Did you know that as a US citizen, you are required to report your worldwide income from all sources on your US tax return? Any taxes paid to a foreign country on that income is then subject to a foreign tax credit. The omission of such income is considered to be tax evasion. This is a high audit target area for the IRS and Treasury Department.
We have experience in this area and can help individuals and companies report the income they need to on their US tax return. and make the proper Treasury disclosures.
So if you or someone you know receives income from countries outside of the US, or is about to inherit income generating property from overseas, we would be happy to meet withthem to discuss their tax responsibilities.
Tags: worldwide income
Written by: Doug Rodrigues