San Francisco, along with the wider Bay Area, is one of the most cosmopolitan cities in the US. People who live here come from literally everywhere around the world, and why not? It’s a wonderful place to live.
However, this can lead to problems when it comes to tax issues. Many San Franciscans, although not born in the US, have to pay tax here, but also have to pay tax elsewhere. Canada, UK, Europe, China, Japan, India, and more, figure in the list of countries that clients of Safe Harbor have asked us to include in their tax returns. Over the years this has meant that we have built up an unrivaled understanding of how the tax systems work in countries around the world leaving us in the enviable position of being the leading San Francisco international tax CPA firm, without any shadow of doubt.
For the record, that’s not just us saying that, it is the considered opinion of many of our clients who have used our services to minimize their tax liabilities in countries far and wide. There are many different devices that can be used to keep tax payments to the minimum depending upon the country which is levying the tax, and at Safe Harbor we have a wide knowledge of them.
We Speak Several Foreign Languages
Furthermore, if you come from a foreign country and have little English, don’t worry. We speak French, Japanese, Mandarin, and Cantonese as well. Many of our clients who need the services of a specialist San Francisco international tax CPA firm have business interests abroad which can render them liable to taxes here in the US. One of the more common issues is what is known as FBAR (Foreign Bank and Financial Accounts). If you have not yet filed your FBAR for 2016 it must be done by October 16th 2017. This applies to any US person who has “a financial interest in or signature authority over foreign financial accounts that exceed $10,000 at any time during the calendar year.”
Another issue is OVDP – the Offshore Voluntary Disclosure Program. There are several important updates to this legislation including the 2011, 2012, and 2014 updates, but rest assured we are very familiar with these, as befits a top rated specialist San Francisco international tax CPA firm like Safe Harbor.
There are also people in San Francisco who are not US citizens but have US income, even though they may technically be a citizen of a foreign country. That doesn’t alter the fact that you may be required to pay US tax on your US income. It may not constitute all of your income, but it is likely that you will owe tax on the US part of it. (We are also known as THE expat tax preparation service in the San Francisco Bay Area).
Whatever your situation, you should come and talk to us. Tax laws in any country are very likely to be “as clear as mud” to 99% of the population, but as international tax law specialists it is our job to steer you a clear path through them. Come and talk to us today. Call us on (415) 742-4249, or send us an email at firstname.lastname@example.org to arrange a completely free initial consult.