Awards & Recognition
At the Tax Law Office of David W. Klasing, we are a full-service tax firm whose team of Tax Attorneys and CPAs is dedicated to aggressive taxpayer advocacy. We work with business owners, employers and employees, independent contractors, investors, venture capitalists, U.S. expats, international companies, dual citizens, and military servicemembers who are stationed overseas to resolve a wide range of tax controversies. Our Oxnard tax lawyers are committed to helping you minimize your liabilities, manage your wealth effectively, and plan for the future ahead.
International Tax Lawyers for U.S. Expats and Foreign Companies
Whether associated with a business entity or an individual taxpayer, foreign income is subject to rigorously enforced disclosure requirements under U.S. tax laws. These requirements are central to laws like the Bank Secrecy Act (BSA) and Foreign Account Tax Compliance Act (FATCA), which create reporting requirements at various monetary thresholds.
In addition to complying with these laws, international entities must also consider similar tax issues as domestic businesses – issues, for instance, such as which structure to choose if opening a U.S. branch – while contending with the added layers of complexity that accompany international tax regulations. With tax offices in Oxnard, CA, our international tax attorneys are devoted to helping you achieve compliance while protecting and growing your wealth.
FBAR Tax Attorneys for Expats
It is mandatory for various taxpayers to report foreign income to the Internal Revenue Service. Such taxpayers may include U.S. expats, dual citizens, members of the military, frequent business travelers, recent immigrants, and even taxpayers who use wire transfers to send money between the U.S. and foreign countries.
This is because all “U.S. persons” – including citizens, resident aliens, trusts, estates, and business entities – must disclose foreign bank accounts and assets, provided their value exceeds $10,000 at any time during a given tax year. This disclosure is made by electronically filing FinCEN Form 114, better known as the FBAR or Foreign Bank Account Report. FATCA contains a similar requirement, which obligates taxpayers to file Form 8938 (Statement of Specified Foreign Financial Assets), though the reporting threshold is higher: $50,000 rather than $10,000.
Our tax lawyers for expats serve taxpayers all over the globe, including Switzerland, Singapore, Mexico, and the United Kingdom. No matter where your accounts or assets are located, we can facilitate the disclosure process while working to reduce any penalties or interest you may owe the IRS.
FATCA Tax Compliance for U.S. Citizens, Residents, and Non-Residents
Even if you live and work in Oxnard, you could still be impacted by unique tax laws that affect international taxpayers. For example, an Oxnard resident with a foreign bank account could be affected by FBAR laws, which require U.S. citizens, residents, and businesses to file an FBAR (Foreign Bank Account Report, i.e. FinCEN Form 114) if they own or control offshore bank accounts or foreign stock worth $10,000 or more in aggregate. A similar law, the Foreign Account Tax Compliance Act (FATCA), requires citizens, residents, non-residents, and business entities to report specific foreign assets exceeding $50,000 in aggregate value. Our international tax attorneys can guide you through an FBAR audit, help you make a streamlined disclosure, or take other actions to mitigate civil penalties and limit your criminal tax exposure.
Tax Planning Attorneys for Foreign Entities
In addition to complying with FATCA and the BSA, foreign companies must also take part in precise and thoughtful tax planning. For example, multinational entities must weigh whether or when to form a U.S. entity, as well as the tax treatment of income that is “effectively connected” to the United States. Further, out-of-state companies that sell products online may have a duty to collect and remit sales tax to the state of California, depending on factors like whether the company is domiciled or organized in-state, and whether its sales surpassed certain amounts in California.
Our Oxnard, CA Tax Lawyers Can Assist With Your International Tax Issue(s)
At the Tax Law Office of David W. Klasing, we have distinguished ourselves – not only by providing a superior level of client service, but by taking on the difficult tax issues that other firms or attorneys have turned down. Supported by more than 20 years of tax experience, including over a decade of experience specific to the public auditing industry, our team members are ready to find the answers to any domestic or international tax question.
To discuss a business tax or international tax matter confidentially in a reduced-rate consultation, contact our tax firm online, or call the Tax Law Office of David W. Klasing at (805) 617-4566 or (800) 681-1295.
