International Tax

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Miami, Florida is characterized for being a melting pot of many different nations, it has become the place where global families come to establish new businesses, or subsidiaries of their foreign enterprises, it is the place where foreign nationals come to secure or expand their wealth.

With the advances in technology, all nations across the world are expanding the taxing efforts of their citizens in a much broader level, thus, making International Tax Law Compliance a very complex area of the U.S. Tax Code.

In the case of U.S. Citizens, U.S. Green Card Holders, or foreign nationals with economic ties to the U.S., the knowledge needed to complete and file accurate tax returns is more rigorous. Simple things such as owning a foreign bank account, a foreign pension, a foreign company, receiving a foreign inheritance or foreign trust distribution, can trigger a series of serious obligations.

Drage CPA, is a Miami International Tax CPA firm dedicated to helping our clients become compliant with the law and avoiding hefty tax penalties for filing incorrect forms with the IRS.

Let the International Tax Law professionals at Drage CPA assist you in reviewing your current federal tax returns for accuracy and compliance.

If you are a CPA but do not have the expertise in international tax law, reach out to our team, we can assist you with the international component of your client’s tax return.

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A foreign national thinking of moving to the United States should engage in Pre-Immigration Planning before arriving to the U.S. to minimize any possible tax liability.

The United States taxes its citizens and tax residents on their worldwide income, this includes foreign nationals that remain the in the U.S. for more than 183 days and those becoming Green Card Holders. The United States also taxes non-resident aliens on income derived from the United States, including income from a U.S. trade or business and income from certain passive investments in U.S. real property, such as rental earnings. Long-term capital gains (gains on property held for more than one year) are taxed at graduated rates, with a maximum rate of 20%. Short-term capital gains (gains on property held for less than one year) and ordinary income are taxed at graduated rates, up to a maximum rate of 37%. In addition to the rates above, there is a .09% Medicare surtax on wages and self-employment income and a 3.8% net investment income tax on certain “passive” income. If an individual fails to engage in pre-immigration tax planning, that person is essentially donating to the U.S. Treasury the excess taxes that he or she should have saved.

The United States also taxes corporations, both U.S. corporations and foreign corporations. Corporations are taxed at a flat corporate rate of 21%. Notwithstanding the corporate-level tax, the United States imposes a secondary tax on a corporation’s shareholders upon receipt of corporate dividends.

In the case of nonresident aliens, the secondary tax rate is 30% unless reduced by income tax treaty. In the case of U.S. tax residents, the secondary tax rate is 37% but earnings from certain U.S. corporations and corporations in certain treaty countries are taxed at a reduced rate of 20%.

As a foreign national with ties to the U.S. there are many ways by which the IRS can considered you liable for taxes; the rules are vast and complicated. The assistance of an International Tax CPA could prove very beneficial.

We have witnessed horror stories of Foreign Investors whose EB-5 investment project fails due to improper advice.

At Drage CPA we strive for assisting our clients by offering a comprehensive, cohesive and coordinated service when preparing for an EB-5 Investment in the U.S.

Our professionals will assist you in gathering all of the data necessary to prepare the “EB-5 Source of Funds Report”; we will review information for completeness and accuracy and will work hand on had with your immigration attorney to ensure a successful result.

U.S. citizens or U.S. residents (Green Card holders) living abroad, are often referred to as “expatriates or expats”. If you are a U.S. citizen or U.S. resident living abroad, you are still required to file tax returns such as your Federal Income Tax Return and your Federal Gift tax return. However, the rules applying to “expats” are more complicated and usually require the help of a specialized tax professional in order to navigate through the specific tax rules that may apply in these circumstances.

Nine out of ten times, clients who relied on tax professionals who only deal with domestic clients, results in unnecessary and serious “failures to report” which carry costly penalties.

As International Tax Practitioners, the professionals at Drage CPA will analyze your individual and particular circumstances to determine the extent of your tax reporting obligations and will ensure you remain compliant with domestic and international tax law to continue enjoying life abroad.

Miami has become the bridge between the United States and the rest of the world, especially with Latin America. Individuals and Companies are now commonly confronted with complicated international tax rules that will affect their economic activities in the U.S. and abroad.

At Drage CPA, as your local Miami International Tax CPAs, we have fully bilingual experts that are able to assist you in analyzing your particular situation and who will work tirelessly to help you establish a plan that will coordinate your tax obligations in multiple jurisdictions.

U.S. Citizens and Green Card holders are required to report to the IRS their international corporate and financial assets; failure to do so will result in extremely expensive penalties that also carry added interest. Resolving issues of non-compliance with your international tax reporting obligations is far more costly than planning ahead of time.

If you are a U.S. citizen, or a Green Card holder and have ties to another country i.e. have foreign real property generating rental income, have foreign checking, savings or brokerage accounts, or have an interest in a corporation, partnership or foreign trust, you should consider contacting an International Tax Professional as soon as possible.

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