International Tax Consulting & Compliance of Washington D.C.
Within Washington D.C. and neighboring communities of Maryland and Virginia, there is an increasing number of residents facing complications with their international tax status, and are in need of professional help to properly settle their international tax issues. The problems is, not all tax resolution firms have the expertise or resources to properly represent you and settle international tax matters.
If you are a resident of the Washington D.C. area that owns foreign investments, has been employed on foreign grounds, or has business operations and employees in foreign countries, there are a variety of unique tax problems that seem to arise with this unique status. For all your international tax settlement and consulting needs, Capital Pure Tax Resolution has a team of international tax attorneys and CPAs that represent local taxpayers with international tax complications, and can exercise a personalized strategy to settle and prevent tax problems moving forward.
Common International Tax Issues
FBAR & FATCA Reporting Regulations
Recently, the U.S. Government has begun enforcing complex laws and regulations that require Washington D.C. area residents with offshore assets to follow strict tax reporting guidelines. The 2 most notable programs are FATCA (Foreign Account Tax Compliance Act) and FBAR (Report of Foreign Bank and Financial Accounts) regulations, which, in layman's terms, require U.S. residents with offshore investments (and their respective Foreign Financial Institution) to provide detailed reports of their foreign investment values and earnings. Foreign assets that are subject to FATCA and FBAR regulations include bank accounts, trusts, mutual funds, life insurance, and real estate commodities.
The requirements of these programs are relatively new and frequently evolving, making it more difficult for local residents with offshore investments to stay on track with the reporting guidelines. If you are late filing, file improperly, or fail to file your FBAR and FATCA documentation, you are immediately exposed 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.
Similar to filing State or Federal taxes, errors or delinquency with your FBAR or FATCA reporting is still subject to penalties, whether your delinquency is purposeful or not. Our international tax services include a wide range of international tax settlements and consulting strategies for Washington D.C., Virginia, and Maryland residents with FBAR/FATCA problems, with a sole purpose of properly correcting errors and maintaining your FBAR and FATCA compliance for the life of your international assets.
International Employment & Business Operations
Many local residents have some type of VISA working status which carries many unique tax reporting implications. If you are a Washington D.C. resident that works, or has worked, in foreign countries or you are a part of a business entity that operates in foreign countries, it's important to stay on top of your tax reporting obligations before you or your business becomes the target of the IRS. We are a professional tax resolution firm based in Washington D.C. that specializes in effective tax problem resolution and consulting for local residents that are involved with international employment or business operations. Our team of tax attorneys, CPAs, and enrolled agents have the expertise to represent you with the IRS to correct any tax problems and maintain your international tax health.
Speak With Us Today
From our Washington D.C. location, we work directly with residents around the Washington D.C. area with existing international tax issues, and taxpayers who plan on owning offshore investments or working offshore and need sound tax preparation and consulting. We offer free, confidential tax consultations, and flat-rate pricing for our services. We invite you to call today to speak with our President, Tim Halcomb, and expect nothing but a positive experience - (202) 888-7447
The Pure Tax Resolution team of Washington D.C.