Financial audit pre-move
Hi,
Anyone recommend an accountant/adivisor who could help a portguese friend of mine on a US tax audit prior to becoming a US-person? Need someone that could look out for PFICs/foreign accounts/foreign companies etc. Thanks! |
Re: Financial audit pre-move
Dear Scotsman,
The system do not allow me to send you private message. I can see you went through a nightmare and successfully came out. I am in teh same position with much less finance. I moved from UK to US in 2001 and every year filed taxes. Now I have learned that I should have report my overseas bank accounts/assets. I did not know. - I have several checking and deposit accounts in UK with aggregate value of under $15,000. - I have common shares in my name in one company. with value under $15000 and dividend under $150 per year. Different accountants are suggesting different course of action. I am very confused and loosing sleep. I am poor and can not afford penalties or fees. Based on your experience what course of action would you take. THANKING YOU IN ADVANCE, Jim |
Re: Financial audit pre-move
Originally Posted by Scotsman In Texas
(Post 12579695)
Hi,
Anyone recommend an accountant/adivisor who could help a portguese friend of mine on a US tax audit prior to becoming a US-person? Need someone that could look out for PFICs/foreign accounts/foreign companies etc. Thanks! I'm a bit unclear. Why an audit from before he was a US-person? Was he a tax resident? 'PFICs/foreign accounts/foreign companies' These can get messy. In my opinion if he's now a tax resident I'd liquidate and reinvest here. Make delinquent filings if need be. However I can appreciate if that's not something that can be done. Can your friend come on here? |
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