International Tax Attorney in San Diego
Effective Tax Law Guidance in California & Tel Aviv, Israel
At Milikowsky Tax Law, we routinely assist businesses that have locations overseas and in the U.S. Our own legal practice spans from Southern California to an office in Tel Aviv. We are well versed in international tax law, uniquely equipped to provide counsel. Our skilled team of San Diego international tax lawyers can help you navigate this complex legal field, avoid criminal and civil penalties, and stay in business.
If you have overseas accounts, we can inform you of the financial disclosure laws that apply to you. We can help you report your financial information, or undertake voluntary disclosure if you have failed to include foreign assets in past tax returns. If you are a visa or Green Card holder, we can explain what tax obligations you may have. Whatever complications or uncertainties you face with international tax law,our San Diego tax lawyers can provide the guidance you need.
Our first priority is to exceed your expectations in the service and value we provide. Start receiving the legal answers you need in a free case consultation!
The Foreign Account Tax Compliance Act (FATCA)
This crucial law was passed in March of 2010, and it mandates that taxpayers in the United States who have certain offshore accounts must report them. If taxpayers have financial accounts and assets overseas that exceed a certain specified amount, they must report this in their annual tax returns by completing Form 8938 and / or a Report of Foreign Bank and Financial Accounts (FBAR). We can help you understand which of these forms you need to submit, as well as provide guidance on how to complete them in a thorough and timely manner.
What happens if you do not complete the required disclosure? You could be hit with a tax evasion charge and the civil and criminal penalties that come along with it.
The criminal penalties could include:
- Up to a $250,000 fine
- 5 years in prison
Civil FBAR penalties alone could also include:
- Up to a $100,000 fine, OR
- 50% of your account balance, whichever is greater
It is imperative that you understand what tax laws entail for you, lest a mistake or some mismanagement lead to severe penalties. And if you have already failed to follow proper disclosure practices in the past, you need to be aware of what your options are, such as the offshore volunteer disclosure program (OVDP).
The Offshore Voluntary Disclosure Program (OVDP)
If you have not disclosed foreign assets in accordance with international tax law, then you might still be able to avoid the above penalties. You can do this through voluntary disclosure that occurs prior to discovery by the IRS. If you do this, you can head off a charge of tax fraud or tax evasion before it ever forms, saving yourself the stress and financial losses of an audit and criminal prosecution.
Call Our San Diego Tax Attorney for a Free Consultation!
Our tax law firm's founding attorney, John D. Milikowsky has more than a decade of experience in tax law, and he is recognized in the legal and business communities for his consistent ability to provide real results and value to our clients. Our goal is to exceed your expectations in efficient and timely service. If you need to meet a deadline or resolve an emergency, we are prepared to work with you outside of business hours, which can include weekends.
Our San Diego interantional tax lawyers are prepared to help you or your business resolve the international tax issues you face, whether they are civil or criminal matters. Beyond that, we can consult on the underlying business issue that gave rise to your tax dilemma. When you retain a member of our skilled legal team, you can rest assured that you will receive the strong legal support you need to face the future with confidence.
Call us today to get started!