Given the complexity of issues faced by international taxpayers it is often the case that unless they have had expert professional advice they may have not complied with all their obligations.
At MEDOWS International Tax our team of experts have significant experience in identifying any gaps in compliance and working with clients to optimize their filing status. Although the IRS and many other tax authorities may levy large fines for non-compliance, there are often many disclosure programs or provisions in place that may mitigate or reduce any fines and penalties due.
A common mistake that many US citizens and US resident alien taxpayers make is failing to make declarations to the IRS which are required under FATCA or FBAR. We have worked with taxpayers to make declarations, and have succeeded getting most or all penalties waived, under:
- the Streamlined Foreign Offshore Procedures
- the Streamlined Domestic Offshore Procedures
- the Delinquent FBAR Submission Procedures
- the Delinquent International Information Return Submission Procedures
The IRS also operates an Offshore Voluntary Disclosure Program and an Offshore Voluntary Disclosure Initiative. These allow taxpayers cap penalties for non-compliance.
Our clients benefit from our robust compliance program which gives them the necessary control to effectively manage tax controversy.
We also have significant experience working with tax authorities to resolve these issues and have an excellent reputation in this area.
Whatever your international tax needs are, we can help. Contact us for assistance.