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International Income And Asset Reporting

Some business owners may not realize they must report foreign income and comply with U.S. international reporting requirements. Failure to report foreign income or disclose offshore assets can spur audits and result in draconian penalties. For example, in some specific situations, failure to report gross foreign income of $5,000 or more for a particular year may result in extending the statute of limitations for the IRS to audit your return from three years to six years. The statute of limitations can be tolled indefinitely if the proper international reporting forms under the Foreign Account Tax Compliance Act (FATCA) are not filed. This means the IRS may have an indefinite amount of time to examine that year's return.

Individuals or businesses with foreign bank accounts must disclose foreign income following the reporting requirements. This includes tax filings and informational reporting outside of tax return requirements.

How Can Bucci Law Offices Help You?

At Bucci Law Offices, we will advise you on your foreign income tax reporting requirements and help you complete all necessary forms accurately in a timely manner. Together, we will keep you and your business in compliance with U.S. tax laws, helping you remain financially competitive in the global marketplace.

For help with international business tax issues, contact Bucci Law online or call 954-900-9107. From offices in Fort Lauderdale and Miami, our firm represents clients in Florida, nationally and globally.