Individual Income Tax Planning
Having moved to foreign country, how can you be sure you are not being doubly taxed?
The US tax system varies according to a person’s circumstances especially in the international arena. In order to avoid a myriad of tax traps, it is essential that home and host country tax profiles are examined separately and, at the same time, properly coordinated.
Individual Income Treaty Analysis
Tax laws constantly change, including bilateral agreements. We can explain the rules and prepare appropriate filings.
Estate Tax & Probate
Consider your U.S. Estate Tax and Probate Avoidance and the Impact of the Estate Tax in the Foreign Country of Your Residence
If you have assets or live outside of the USA you need to plan your estate carefully. You most likely need to do a Will or if possible a trust in the country in which you live (or own assets) which provides for the disposition of your foreign assets in the event of your death.
You also need to determine what type of foreign taxes (inheritance or transfer tax) your heirs may incur if your assets located outside of the USA. In some foreign countries failure to do a Will or Trust could result in your foreign assets being distributed under that country's laws and could lead to people inheriting your property rather than those you prefer.
You must also prepare to US Will and/or Revocable Living Trust to cover the disposition of your US assets. A Living Trust not only avoids probates, but allows your assets to be distributed to your names heirs, bills and taxes paid, etc. in a reasonable amount of time.
The US imposes estate tax on your worldwide assets, though it will allow a credit in most situations for any foreign inheritance tax you had to pay on assets located outside of the US.
About 15 US states have estate or inheritance taxes which may be in addition to your Federal Estate Taxes.
Are you considering renouncing you Green Card?
Citizenship and permanent residence are subject to worldwide taxation. We can advise on this area and can also assist in the preparation of required filings, working closely with your immigration counsel if needed.
U.S. Corporate Compliance
U.S.-based companies transacting business overseas face additional challenges in terms of tax compliance. Though they are subject to the local taxing authorities in the host jurisdiction, these entities must still comply with U.S. tax laws.
State & Local Tax
Our wide-ranging facility with multistate tax issues, , which allows us to provide expertise to our client base. Our team has extensive experience assisting clients with a wide variety of state and local tax types, including income, sales/use, property, franchise, business license, transfer and recording, and excise taxes.
Business Sales & Use Tax
Transactions between entities can become complicated without the proper oversight and structure. Calculating sales and use tax liabilities requires expert knowledge and an understanding of state transactional laws. We offer training, oversight, procedural audits and accounting audits in Sales and Use tax.