Our Expertise.
With more than 25 years of experience, we help you navigate your cross-border tax journey.
Once you sign our engagement letter electronically, we will immediately switch to our Client Portal messaging system to ensure the privacy of our communication.
International Estate Planning
Are you thinking about immigrating to or from the US? Either way, you must do some good planning.
Pre-immigration planning:
- Check the Box Election
- Gifting and Sales of Appreciated Properties
- Setting up a Foreign Trust
Pre-exit planning:
- Exit Tax Estimate
- Transition from a Domestic Trust to a Foreign Trust
- Intermarriage Gifting
- Assets Transfer within the Lifetime Exclusion Limits
- I-407
- Form 8854
You can take several beneficial steps before your move. Please contact us to discuss your Cross-Border Estate Planning.
Foreign Financial Accounts Reporting
FBAR Issues and Form 8938 Issues: The IRS and the Department of Commerce require US tax residents to report certain financial assets. FBAR: $10,000 or more in aggregate at any time of the year. This applies not only to US individuals but also to other forms, such as corporations and trusts. We focus on the individual side. If you identify that you failed to report certain accounts, you may be facing severe tax penalties and potential criminal prosecutions. The maximum penalty could easily wipe out your foreign assets. We will help you solve such issues.
There are four ways to solve your issues:
1. Delinquent FBAR Submission Procedure
2. Streamlined Foreign Offshore Procedure (SFOP)
3. Streamlined Domestic Offshore Procedure (SDOP)
4. Voluntary Disclosure
The cost of each procedure varies from $0 to over $15,000. Contact us to find out more.
Abandoning Greencard and US Exit Tax Planning
Please submit your I-407 with your green card to report your intention of abandoning your green card to USCIS. In addition, if you are a long-term resident, you must submit form 8854 with your final tax returns to the IRS. Without this filing, you will remain a US resident for tax purposes. When you move to a different country, you need to consider the taxation of the other country to minimize double taxation. If your net assets exceed $2 million at the time of exit, you may be subject to the US exit tax. Before you exit, you must have good planning to minimize such taxes. We will work with you to ease your worries.
Key Steps:
1. Planning
2. Assets Transfer Prior to Abandoning GC
3. File I-407, W-8BEN and Form 1040NR, Form 8854
Best Ways to Save Your Exit Tax
Inter-family transfer of assets prior* to your departure (careful planning is necessary)
Foreign Gift/Inheritance and Cross-Border Assets Transfer Planning
If you receive more than $100,000 in one year as a gift or inheritance from foreign residents, you must file form 3520 on time. If you are late in submission or incorrect in the content, you may face up to a 25% penalty for the amount you received. If you identify that you failed to report, you can seek a reasonable cause statement to ask the IRS to forgive the hefty penalties. However, it has been a challenging process for many taxpayers. We'll look over your situation and work with you to find the best solutions.
If you identify that you failed to report such an amount, contact us immediately to find the best solution. To be frank, the solution is hard to find as the IRS maintains a hard stance on this issue. The process may take several years and involve negotiations with the IRS.
Could you schedule a complimentary meeting here?
Cases like:
* IRS notices involving hefty tax dues and penalty
* Windfall Elimination Provision-related letters from SSA
* General questions about US tax treatment of foreign private and public pensions
We will get back to you in ONE business day.