A U.S. person (resident or citizen) who plans to invest or do business through an entity outside the United States should be aware that the IRS is increasing its scrutiny of taxpayers who own or control foreign financial accounts (including bank accounts and investment accounts), or who have failed to disclose or report interests in foreign corporations, partnerships, trusts or estates and gifts received. Taxpayers who do not properly disclose foreign assets risk major criminal and civil penalties. (Civil penalties – can be equal to the greater of $ 100,000 or 50% of the balance of the foreign account) + (Criminal penalties – imprisonment up to ten years and penalties of up to $ 500,000)
Gonzalez & Partners CPAs, LLC can help you with all your international tax and accounting needs. Our typical clients include citizens or residents of the United States that invest abroad, foreign individuals who invest in businesses and real estate in the U.S. and/or foreigners who later become residents or citizens in the United States. Our international tax consultants can carry out a detailed assessment of the tax issues of each individual taking into account their specific operations and we make sure to keep up with any new legislative and regulatory developments.