Our team of international tax attorneys & CPAs help Dallas residents maintain healthy offshore tax reporting
Domestic IRS debt is very common among Dallas-area individuals and businesses, but many local residents with offshore assets are becoming targets for hefty tax fines due to international tax delinquency. Pure Tax Resolution has a team of FBAR & FATCA Tax Attorneys, Enrolled Agents, and CPAs that specialize in proactive international tax law matters for Dallas taxpayers that own offshore bank accounts, mutual funds, cash-valued insurance policies, or real estate commodities. If you are a local resident of the Dallas-area with offshore investments, it's important you take a proactive approach with your international tax compliance, before you and your assets fall victim to severe penalties involved with international tax violations. Our international tax attorneys and consultants are available for residents in and around Dallas for help with international tax issues of any kind.
The Tax Attorneys of Pure Tax Resolution
How International Tax Violations Affect You
Over the recent years and into today, the U.S. Government is mandating new legislation that requires U.S. taxpayers with foreign investments to comply with specific international tax reporting guidelines. Texas taxpayers that own, or intend to own, offshore investments are required to be more transparent with their foreign tax reporting, otherwise are at risk of severe financial and criminal penalties from the U.S. Government.
As these new international tax regulations evolve, there is increasing pressure on Dallas offshore investors to stay on track with their international tax obligations. And, regardless if international tax violations are purposeful or not, the U.S. Government and IRS will aggressively enforce financial and criminal penalties against taxpayers who fail to comply.
Penalties for international tax delinquency may include:
- Substantial fees that can range in the hundreds of thousands of dollars, which is calculated as a percentage of your foreign investment values, and longevity of delinquency.
- Criminal investigations and prosecution, for extreme cases of will-ful international tax evasion over extended periods of time.
FBAR & FATCA Compliance for Offshore Investments
The two most common regulations mandated to regulate foreign tax reporting are FBAR (Report of Foreign Bank and Financial Accounts), and FATCA (Foreign Account Tax Compliance Act). These regulations require Dallas, TX taxpayers, and any foreign financial institutions they house investments with, to disclose specific information of your asset values and gains on a yearly basis. These reports must be filed properly and on time. If these filing requirements are not satisfied, you will be subject to the aforementioned financial and criminal penalties. As seasoned international tax experts, we have the ability to evaluate and understand the nature of your offshore asset declarations, identify any issues or miscalculations and bring your filing back into compliance.
International Tax Services We Provide
Pure Tax Resolution works with Dallas-area taxpayers every day to offer personalized international tax consulting and resolution strategies. Our international tax attorneys and consultants stay up-to-date on the ever-changing arena of international tax regulations, and offer proactive consulting and resolution for our clients that want to protect their foreign assets. If you are a taxpayer in the Dallas-area with international tax problems, or would like the proper consulting to protect your offshore assets, we are ready to speak with you today.
Our International Tax Resolution Process
1. Personal Evaluation: Call or email us today to arrange a free, confidential tax consultation at your convenience. Our President, Tim Halcomb, and our international tax law team will conference with you to gain a better understanding of your international tax needs.
2. Research: If you are ready to move forward with your international tax case, we will work the proper channels to collect all necessary records, and contact all necessary Government bureaus on your behalf.
3. Resolution Strategy: Once we thoroughly evaluate your tax case, we will execute a personalized strategy to address your international tax needs. We keep all records 100% confidential throughout the resolution process, and maintain transparent communication and professional service the entire way.