International Tax Experts in San Diego, CA
Our international tax consultants and advisors help California residents with FBAR and FATCA compliance, and any other foreign tax compliance matter
If you are a San Diego area resident with offshore assets, or involved with international business matters, it's important to have the proper international tax consulting to ensure your tax reporting is in compliance. An international tax expert can help you file FBARs and comply with FATCA regulations for your offshore assets, helping to avoid costly penalties from the US Government.
For California taxpayers facing any international tax compliance issues, our team of international tax experts provide a full ranged of foreign tax compliance. As the international tax regulations continue to evolve, having a professional international tax advisor steer you in the right direction is crucial. We are available for a free consultation if you want to learn more about maintaining your international tax compliance, or if you are thinking about investing offshore and would like some sound guidance.
Andrew Linke - Senior Tax Attorney
International Taxation and Compliance Services
Licensed International Tax Attorneys
Our firm is comprised of licensed tax attorneys, which gives them exclusive privileges to negotiate with the highest IRS authorities. In addition, our international tax attorney, Peter Mancini, is a seasoned tax attorney that specializes in foreign tax compliance. When hiring California Pure Tax for you offshore tax compliance needs, you will have a direct line of communication with Peter and our team, available to answer questions and keeping you abreast to the progression of your case.
FBAR regulations, or Report of Foreign Bank Accounts, requires the filing of a FinCEN 114 form to the IRS by June 30th of every year, disclosing all account values and earnings of any foreign assets. This applies to any citizen, resident aliens, trusts, estates, and domestic entities that own the following investments or financial accounts exceeding $10,000 in value:
- Foreign bank accounts
- Bank accounts held by a branch of a U.S. bank on foreign soil
- Securities accounts
- Commodity futures or options accounts
- Insurance policies that feature cash value
- Mutual funds (pooled investment funds)
- Indirect interests in foreign financial accounts through another entity
Penalties for non-compliance can be severe, including $10,000 civil penalty per accidental violation, and up to $100,000 penalty of 50% of your account value for intentional violations. With all the factors considered, it's crucial to consult with a San Diego international tax advisor that can maintain proper FBAR reporting and compliance. Our international tax experts specialize in FBAR compliance, from resolving current issues to setting up a FBAR filing for new offshore investments.
The Foreign Account Tax Compliance Act (FATCA) dictates how owners of foreign assets and their Foreign Financial Institution (FFI) report account holdings to the IRS. If you are a California taxpayer with offshore assets of any kind (bank accounts, stocks, real estate, cash value insurance, etc) you are required to submit a form 8938 with your tax return every year if your total value in assets exceed $50,000. Failure to file, or filing improperly can result in severe penalties, including:
- Up to $10,000 fine for failure to file
- Additional $10,000 fine every 30 days of non-filing, with a maximum of $60,000 fine
- Potential for criminal prosecution for extreme cases of FATCA violations
Beyond how you, the asset holder, reports your foreign assets through FATCA, your FFI must also follow certain reporting guidelines that align with your reporting. Our team of international tax experts can help organize all FATCA reporting between you, your FFI, and the US Government.
International Tax Filing
International taxation for California residents involved with foreign employment or business matters can be confusing, as there are many additional tax codes that must be considered. If you are a San Diego resident required to file international tax returns, business or corporate of any kind, we can help you file properly and maintain compliance.