International Tax Issues

The federal government’s taxation powers have grown far beyond our country’s borders. The attorneys at Frost & Associates can help protect your rights in international tax litigation matters, and can help safeguard your interests if you are a U.S. resident, U.S. citizen residing abroad, or have foreign bank accounts.

Foreign Bank Account Reporting Compliance

The IRS pays close attention to Foreign Bank Account Reporting compliance. If you have $10,000 or more in foreign bank accounts or overseas investments, you must file an FBAR to report the account(s). In addition, U.S. citizens must report all foreign income on their tax returns.

Offshore Voluntary Disclosure Program

Taxpayers who have unreported foreign income and unreported foreign bank accounts may be eligible for the IRS Offshore Voluntary Disclosure Program (OVDP). In order to comply with OVDP amnesty terms, for the past eight tax years you must:

  • File all original and amended tax returns that report worldwide income
  • File all FBARs
  • Pay back taxes, interests and any penalties

The Foreign Account Tax Compliance Act

Beginning on July 1, 2014, foreign financial institutions are required to follow the terms of the Foreign Account Tax Compliance Act (FATCA). FATCA requires foreign financial institutions to provide the U.S. with annual information on U.S. account holders, including their names, addresses, and largest account balance of the year. International tax enforcement is clearly becoming a priority for the IRS, and it is important to get experienced legal advice on how FATCA may affect you.

Offshore Tax Issues

We have extensive experience handling a wide range of offshore tax issues, including:

  • Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
  • Form 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations
  • Form 8621 PFIC/Passive Foreign Investment Company Reporting
  • Form 8891 U.S. Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans
  • Form 8938 Statement of Specified Foreign Financial Assets

What Our Clients Have To Say

"We have been clients of Frost & Associates for several years. Based on our personal experience we can honestly say that you will not find another firm with their level of dedication to their clients. They set the bar extremely high with their expansive knowledge of tax law and litigation. Without a doubt you will be in great hands with this outstanding team of professionals!"