International Tax Consulting & Compliance of Michigan
Across Michigan, there are many residents who find themselves facing international tax difficulties, and need a professional tax resolution firm that has the expertise to represent their best interests with the IRS and U.S. Government, and settle their international tax issues properly. If you are a resident of Michigan that owns offshore assets, has worked on foreign soil, or has business entities/employees in foreign countries, there are a variety of complicated tax problems you may encounter. Michigan Pure Tax Resolution has a team of international tax attorneys and CPAs that specialize in international tax matters, and can resolve complicated international tax issues, and provide sound tax consulting for the life of your offshore assets or business matters.
Common International Tax Problems
FBAR & FATCA Requirements
Recently, the U.S. Government has established strict laws and regulations to govern Michigan residents that own international assets. The 2 most notorious are FATCA (Foreign Account Tax Compliance Act) and FBAR (Report of Foreign Bank and Financial Accounts) regulations, which, in a nutshell, require owners of foreign assets (and their respective Foreign Financial Institution) of any kind to submit transparent and frequent reports of their asset values and earnings. Foreign assets that are eligible for FATCA and FBAR regulation include bank accounts, mutual funds, life insurance, and real estate commodities.
The requirements to satisfy these regulations are frequently evolving, making it more difficult for Michigan residents with offshore investments to stay compliant. If you are FBAR or FATCA delinquent, you are no doubt subject to the strict penalties mandated by the U.S. Government:
- Substantial financial penalties deducted from your assets or bank account (based on percentage of asset values, and longevity of delinquency).
- Serious criminal charges for international tax delinquency identified as on purpose, or cases that go un-settled for an extended period of time.
Just like with filing State or Federal tax returns, filing errors or delinquency with your FBAR or FATCA documentation is still subject to penalties, whether your delinquency or oversights are purposeful or not. Our international tax services cover a wide range of international tax resolution and consulting strategies for Michigan residents with FBAR/FATCA complications, designed to rectify errors and keep you FBAR and FATCA compliant for the life of your international assets.
International Employment & Business Operations
Many Michigan residents have a VISA status where they are classified workers in multiple countries, which in turn has increased potential for tax complications and penalties. If you are a Michigan resident that works, or has worked, in multiple countries or you are a business owner that operates offshore, it's crucial that you stay compliant with the unique tax requirements that come with your status. We are a professional tax resolution firm based in Michigan that provides effective tax problem resolution and consulting for Michigan residents that are involved with international employment or business operations. Our team of tax attorneys, CPAs, and enrolled agents have the expertise to represent you with the State of Michigan and IRS to rectify tax problems and maintain healthy international tax status.
Speak With Us Today
From our Michigan office, our dedicated team of international tax attorneys and specialists work directly with Michigan residents with existing international tax issues, and taxpayers who plan on owning offshore investments or working offshore and need sound tax preparation and consulting. We offer free, confidential tax consultations, and flat-rate pricing for our services. We invite you to call today to speak with our President, Tim Halcomb, and expect nothing but a positive experience - (248) 329-1160
The Pure Tax Resolution team of Michigan