International Tax Services in Boulder, CO
Licensed international tax attorneys and advisors helping Colorado residents maintain FBAR and FATCA compliance
With the increasing demand for international tax law firms that handle offshore asset compliance, we have expanded our services to help taxpayers in Boulder County with all their international tax compliance needs. If you are a local taxpayer with offshore investments, including bank accounts, real estate, stock market funds, or any other investment, you are required to comply with FBAR and FATCA regulations. If you are a local taxpayer with international business or employment matters, it's important to make sure your tax filings are prepared and filed properly to avoid audits and back tax delinquencies.
At Pure Tax Resolution of Boulder CO, we have a dedicated team of international tax advisors, including international tax lawyers and accounting professionals that help Boulder area taxpayers resolve tax problems with their offshore tax matters, and maintain compliance moving forward. Whether it's preparing and filing FBAR and FATCA documents for offshore assets, or helping to properly file international tax returns, we are a full-service international tax law firm that provides results with superior customer service. If you are a resident in the local Boulder area experiencing issues with your international tax compliance, or need consulting to get started in offshore investing, we are available for a free consultation today!
Andrew Linke - Senior Tax Attorney
Our International Tax Consulting Specialties
FBAR Filing
Any Colorado citizen with offshore accounts are required to file a FBAR (Report of Foreign Bank Accounts), or FinCEN 114 to the IRS by June 30th of every year, disclosing all account values and earnings, or may face serious penalties against your foreign assets. This applies to any citizen, resident aliens, trusts, estates, and domestic entities that own the following 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 an international tax advisor that can ensure your comply with yearly FBAR filing regulations. Our FBAR compliance experts, including FBAR attorneys and advisors can help you shed light on your FBAR eligibility, and compliance requirements.
FATCA Reporting
Introduced in 2010, the Foreign Account Tax Compliance Act (FATCA) regulates how offshore asset owners and their Foreign Financial Institution (FFI) report their assets to the IRS. If you are a Colorado 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
With FATCA regulations, it's not only the taxpayer that is responsible for proper FATCA filing, but also the FFI that handles the assets. With all things considered, FATCA regulations can be very intimidating and confusing, but our team of licensed international tax advisors can help in every facet of your FATCA reporting and compliance.
Foreign Asset Inheritance
In many cases, folks may fall into foreign tax issues when they inherit assets abroad. It may be a pleasant surprise when someone acquires a foreign inheritance, but there are serious penalties involved if you do not claim the inheritance properly. If you are a Colorado resident that has recently, or not recently, inherited foreign assets of any kind (bank accounts, real estate, investments, etc), you must file a form 3520 with the IRS, properly and on time otherwise you will be facing penalties. Our international tax experts can help shed light on your foreign inheritance compliance, and help you file the proper forms.
International Tax Filing
For citizens in the Boulder area that are involved with offshore business matters, including ownership or employment, there are tax filing anomalies that must be considered to maintain healthy tax compliance. At Pure Tax Resolution, our international tax attorneys and accounting experts can help provide the legal consulting and tax preparation expertise needed to maintain healthy international tax compliance.
