International Tax Services - Chicago, IL
Our team of international tax attorneys and advisers help Illinois residents with offshore investments or employment matters resolve problems and maintain compliance
Within Chicago and across the state of Illinois, many residents find themselves facing complicated problems with their international tax compliance, and are in need of a professional tax resolution firm that is skilled in representing Illinois residents with the IRS and properly settle their international tax issues. If you are a resident of Illinois that owns foreign investments, has been employed on foreign soil, or has business operations and employees in foreign countries, there are a variety of unique tax problems that come with having a foreign tax status. For all your international tax service needs, Chicago Pure Tax Resolution has a team of international tax attorneys and CPAs that specialize in comprehensive international tax matters.
FBAR and FATCA Compliance
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.
International Employment & Business Operations
Many Illinois residents have some type of VISA working status which comes with unique international tax obligations. Naturally, there are complicated tax problems that may arise from these unique international tax situations. If you are a Illinois resident that works, or has worked, in foreign countries or you are a part of a business entity that operates offshore, it's important to stay on top of your tax reporting obligations before the IRS targets you for tax penalties. We are a professional tax resolution firm that specializes in effective tax problem resolution and consulting for Illinois 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 Illinois and IRS to amend any tax problems and preserve your international tax health.
Learn More About Our International Tax Services
Our dedicated team of international tax attorneys and specialists work directly with residents around Chicago and across Illinois 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.
CALL (331) 212-4100
The Pure Tax team