International Client: Don’t Let the IRS Catch You Off Guard

TAre you living outside the U.S. but have investment properties here? You might not be aware of a critical requirement: foreign reporting. My team and I recently took on a new client who lives overseas but owns properties in New York and California. Before working with me, their previous accountant completely missed this essential step. And believe me, this is a much more common problem than you might think.

Unfortunately, failing to complete this reporting comes with a significant and often crippling penalty from the IRS. It’s a risk you simply can’t afford to take.

When my team and I discovered this, we acted immediately. We got the proper filings submitted and were able to successfully get the penalties abated. Now, my client’s reporting is up to date, and they’re no longer facing a hefty fine. We saved them from a stressful and expensive situation.

Why You Need an Expert on Your Side

The complexities of U.S. taxation for foreign property owners can be daunting. You need an accountant who understands the ins and outs of both the U.S. tax code and international tax laws. It’s not enough for your accountant to just know U.S. taxes; they must be well-versed in the specific foreign reporting requirements that apply to you.

You’ve invested your money and time into U.S. real estate. Don’t let a lack of expertise lead to huge penalties. I’m here to tell you that there is a solution.

If you own U.S. property and live internationally, it’s crucial to ensure your accountant knows exactly how to properly file your returns. If you’re not sure your current tax professional is an expert in this area, let’s have a conversation. Ready to gain peace of mind and protect your investment? Let’s talk about your situation and make sure you’re in full compliance with the IRS. Book a call with me today.ion.