Tax Preparation Services for Small Businesses and Individuals - CPA Serving East Bay
With over 15 years of experience in preparing taxes, we aid our tax clients in maximizing their profits and minimizing their taxes. We are tax experts in tax planning, income tax return preparation, bookkeeping, business planning and registration, IRS deficiency notice resolution, and resolving a myriad of tax problems. Below are just a few examples of the types of tax challenges our clients have:
6. I received a foreign inheritance. Do I need to report this? Generally, foreign inheritance may be subject to Foreign Bank Asset Reporting (FBAR) regulations. As such, call us to schedule a free analysis as the penalties for a delinquent FBAR reporting is severe.
Compliance with the Streamlined Filing Compliance Procedures
We help taxpayers apply for the streamlined filing process. On September 1, 2012, the IRS implemented new streamlined filing compliance procedures that were available only to non-resident U.S. taxpayers who failed to file required U.S. income tax returns. Taxpayer submissions were subject to different degrees of review based on the amount of tax due and the taxpayer’s response to a risk questionnaire.
On June 18, 2014, the IRS announced the expansion of these procedures. The expanded procedures are available to a wider population of U.S. taxpayers living outside the country and, for the first time, certain U.S. taxpayers residing in the United States; reference IR-2014-73. For eligible U.S. taxpayers residing outside the United States, all penalties will be waived. For eligible U.S. taxpayers residing in the United States, the only penalty will be a miscellaneous offshore penalty equal to five percent of the foreign financial assets that gave rise to the tax compliance issue. For more information on the streamlined filing compliance procedures, contact us to schedule a free consultation.
Compliance with Delinquent FBAR Submission Procedures
We help taxpayers comply with filing delinquent FBAR. Taxpayers who have not filed a required FBAR and are not under a civil examination or a criminal investigation by the IRS, and have not already been contacted by the IRS about a delinquent FBAR, should contact us to schedule a free consultation to assess whether an FBAR should be filed.
The IRS will not impose a penalty for the failure to file the delinquent FBARs if income from the foreign financial accounts reported on the delinquent FBARs is properly reported and taxes are paid on your U.S. tax return, and you have not previously been contacted regarding an income tax examination or a request for delinquent returns for the years for which the delinquent FBARs are submitted.
GAMARRA, CPA - TAX PREPARATION
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