Houston Foreign Inheritance Lawyer | International Tax Attorney Texas
Retaining a Houston foreign inheritance lawyer to deal with the IRS is very likely to be necessary if you reside in Houston, Texas and have received an inheritance from a non-resident alien (i.e. foreign inheritance). Sherayzen Law Office, Ltd. is a leader in US international tax compliance concerning foreign inheritance, including offshore voluntary disclosures concerning late disclosure of a foreign inheritance, and may be your Houston foreign inheritance lawyer.
Houston Foreign Inheritance Lawyer: Why Foreign Inheritance is Important to Your US international Tax Compliance
Receiving a foreign inheritance requires proper US international tax compliance in five areas: disclosure of foreign inheritance to the IRS, information reporting requirements that are linked to foreign inheritance, classification and recognition of income linked to foreign inheritance (including special requirements concerning inheritance of foreign real estate), inheritance of US-situs property and transfers of cash/assets to the United States.
Each of these areas of foreign inheritance has its own complications, traps and important reporting reporting requirements. These reporting requirements may have important tax implications with potentially high noncompliance IRS penalties.
This is precisely why it is highly recommended to consult a tax lawyer if you received or about to receive foreign inheritance. However, not every tax attorney would be the right fit for your foreign inheritance case. In order to be properly classified as a Houston foreign inheritance lawyer, the lawyer must be an international tax attorney with extensive experience in various US international tax reporting requirements related to foreign inheritance.
Houston Foreign Inheritance Lawyer: International Tax Attorney
A foreign inheritance lawyer is first and foremost an international tax attorney – i.e. a lawyer with profound knowledge of and extensive experience in US international tax law, particularly in the area of US international tax compliance. This means that a lawyer must be familiar with such common US international tax forms as: Form 3520 (critically important for foreign inheritance reporting) and Form 8938. He must also understand related US international tax compliance forms such as Forms 3520-A, 5471, 8865, 8858, et cetera. Of course, every US international tax lawyer must be very familiar with FinCEN Form 114 commonly known as FBAR.
In addition to information returns, an international tax lawyer must be familiar with all types of foreign income reporting. This requirement includes the knowledge of such distinct areas of international income tax reporting sub-areas as foreign rental income, PFIC compliance, GILTI income, capital gains concerning foreign real estate, et cetera.
Sherayzen Law Office is a highly-experienced and highly-knowledgeable international tax law firm with respect to all of the aforementioned income tax and information return requirements, including all of the aforementioned forms.
Houston Foreign Inheritance Lawyer: Tax Planning
In cases where it is possible, it is highly prudent to engage in tax planning concerning a foreign inheritance. This is important not only for the purpose of limiting future tax burdens, but also to control future US tax compliance costs. Hence, when you look for a Houston foreign inheritance attorney, you should retain a law firm which has experience with foreign inheritance US tax planning.
Sherayzen Law Office has an extensive experience in foreign inheritance US tax planning for its clients in Houston and all over the world. We also have a highly valuable experience of combining income tax planning with offshore voluntary disclosures.
Houston Foreign Inheritance Lawyer: Offshore Voluntary Disclosures
When retaining a Houston Foreign Inheritance Lawyer, consider the fact that such an attorney’s work may not limited only to the current or future US international tax compliance. In my experience, a discussion of a foreign inheritance often involves identification and remedying of past US international tax noncompliance. In other words, foreign inheritance issues often lead to engaging in an IRS offshore voluntary disclosure option.
This means that a Houston Foreign Inheritance Lawyer should be very familiar with all offshore voluntary disclosure options.
Offshore Voluntary Disclosures is a core area of the our international tax practice at Sherayzen Law Office. We have helped hundreds of US taxpayers worldwide, including in Houston, to bring their tax affairs into full compliance with US tax laws. This work included the preparation and filing of all kinds of offshore voluntary disclosures including: SDOP (Streamlined Domestic Offshore Procedures), SFOP (Streamlined Foreign Offshore Procedures), DFSP (Delinquent FBAR Submission Procedures), DIIRSP (Delinquent International Information Return Submission Procedures), et cetera.
Houston Foreign Inheritance Lawyer: Out-Of-State International Tax Lawyer
Whenever you are looking for an attorney who specializes in US international tax law (which is a federal area of law, not a state one), you do not need to limit yourself to lawyers who reside in Houston, Texas. On the contrary, consider international tax attorneys who reside in other states and help Houston residents with their FBAR compliance.
Sherayzen Law Office is based in Minneapolis, Minnesota, but we have a large number of clients in Texas, including the Houston area. Hence, Houston residents can contact us and retain us to resolve their foreign inheritance issues related to US international tax compliance.
Contact Sherayzen Law Office for Professional Foreign Inheritance Tax Help
Sherayzen Law Office is an international tax law firm that specializes in US international tax compliance, including foreign inheritance reporting. We have helped numerous clients in Texas with their foreign inheritance. We can help you!
Hence, if you are looking for a Houston Foreign Inheritance Lawyer, contact Mr. Sherayzen now to schedule Your Confidential Consultation!