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Tax Solutions That Stand The Test Of Time

We Provide Experienced Guidance On Foreign Tax Matters

Foreign tax rules can be tricky to follow. You need to report income or assets from other countries correctly. An international tax attorney helps you stay on track.

For over 45 years, Bendure & Thomas has offered experienced legal help in Bloomfield Hills, Michigan. We focus on clear, professional advice and have a strong record in federal court. Our team stands out by guiding clients through international tax planning with care.

What Are The Penalties For Failing To Report Foreign Income Or Assets?

Not reporting foreign income or assets can cost you a lot. Let us explain the penalties you might face.

  • Nonwillful FBAR mistakes can lead to a $10,000 fine per account each year.
  • Willful FBAR issues may bring fines of $100,000 or 50% of your account’s value.
  • FATCA violations start at $10,000 and can climb to $50,000 for unreported assets.
  • Hiding income on purpose could mean criminal fines or even jail time.

These risks show why offshore tax reporting matters. An international tax attorney can help you file correctly and use options such as the voluntary disclosure program.

How Does The Foreign Account Tax Compliance Act (FATCA) Affect U.S. Taxpayers With Overseas Assets?

FATCA sets strict rules for U.S. taxpayers with money abroad. Here is how it affects you:

  • You must file Form 8938 if your assets are over $50,000 ($100,000 for joint filers).
  • Foreign banks share your account details with the IRS.
  • Missing FATCA rules can lead to big fines and extra IRS attention.

Following FATCA keeps you safe from trouble. In Oakland County, our foreign tax attorneys help with FATCA requirements and offshore asset disclosure.

Can You Claim Foreign Tax Credits To Avoid Double Taxation On International Income?

Foreign tax credits stop you from paying taxes twice on the same income. Our expatriate tax services make sure you get these benefits.

  • Identifying income that qualifies for foreign tax credits
  • Calculating the correct amount of credit you can claim
  • Filing the necessary forms accurately and on time
  • Advising you on how to maximize your tax savings
  • Ensuring compliance with both U.S. and foreign tax laws

Using credits takes smart international business taxation planning. Our international tax attorneys offer custom advice for global wealth management and foreign investment reporting.

Contact Us For A Comprehensive Tax Solution

Foreign tax issues need legal guidance to avoid mistakes. Our lawyers handle audits and work directly with the IRS to prove deductions. For FBAR compliance or cross-border tax strategies, rely on Bendure & Thomas’ more than 45 years of experience. Call us at 248-782-6869 or fill out our intake form to schedule an appointment and speak with one of our foreign tax attorneys today.