July 20, 2012. San Francisco, CA. Safe Harbor CPAs, a leading San Francisco CPA firm, announces help for individuals with foreign or overseas income, in light of the recent IRS announcement for 2012 on the Offshore Voluntary Disclosure Program (OVDP). The OVDP is a program that encourages US taxpayers to comply with US tax laws by declaring their foreign or overseas income.
“The San Franciso Bay Area is a hotbed of International entrepreneurship,” commented Chun Wong, CPA, managing partner at Safe Harbor. “Many individuals also have income in overseas or foreign ventures, or even just bank accounts, but may not be aware of US tax rules on declaring overseas income and assets, nor the IRS OVDP. We help San Francisco Bay Area individuals and businesses avoid tax penalties by creating tax efficient yet legal strategies to minimize tax liabilities on overseas income. Any individual with significant overseas income or assets would benefit from a consultation with Safe Harbor on ways to minimize US tax obligations.”
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Overseas Income, Expatriate Tax Returns, and OVDP – The Big Picture
Under the 2011 Offshore Voluntary Disclosure Initiative (OVDI), the penalty framework required individuals to pay 25-percent of the amount in the foreign bank account in the year with the highest aggregate account balance covering the 2003 to 2010 period. Both the 2011 and the 2012 program provide additional mechanisms for different types of taxpayers to reduce their taxes, including penalties for non-compliance. Participants must file all original and amended tax returns and include payment for back-taxes and interest for up to eight years, as well as pay accuracy-related and/or delinquency penalties. Taxpayers who have come forward to make voluntary disclosures since the 2011 program closed will be treated under the provisions of the new OVDP.
Many US residents have overseas income, acquired from time spent working abroad or for foreign business ventures. These foreign assets and income generated may be subject to US taxes. Safe Harbor CPAs specializes in helping individuals and businesses minimize their tax liabilities, including those for foreign or overseas income. Another related term here is ‘expatriate income tax.’
About Safe Harbor CPAs – a Professional CPA Firm in San Francisco
Safe Harbor CPAs specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
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