help you stay in compliance.
We will also help you:
- Learn whether you have to report your assets, foreign bank accounts and the applicable thresholds
- Explain tax implications related to businesses abroad
- Understand how to report foreign gifts if the value exceeds $100,000
- Stay in compliance with your domestic tax obligations before the IRS
It is important to recall that individuals pay taxes based on their citizenship and not their place of residence or their business location. In addition, if you believe your soon-to-be ex-spouse may have assets abroad, we can help you bring clarity to their current tax situation before a divorce.
International tax compliance is a complex task that could bring extremely costly consequences at all levels if not complied with.