Scotsman In Texas

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!

jim2019

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

Hotscot

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?