Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-23-2015, 10:59 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
Fees for getting into compliance with tax obligations

I'm an American citizen living in Colombia, South America, with my family. My wife and I have been filing U.S. and Colombian tax returns every year since we moved there, but we were unaware, and our accountant never told us, that we had to report information about our foreign (Colombian) bank accounts on our U.S. tax returns. Now we're trying to come into compliance with our U.S. tax obligations and recently contacted another accountant who, after reviewing our information, told us that because our failure to disclose our offshore assets was non-willful we shouldn't have a problem qualifying for the IRS' streamlined offshore voluntary compliance program. The fees we're looking at, however, are much higher than we were expecting - around US$10,000 for reporting and amending the last 3 U.S. returns and another US$12,500 for an attorney who will put together our case with the IRS.

Anyway, I just would like to know whether this is the going rate for these services or whether I should be able to hire a good U.S. accountant (and lawyer) to handle this matter for us for considerably lower fees?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

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

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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any obligations for non-resident alien from Slovakia - Europe and single member LLC, Delaware? Michal Limited Liability Company 3 03-11-2015 03:38 AM
What are some of the provisions of the Hire Act of 2010 with respect to Foreign Account Act Compliance Act (FATCA)? TaxGuru For 2013 0 12-03-2013 12:45 AM
What are main requirements of the Foreign Account Tax Compliance Act (FATCA)? TaxGuru Miscellaneous 0 02-27-2011 10:41 PM
IRS Strengthens Withholding Compliance Program TaxGuru Miscellaneous 0 12-29-2007 02:41 PM
New Internet-Based Workshop Helps Tax Exempt Organizations Remain in Compliance Samatg Tax News 0 01-23-2007 07:27 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning