Many San Francisco residents have overseas property and other sources of income. Unfortunately, this makes for many complicated issues when it comes to taxes. Fortunately, our team of top-rated accountants “gets” international taxes. If you have international tax issues, reach out to us at Safe Harbor for a one-on-one consultation. We are specialists in international taxes and one of the top international tax CPA firms in California.
Many of our clients have business interests overseas in places such as China, India, Western Europe, Canada, Mexico, South Africa, and more, and if they generate income, they may be liable for taxes here. It doesn’t matter whether you are a US citizen, permanent resident, or foreign resident. You need a CPA firm that specializes in overseas tax liabilities and understands all the common issues such as FBAR compliance.
Another Issue Is OVDP
OVDP is another issue that has raised its head in recent years. Here is what the IRS has to say about that:
“The Offshore Voluntary Disclosure Program (OVDP) is a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a wilful failure to report foreign financial assets and pay all tax due in respect of those assets. OVDP is designed to provide taxpayers with such exposure (1) protection from criminal liability and (2) terms for resolving their civil tax and penalty obligations”.
If you have offshore income, it is possible that you may need to comply with OVDP, and at Safe Harbor we can help you.
Now although we are one of the top international tax CPA firms, it doesn’t mean that we understand every single aspect of every possible tax liability arising from overseas income. That would be virtually impossible. However, what we do have is a lot of contacts with accountants in overseas countries who can help us with things that can be complicated. This works both ways because when they need help with something in relation to income from the US that is flowing to their clients who live locally, we can help them out with the US tax laws that relate to it.
Now you may also be a foreigner living in the US with all of your income generated here, but still technically a citizen of China, or Israel, or Germany for example. Or you could have half your income generated here and half overseas. It doesn’t matter. What you need is Safe Harbor. As one of the top-rated international tax CPA firms in California, we can help you, so that you pay the absolute minimum amount of tax that the law requires and not a cent more.
