Austin is a fast-growing city which attracts a large number of immigrants with assets in foreign countries. These assets may also generate foreign income which their owners must disclose on their US tax returns. Unfortunately many of these new residents of Austin have not correctly reported their foreign assets and foreign income to the IRS. Once they realize it, they have to grapple with a fact that their noncompliance may have exposed them to large IRS penalties. Since the majority of these persons are non-willful in their prior noncompliance, they naturally seek help from an Austin streamlined disclosure lawyer to participate in Streamlined Domestic Offshore Procedures (SDOP) or Streamlined Foreign Offshore Procedures (SFOP), but they do not fully know what the term “Austin streamlined disclosure lawyer” truly means.
In this essay, I will explore the definition of an Austin streamlined disclosure lawyer and explain why out-of-state lawyers and law firms, such as Sherayzen Law Office, should be included in the definition of this term.
Austin Streamlined Disclosure Lawyer: International Tax Attorney
From the outset, It is important to understand that all voluntary disclosures, including the Streamlined options, form part of US international tax law, because these options deal with US international tax compliance concerning foreign assets and foreign income. The knowledge that SDOP and SFOP are part of US international tax law makes you better understand what kind of a lawyer you are looking for when you search for a Austin streamlined disclosure lawyer. In reality, when you are seeking help with the SDOP and SFOP filings, you are searching for an international tax attorney.
Austin Streamlined Disclosure Lawyer: Specialty in Offshore Voluntary Disclosures
As I stated above, SDOP and SFOP form part of a very specific sub-area of offshore voluntary disclosures. This means that not every international tax attorney would be able to conduct the necessary legal analysis required to successfully complete an offshore voluntary disclosure, including Streamlined Domestic Offshore Procedures and Streamlined Foreign Offshore Procedures. Only a lawyer who has developed expertise in a very narrow sub-field of offshore voluntary disclosures within US international tax law will be fit for this job.
This means that you are looking for an international tax attorney who specializes in offshore voluntary disclosure and who is familiar with the various offshore voluntary disclosure options. Offshore voluntary disclosure options include: SDOP (Streamlined Domestic Offshore Procedures), SFOP (Streamlined Foreign Offshore Procedures), DFSP (Delinquent FBAR Submission Procedures), DIIRSP (Delinquent International Information Return Submission Procedures), IRS VDP (IRS Voluntary Disclosure Practice) and Reasonable Cause disclosures. Each of these options has it pros and cons, which may have tremendous legal and tax (and, in certain cases, even immigration) implications for your case.
Austin Streamlined Disclosure Lawyer: Geographical Location Does Not Matter
While the expertise and experience in offshore voluntary disclosures are highly important in choosing your international tax lawyer, the geographical location (i.e. the city where the lawyer lives and works) does not matter. I already hinted at why this is the case above: offshore voluntary disclosure options were all created by the IRS and form part of US international (i.e. federal) law. In other words, the local law has no relation whatsoever to the SDOP and SFOP.
This means that you are not limited to Austin when you are looking for a lawyer who can help you with your streamlined disclosure. Any international tax lawyer who specializes in this field may be able to help you, irrespective of whether this lawyer resides in Austin or Minnesota.
Moreover, the development of modern means of communications has pretty much eliminated any communication advantages that a lawyer in Austin might have had in the past over the out-of-state lawyers. This is especially true in our today’s world where the pandemic greatly reduced the number of face-to-face meetings.
Sherayzen Law Office May Be Your Austin Streamlined Disclosure Lawyer
Sherayzen Law Office, Ltd. is a highly-experienced international tax law firm that specializes in all types of offshore voluntary disclosures, including SDOP, SFOP, DFSP, DIIRSP, VDP and Reasonable Cause disclosures. Our professional tax team, led by attorney Eugene Sherayzen, has successfully helped our US clients around the globe, including in Austin, with the preparation and filing of their Streamlined Domestic Offshore Procedures disclosure. We can help you!
Contact Us Today to Schedule Your Confidential Consultation!