Offshore Tax Compliance

Know How Our International Tax Lawyers Can Help You

Our offshore tax compliance team at Castro & Co. counsels individuals on the unique tax consequences associated with their foreign investment.

Below are some of the high-quality legal services we provide:

  • If engaged prior to the investment, we can counsel on how to properly structure and report the investment to minimize the associated tax obligations while complying with current tax laws.
  • If engaged after the investment, we can restructure and resolve all compliance issues associated with the investment.

At Castro & Co., we can help ensure that you comply with offshore tax laws to protect your assets. Speak with our international tax attorneys by scheduling a free initial consultation at (833) 227-8761!

Let Our Trusted Firm Handle All Your Legal Needs

Our international tax attorneys also counsel individuals on compliance with foreign bank account reporting on FinCEN Form 114a as well as disclosing foreign assets on IRS Form 8938 in accordance with the Foreign Account Tax Compliance Act (FATCA).

We can also assist clients that are considering utilizing the Offshore Voluntary Disclosure Program (OVDP) to shield against criminal tax liability or the Streamlined Filing Compliance Procedures for non-willful taxpayers that misunderstood the law in good faith and were unaware of their filing requirements.

Report of Foreign Bank and Financial Accounts (FBAR)

It is common to have financial accounts abroad, however, it is important to remember to file the FinCEN Form 114a or “FBAR” with the U.S. Treasury Department’s Financial Crimes and Enforcement Network. Without this, you may face penalties.

The Form 114a is also known as the Report of Foreign Bank and Financial Accounts. This form must be filed before tax day (April 15) if you have a financial account in another country that is over $10,000 in total at any point during the year. An account is considered “foreign” if the account is located outside of the 50 states, the U.S. possessions, and tribal territory that is considered “foreign”.

Who Must File FinCEN Form 114A?

If you are a U.S. citizen, green card holder, or resident alien and live in the United States or abroad, if the combined balance of all your foreign accounts is more than $10,000 during any point in the calendar year, you must file an FBAR. Examples of your foreign accounts include:

  • Bank accounts
  • Securities accounts
  • Foreign retirement arrangements

Get your free initial consultation by calling our firm at (833) 227-8761. We serve clients worldwide with offices in Washington DC, Miami, Dallas, and Orlando.

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