Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Financial audit pre-move

Financial audit pre-move

Old Oct 18th 2018, 5:03 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Jan 2010
Location: Austin, Texas
Posts: 54
Scotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond reputeScotsman In Texas has a reputation beyond repute
Default 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!

Last edited by Scotsman In Texas; Oct 18th 2018 at 5:14 pm.
Scotsman In Texas is offline  
Old Mar 11th 2019, 8:00 pm
  #2  
Just Joined
 
Joined: Mar 2019
Posts: 2
jim2019 is an unknown quantity at this point
Default 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
jim2019 is offline  
Old Mar 12th 2019, 12:20 am
  #3  
Lost in BE Cyberspace
 
Hotscot's Avatar
 
Joined: Jun 2011
Location: Los Angeles
Posts: 6,156
Hotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond reputeHotscot has a reputation beyond repute
Default Re: Financial audit pre-move

Originally Posted by Scotsman In Texas View Post
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?
Hotscot is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.