It has become cliché to say that the world is shrinking. But without a doubt, more and more people have overseas connections. Families are spread across countries and continents. Many people have foreign bank or brokerage accounts. Some have interests in foreign corporations, LLCs or partnerships. Others have foreign insurance policies or annuities.
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This new reality has not gone unnoticed. There has been a concerted effort on the part of the U.S. government to ensure that U.S. persons with foreign assets are fully reporting those assets. The regulatory landscape has changed dramatically since passage of the Foreign Account Tax Compliance provisions of the HIRE Act of 2010 (“FATCA”). Also, since 2009, the IRS has offered three separate voluntary disclosure programs to U.S. persons who had failed to fully report foreign assets.
Against this backdrop, GSRP formally organized and staffed an offshore tax compliance practice group in February 2012. The firm has decades of experience in U.S. tax compliance for foreign accounts, trusts, and entities. GSRP’s professionals evaluate a client’s particular situation in the context of an attorney-client privileged relationship—but at fee levels and with service delivery models similar to accounting firms. They apply their knowledge and expertise to determine how tax reporting rules apply to a client and prepare the required forms and returns. Oftentimes, GSRP works with a client’s existing tax and legal advisors to ensure that he or she is fully compliant with the rules related to foreign assets.