“Dear IRS, I am writing to you to cancel my subscription. Please remove my name from your mailing list.” ~Charles M. Schulz (Snoopy)
Living in the USA comes with a tax subscription to the IRS mailing list. No matter where you came from originally, it is the price of admission. If you are a US Citizen, your subscription remains in effect even if you no longer live here. The IRS expects to hear from you every year, no matter where you have chosen to live.
If you have crossed borders during your lifetime, as I have, your IRS subscription can get tangled with other tax subscriptions: the ones you carry from your native country; from a temporary stop in a foreign country; from the home countries of your family members; and on and on and on. All the rules and regulations of these different subscriptions can get overwhelming very quickly.
This is where the cross-border tax planner comes in. We at MHTax love finding the best solution possible by taking advantage of every deduction, exclusion, credit and treaty benefit available. We keep clients out of trouble with the IRS by making sure they comply with the confusing international reporting requirements like FBAR and FATCA, and those related to PFICs, foreign trusts and foreign entities. And we also work with our clients’ other advisers, whether here or in foreign countries, to help them develop a comprehensive financial plan that meets their goals while minimizing their taxes.
If you are an independent business owner, immigrant, expatriate, foreign investor or member of a multinational family, especially if you have US-Swiss cross-border ties, you fit the profile of many of the clients we work with. The US-Swiss cross-border field, in particular, has been the firm’s focus since 2014, when Marina joined White Lighthouse where she has been working with Jeff Haindl since 2018.
If US tax laws are hard enough to understand for native US citizens, the job is even more challenging for immigrants. Confusion and frustration are not uncommon, but neither is the determination to get it right. We help US immigrants understand and plan for their US tax obligations, included those related to their foreign assets and income.Read more
US expats continue to feel the pressure of the IRS’ priority placed on offshore tax enforcement and the force of FATCA’s full implementation. We assist US expats tax planning issues, representation before the IRS and, for those who are not compliant, coming back into compliance through the Streamlined Procedures or other available paths.Read more
Foreign investors are attracted to the USA’s stable regulatory environment and large consumer market. We help them with tax planning once potential investments have been identified, assisting with the identification of risks and opportunities. We work with foreign business investors, real estate investors and financial investors by providing tax planning and representation services.Read more
This group of clients usually needs assistance beyond tax planning and preparation. Business plan preparation, budgeting and cash flow management, billing and bookkeeping are some of the services we can help coordinate. We also help them understand the tax impact of entity selection and its effect on their tax compliance burden.Read more