Tax work is divided into two fields: accountants who crunch the numbers and follow the needed procedures, and attorneys who figure out what laws apply to complex situations and represent clients before tax governing bodies. Greg Harper Legal Group can handle all of your complex tax and tax representation needs.
Moving money into offshore accounts can provide tax benefits and hedge against fluctuations in exchange rates. However, because of the widespread use of offshore accounts for illegal tax evasion, offshore accounts are under close scrutiny. The IRS has strict reporting requirements with heavy fines and even criminal penalties for those who fail to comply. Dual citizens may also be required to report any offshore activity to their other country of citizenship.
International Business Transactions
Like offshore banking, international business transactions are closely monitored to prevent money laundering and tax evasion. Additionally, the sale of goods or services to foreign countries may be subject to tariffs, customs restrictions, and international trade agreements. Before taking action on any international business deal, it is imperative to understand the legal requirements imposed by both countries.
Local Income Taxes
Athletes, performers, and traveling service professionals who earn income in cities or states other than their home may be subject to additional income taxes. Typically, states and municipalities tax all income earned by their residents no matter where it was earned, and they also tax income earned by non-residents for income within their jurisdiction.
The IRS audit process targets high-net-worth individuals at a high frequency with an emphasis on those who aggressively minimized their taxes. Throughout the audit and appeals process, the IRS forces the taxpayer to prove that any deductions they took are legally valid.
Greg Harper Legal Group provides tax law services throughout the Greater Los Angeles and the Bay Area, CA. Contact us today to schedule a consultation.