How can a lawyer help with international tax law in Seattle?

 

International tax law

Many people get surprised to know that people, with US citizenship, who are living abroad could be subject to paying taxes to the US government. This can be overwhelming for the new generation as most might be subject to double taxation. That is why paying taxes in the country they are living in as well as in the US.

Tax treaties across the globe differ from place to place. Offshore information reporting is another difficult task which further complicated the taxation case.

IRS and the International taxation law

The Internal revenue service has a variety of tools that help them to track and calculate the income of the tax and US residents in foreign jurisdictions.

The IRS is also capable of tracking and calculating the cost of assets held in foreign banks. All the people with US citizenship have to undergo the substantial presence test.

If you are notified of a complex international situation, it is best to get in touch with an international tax attorney in the US. Tax issues that involve offshore businesses, assets, and other foreign earnings require a licensed and experienced international tax lawyer.

International tax lawyers for audits, tax planning, and compliance for American businesses

Today, all the business operations have expanded to a global market, beyond the domestic borders. International tax attorneys are happy to help international businesses and US residents capitalize on international and domestic opportunities with minimal tax implications.

As businesses operate overseas, more and more directors are looking for ways to reduce the international tax law implications.

How can an international tax lawyer assist the taxpayers?

Experienced counsel from a licensed and legal professional can help the business directors to work abroad, capitalize on international services and retire overseas with US citizenship. However, one must be willing to fulfill all the tax obligations put by the US government.

International tax lawyers have extensive experience in foreign bank account compliance, offshore tax controversies, and tax planning. They assist in and assess an array of tax issues such as tax minimization, FATCA, FBAR, and double taxation expatriates.

Can non-residents and expats of the US face a foreign tax audit?

Non-residents of the US are surprised to learn that the government takes all kinds of taxes on their citizenship. Whereas they are already paying taxes to the country they are residing in. Therefore, many individuals face double taxation.

However, double taxation can be avoided with the help of an international tax attorney. He goes through the tax treaties and creates a plan for subsequent taxation. After careful consideration, he presents and files your tax concerns to emit the need of paying double tax.

If the non-residents or expats still fail to fulfill the tax obligations, they would have to go through a foreign tax audit.

International tax law requirements to file FATCA and FBAR

A variety of tax enforcement efforts aim to eliminate offshore evasion. In short, the US tax authorities have expanded their reach. The Department of Justice and IRS are now disclosing foreign and offshore bank accounts to disclose all the assets.

These two authorities have worked together to implement governmental agreements and disclose foreign bank accounts as part of FATCA and FBAR respectively. Moreover, more than 100 nations have agreed to share information.

Conclusion

If you are a US resident living in another country and hold assets worth more than $10,000 you would be subject to foreign tax disclosure obligations. We highly recommend contacting an international tax attorney, Seattle FATCA to reduce the tax obligations. It will not only save your assets but will also benefit you in the long run.