Californians with foreign investments and property need a tax attorney and not just a CPA.
Californians represent the largest portion of US taxpayers with previously unreported Swiss financial accounts, offshore investments and corporate ownership. The complexities of taxation for foreign accounts and assets have significantly increased over the past several years. Managing those assets during COVID-19 with limitations on international travel has been problematic at best.
The primary reason Californians with foreign investments and property need a tax attorney and not just a CPA is the protection of the attorney-client privilege. The protections of attorney-client privilege for you as a client are much stronger and durable. The IRS can compel any information or notes in the client file of a CPA – information which can be used against you, the client.
As your tax attorney, attorney-client privilege allows you to freely disclose and discuss all of the foreign assets in question so that we can have a thorough analysis and conversation about the impact of an unreported or under-reported account and/or assets, and prepare strategies to minimize the financial penalties while shielding you from exposure to criminal charges when possible.
We will discuss the impact of transactional planning upon your unique tax profile and how to best structure your business and personal assets in order to minimize domestic and international tax exposures.
The IRS has access to financial records, account and transaction data and property information from most foreign banks, financial institutions and sovereign tax authorities. You must consider this as well as your requirements to file domestic and international tax returns as well as US FBARs.
Many Californians with foreign investments and property need a tax attorney and not just a CPA. Together, we can discuss your unique circumstances under the shield of the attorney-client privilege. Our integrated tax, accounting, legal and business advisory services ensure you receive answers to your questions which consider every aspect of an issue across your business and/or personal portfolio.
We invite you to contact Allen Barron or call us today at 866-631-3470 for a free consultation to discuss your unique circumstances and how we can work together to protect your interests and minimize taxation.