why do i need international tax attorney blog

Today, we’re breaking down three reasons why you should seriously consider retaining an international tax lawyer if you have foreign earned income. #1 – Reduce Your Chances of Being Audited Whether you’re an expat or simply drawing income in other countries, the US government expects you to pay taxes on what you’ve earned.

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Why do you need an international taxation attorney?

Sep 18, 2009 · The U.S. loses $100 billion a year through offshore tax evasion. Even as the I.R.S tries to lure voluntary disclosures, the Justice Department has ramped up criminal probes, so far prosecuting two UBS bankers, five of its U.S. clients, a Liechtenstein adviser, a Swiss lawyer, and a manager at Zurich- based Neue Zuercher Bank.

What does it take to become an international tax lawyer?

Jan 19, 2022 · A tax attorney, also known as a tax lawyer, is an attorney specializing in the application and interpretation of tax policies and laws. Tax attorneys are often involved in litigation, advising taxpayers on the tax consequences of various transactions and representing clients who have tax disputes that can only get resolved in a courtroom.

Do international students pay taxes in the US?

Mar 29, 2022 · Today we published 8 new situational tax charts to AndrewMitchel.com. We have over 1300 charts for FREE on our website. The recently published charts include: Martin Ice Cream (Ice Cream Distribution Rights Were Owned By A Shareholder) Reg. 1.1298-4, Example (Possible PFICs Owning 25%-Owned Domestic Corps) Rev. Rul. 73-478 (Sale of S Corp Stock to …

Do F-1 international students need an accountant to file taxes?

May 10, 2020 · For example, an International tax lawyer must figure out the tax implications associated with cross-border transactions and assists clients with reducing their worldwide effective tax rates. In reality, being an International Lawyer means understanding how a myriad of laws and regulations interact together, it is knowing how to use these rules and precedent to …

What does an international tax lawyer do?

The job of the international tax lawyer is to help clients reconcile competing tax obligations, and usually also to minimize overall taxes owed. The main role of the international tax attorney is advice-giving and analysis.

Is international tax a good career?

International taxation is certainly a hot field and will definitely intensify going forward. Corporations, public accounting firms, and law firms are in great need of international tax specialists. For our purposes, international tax is defined as the U.S. taxation of international or cross-border transactions.

What is international tax Counsel?

The Office of the International Tax Counsel (ITC) develops and reviews policy, legislation, regulations, revenue rulings, revenue procedures, and other published guidance dealing with all aspects of international income tax law.

What do tax lawyers do Canada?

Canadian income tax lawyers offer tax planning solutions, showing their clients the best ways of arranging financial matters to minimize taxes payable, without violating any tax laws in Canada. This ensures that they do not face any CRA (Canada Revenue Agency) successful audit or prosecution.

How long does it take to become an international tax manager?

Tax managers typically have 5-10 years of professional accounting experience, which begins after you're certified in the field. In total, individuals should expect to take a minimum of ten years to become tax managers: four years for their bachelor's, one for a master's, then at least five years of work experience.Oct 20, 2021

Is being a tax accountant hard?

Becoming a tax accountant requires hard work in school, but the skills you build can benefit you in numerous ways beyond the accounting field. In fact, most successful tax accountants improve their skills over time, meaning their learning doesn't stop after graduating from an undergraduate program.Dec 8, 2021

What does an international tax accountant do?

International accountants provide financial services to companies that conduct business overseas. As an international accountant, your job duties include converting accounting data to match the accounting standards of a given country.

Can you negotiate with CRA?

The reality is that, the CRA does not negotiate. It wants the money that is owed to it. No matter how good of a negotiator you are, the CRA will not lower the overall amount of tax debt that you owe. You owe this money and the CRA wants to receive it.

Does CRA make mistakes?

If you think that the CRA has misinterpreted the facts or applied the law incorrectly even after working with them to provide all relevant documentation, you can file a notice of objection.Aug 24, 2020

Are tax accountants smart?

Accountants are smart. Accountants bring a wealth of knowledge and real-world experience to their organization. They've most likely seen numerous business types and strategies and are well-positioned to have a solid understanding of what is likely to work — and what isn't.Dec 2, 2021

How to avoid double taxation?

Whether you are part of an international, multinational, or a U.S. business, one of your top priorities is to avoid double-taxation and other forms of excessive taxation. Consider, for instance, a hypothetical foreign entity seeking to perform business in the United States. At a minimum, considerations regarding the form the entity should take should include: 1 Tax treatment of the entity. Depending on the entity type, different tax treatment will apply. Selecting among an LLC, C Corporation, S Corporation, or tax treatment as a disregarded entity will produce significantly different tax results. In addition, choice of a business entity includes liability considerations. 2 Liability considerations. Entity selection also concerns issues of liability should the business run into problems and accrue debts and other obligations. 3 Formation and administration of the entity. The goals of the entity should be considered thoroughly to ensure that the costs and procedure involved in forming, administering, and managing the entity are justified. 4 Capital considerations. Depending on the business’s need for outside investment and other factors, parties should consider how the form of organization may make it easier or more complex to raise capital and the compensation contributing individuals and entities should receive. 5 Exit strategy – Whether there is a chance that the business will exit the market or that shareholders and partners may move on to other ventures, considering the financial and tax impact of these events is necessary.

What is the IRS doing about offshore tax evasion?

In recent years, the IRS and Department of Justice have focused on enforcing the long-standing obligation to disclose foreign accounts and assets as part of a Report of Foreign Bank and Financial Accounts (FBAR). Furthermore, the IRS and DOJ have worked to implement international governmental agreements (IGAs ) as part of FATCA with more than 100 nations that will allow for the sharing of financial account information. Furthermore, additional enforcement efforts like the Swiss Bank program has provided U.S. regulators with significant foreign account data to identify and pursue U.S. citizens, tax residents, and other covered individuals.

Is Mexico a southern neighbor?

Mexico – As the United States’ southern neighbor, many Americans have significant financial and business ties to Mexico. Americans living in Mexico or engaged in cross-border banking or business activities should regularly consult with an experienced tax professional.

What is a foreign corporation required to file?

corporation or a foreign corporation doing business in the United States. For example, a foreign-owned domestic corporation is obligated to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. In addition, corporations of this type are required to keep sufficient records regarding related parties.

What is international taxation?

For individuals, one common type of international taxation involves personal income tax for both citizens and foreigners who earn money inside the country.

Where do American expats live?

Philippines – American expats may settle in Manilla or elsewhere in this welcoming nation . The location of the Philippines can provide an expat with access to an array of markets in Asia. Saudi Arabia – Many Americans and Westerners live and work in the Saudi Arabia in enclaves in cities like Riyadh, Jeddah.

September 02, 2021

Yesterday the IRS published a new practice unit titled: FTC (Business) General Principles This new practice unit has been added to our Practice Units By Topic page. Read more →

August 26, 2021

Last week the IRS published two new practice units. One was titled: Transfers of Property to Partnerships with a Related Foreign Partner and the other was titled: Accuracy-Related Penalty on Understatements With Respect to Reportable Transactions These 2 practice units have been added to our Practice Units By Topic page. Read more →

August 19, 2021

Today we published 2 new heat maps on AndrewMitchel.com. The first heat map shows the average Adjusted Gross Income (AGI) for each State, with higher income states having a lighter hue and lower income states having a darker hue.

August 14, 2021

Continuing our series on Famous Tax Quotes (quotes from court opinions and rulings with language that is colorful or that concisely states an important tax principle) today's tax quote is: That the receipt of income by a resident of the territory of a taxing sovereignty is a taxable event is universally recognized.

August 04, 2021

As we have reported in past years the U.S. government actively pursues taxpayers that are committing tax fraud and other tax crimes. The Justice Department publicizes its successes in its press releases.

July 28, 2021

Today the Treasury Department published the names of individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency (“expatriated”) during the second quarter of 2021. The number of published expatriates for the quarter was 734. See the chart below for the quarterly expatriates from 2011 to the second quarter of 2021.

July 20, 2021

Today we published a new web page which provides IRS data by zip code. The IRS publishes many details of Form 1040 by zip code. For example, the data includes the number of 1040s filed for each zip code and the total adjusted gross income (“AGI”) earned in that zip code. This data allows the average AGI to be computed for each zip code.

What is international law?

Let’s start with the basics: International law is the set of rules, agreements and treaties that are binding between countries. That’s for the definition. As a practical matter, International Law covers three areas:

What is an LL.M.?

An LL.M is a specialized international Master Degree and often allows you to sit the Bar Exam in the country of study. The curriculum of these programs provides in-depth instruction about the chosen subset of international law. So be careful when choosing your program.

What is regional agreement?

It includes regional agreements where a nation’s law may be held inapplicable when conflicting with a supranational body of rules. For example, European Union law for Member States of EU: it has its own set of laws which are directly implemented by Member States. 2.

Is it important to learn another language?

Finally, your language skills are critical. Even if English is your mother tongue, learning another language can bolster your career opportunities. At the end, It means going beyond your current limitations and becoming a better lawyer, focused on the globalized nature of business and life in general.

What do lawyers do?

Most attorneys specialize in one area, such as contract, corporate, customs, immigration, tax or human rights to name a few. They usually advise their clients on the domestic laws of their home country.

What is a tax opinion?

There are tax opinions covering conditions when entering into a contract, business structuring, selling a business, stock swaps, a 3rd party to agree to some action, etc. Tax Opinions help protect individuals, business owners, investors, stockholders, directors, and officers of companies, and so much more. Learn More.

How to protect yourself from IRS?

Protect your self by using a tax attorney who can provide client privilege protection. When you are late making tax payments, the IRS can access a penalty and charge you interest. Interest begins to accrue the moment you are late paying what you owe. The IRS provides penalty abatement if you are eligible.

Can an expat attorney help with taxes?

The IRS provides penalty abatement if you are eligible. A qualified tax attorney can help you determine if you qualify and represent you to the IRS. An expat tax attorney has the expertise in cross border transactions and can create a tax strategy and structure that saves on your business and personal taxes.

What is a CPA?

A CPA is focused on preparing and maintaining personal and business financial and accounting records and timely filing with the IRS. A CPA will also speak with the IRS as needed. Firstly, don’t panic.

What do expat tax attorneys do?

Expat tax attorneys know the specifics of the IRS tax code and U.S. Department of Treasury guidelines and how to maximize tax savings for U.S. taxpayers living and working overseas or earning foreign income. U.S. taxpayers pay taxes on their worldwide income.

International Tax Lawyers

International Tax Lawyers: At Golding & Golding, our Offshore Tax Attorneys represent clients worldwide in all aspects foreign accounts compliance and foreign income reporting. We specialize exclusively in international tax.

Golding & Golding International Tax Law Specialist Team

Many foreign taxpayers are overwhelmed by the US tax system — and we are here to help them safely get into foreign accounts compliance . The IRS does little to prepare new residents and investors with the specifics of what they are required to include on their tax returns, FBAR, Form 8938, etc.

Areas of International Tax and Reporting our Attorneys Practice

Within the world of offshore disclosure and tax compliance, our international tax attorney team specializes exclusively in offshore tax and compliance matters.

Fees for Hiring an International Tax & Legal Team

Learn why experienced Offshore Disclosure teams always charge flat-fee for tax and legal representation — and avoid using Kovel Letters.

Golding & Golding: About Our International Tax Attorney Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS disclosure & compliance.