San Francisco, California – September 29, 2016. Safe Harbor LLP a San Francisco CPA firm specializing in international tax, is proud to announce a short but important blog post on how to select an accountant with expertise in international tax. With enforcement growing, both in the USA and in foreign countries, international tax is an area of growing concern to individuals and businesses, especially in cosmopolitan areas such as the San Francisco Bay Area.
The post helps interested parties think through how to select the best accountant or accounting firm for their need.
“With growing enforcement complexities, international tax services are increasingly important to our San Francisco Bay Area clients,” explained Chun Wong, CPA, managing partner at Safe Harbor LLP. “We thought it timely, therefore, to publish a short post on how to choose the best accountant. Admittedly, the best next step is to come in for a consultation as no two accountants are alike, nor are no two clients.”
To read the post, visit the blog post on international tax information. The post is organized around four common scenarios in which a taxpayer has exposure to international tax concerns. Those interested in browsing even more details on San Francisco Bay Area international tax services, can also find information on the website or call into the office.
International Tax Compliance: Growing Publicity and Growing Enforcement
With the IRS stepping up enforcement of US tax laws vis-a-vis foreign assets and income, more and more individuals and businesses are growing concerned about compliance. Unfortunately, tax regulations are anything but simple, and the average person is not capable of deciphering how to comply. At the same time, the IRS had gone on the offensive in terms of public relations, working with the media to highlight penalties up to and including criminal penalties for non-compliance. In the San Francisco Bay Area, many individuals own stock in foreign companies, and many people often maintain ties to their home countries if they are recent immigrants. Common pain points are OVDP (Offshore Voluntary Disclosure Program) compliance, FBAR (Report of Foreign Bank and Financial Accounts), and PFIC passive foreign investment company. The layperson can be baffled by the acronyms alone; the reality is that the best first step after awareness of possible exposure is to reach out to a trained accountant for an evaluation of the situation. The short blog post, in summary, is not meant to be exhaustive but only a starting point for awareness.
About Safe Harbor LLP – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a CPA firm that 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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