International tax attorneys and accountants in Chicago providing a full range of foreign tax advising and consulting
Within Chicago and across the state of Illinois, many residents find themselves facing international tax problems, and are in need of a professional foreign tax advisor to help settle these difficult tax issues. If you are an Illinois resident that owns foreign investments, works offshore (Expat status), or has business operations in foreign countries, there are a variety of unique tax obligations you must comply with, or face serious penalties from the IRS. For all your international tax needs in Illinois, Chicago Pure Tax Resolution has a team of international tax attorneys and accountants that can help bring clarity to your tax obligations.
International Tax Advisors at Pure Tax Resolution
FBAR & FATCA Compliance for Foreign Investments
Recently, the U.S. Government has begun enforcing complex laws and regulations that require Illinois residents with offshore assets to follow strict international tax guidelines. The 2 most notable programs are FATCA (Foreign Account Tax Compliance Act) and FBAR (Report of Foreign Bank and Financial Accounts) regulations, which, in layman's terms, require foreign asset owners (and their respective Foreign Financial Institution) to provide detailed reports of their foreign investment values and earnings. Foreign assets that are subject to FATCA and FBAR regulations include bank accounts, trusts, mutual funds, life insurance, and real estate commodities.
The requirements of these programs are regularly evolving, making it more difficult for Illinois residents with offshore investments to stay on track with the reporting guidelines. If you are late filing, file improperly, or fail to file your FBAR and FATCA documentation, you are immediately exposed 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.
Similar to filing State or Federal taxes, errors or delinquency with your FBAR or FATCA reporting is still subject to penalties, whether your delinquency is purposeful or not. Our international tax services include a wide range of international tax resolution and consulting strategies for Chicago and Illinois residents with FBAR/FATCA complications, with a sole purpose of rectifying errors and maintaining your FBAR and FATCA compliance for the life of your international assets.
Expat Tax Compliance
Working on foreign soil, whether in the United States or in foreign countries carry unique tax filing requirements with the IRS. If you are a U.S. citizen that has worked on foreign soil, or a foreign citizen working domestically, you are required to file your taxes as an Expatriate (Expat) tax classification. Expat tax status carries unique regulations and specifications for how, and when you file, so having an foreign tax advisor is crucial to maintain proper compliance. Just like with domestic tax filing with the IRS, there are penalties involved with failing to file properly.
At Chicago Pure Tax Resolution, we work with Expats in Chicago and all over the state of Illinois to provide Expat tax resolution, including resolving filing issues, back taxes, and maintaining ongoing Expat filing compliance. Whether you are a business owner with international business operations and have a staff of employees, or just an individual worker looking for help with your filing, our team of tax attorneys and CPAs can provide a solution.
Professional International Tax Services in Chicago
Don't let local or foreign Governments put your financial success at risk, our team of Chicago international tax consultants are available to discuss your needs, and provide the international tax help you need. We offer free consultations, up-front pricing, and superior customer service for all of our international tax services in Chicago.
GET A FREE CONSULTATION WITH OUR INTERNATIONAL TAX ADVISORS
