International taxation is one of the most complex areas of the tax code. Our services include tax compliance and planning for residents doing business abroad, foreign aliens doing business in the US, foreign entities doing business in the US and domestic entities doing business abroad.

 

Since introduction of FATCA (Foreign Account Tax Compliance) in 2010, all of the foreign financial institutions are bound by law to report all of their U.S. clients’ assets and income to the tax authorities.

The IRS gathers and cross-checks data collected from the banks and other financial institutions with your tax returns. In case of incorrect or missing reporting, penalties and interests are assessed to the taxpayers, which can lead to an audit.

International taxation regulations target individuals and businesses (U.S. residents and also to U.S. citizens and green card holders residing in other countries).

 

A lot of foreign tax compliance issues can arise when dealing with international taxation. Our experience and knowledge of international taxation will help your organization or yourself to be compliant with regulations, minimize the effects of double taxation and therefore reduce your global tax rate. 

 

Taieb & Associates will advise and guide you through every step of the process:

 

• Withholding and reporting of payments to foreign individuals and entities (Preparing Form 1042 tax return and 1042-S reporting forms)

• Preparing individual tax returns for non-resident aliens and U.S. expatriates

• Reporting personal rental income or through a foreign entity (Schedule E, 8865, 8825)

• Preparing 5471 tax forms if you have investments in controlled foreign corporations or if you are subject to the Subpart F income rules and exceed the ownership thresholds.

• Reporting your foreign life insurance (8621 tax forms, PFIC)

• Preparing tax returns for US entities with foreign partners or shareholders.

• Preparing tax returns for US based entities operating abroad.

• Assist you in your expatriate tax planning and international tax structuring

• Transfer pricing planning

• International tax treaty analysis and filing

• Overall international tax planning

• FBAR (Form 114 FinCen) to report your signature authorization on foreign bank account for which the maximum balance has exceeded the threshold of 10,000$ during the fiscal year.

 

Foreign Bank Account Reporting (FBAR)

 

The form TD F 90-22.1 (“Report of Foreign Bank and Financial Accounts” or “FBAR”) has always been a hot topic among both the IRS and tax practitioners. This form was significantly revised in late 2008 to increase reporting requirements for companies and individuals having foreign assets and income. 

The new rules include hefty penalties (up to 50% of the highest balance) for failing to file this form on a yearly basis (deadline is generally June 30th). 

While FBAR reporting requirements have been in place since 1970, significant revisions to the form and associated penalties for non-compliance have garnered the attention of many taxpayers and practitioners over the last years. 

 

Taieb & Associates can assist you in becoming compliant with regard to your foreign bank account reporting and work with you regarding the Voluntary Disclosure Program.