Foreign Income & Asset Reporting
We provide consultation and compliance services in foreign income and foreign assets reporting. Non-compliance in this area could result in hefty penalties and potential criminal charges.
For clients who would like to become compliant, we explore and evaluate all viable options based on their facts and circumstances and often work alongside with their attorneys. These options may include participating in the Offshore Voluntary Disclosure Program (OVDP) or the Streamlined Filing Compliance Procedures, or simply filing delinquent forms if the client does not have any unreported foreign income or unpaid tax liabilities. Our goal is to recommend the optimal solution resulting in the lowest compliance costs, including back taxes and penalties.