Maria Elenita Tetangco

International Tax Compliance: Why Specialized Services Are Essential Who’s afraid of the tax man? Or, more appropriately, the question to ask is: Who isn’t? Getting one’s taxes right can be both a scary and challenging prospect for the average Joe, and it doesn’t help that the tax man continues to be portrayed as no less than the big bad wolf himself. The truth is, taxation need not be looked upon as something to fear – you simply need to make sure you have a competent tax advisor by your side. When the time of year to pay taxes comes around, a lot of us find ourselves shaking in our boots. The IRS is notorious both for smoking out tax evaders and for going after people who may simply have misfiled their tax forms. While the latter may have had no intent to deceive or dupe the government out of its due, they can sometimes be treated no better than the common criminal. This is because taxation – and paying your taxes right – is considered a very serious matter. With globalization has come a new set of rising challenges. As the world continues to open up its borders more and more to international business and trade – thanks to the Internet and the dizzying strides we continue to take in global banking and finance technology – the tighter and more intense is the scrutiny of authorities whose job it is to ensure that no shady tax practices are allowed to flourish. In the face of such expertise, players in the global market likewise need to ensure that they stay on top of cross-border and financial disclosure issues, lest they find themselves in a quagmire of legal issues. The best way to take care of international tax compliance is to hire an expert tax advisor who has the latest information and regulation and compliance requirements at his fingertips. This means hiring a firm that is highly specialized in this sort of thing – one that will know exactly what to do in case you or your business ever find yourself under intense scrutiny for both U.S. and offshore tax disputes. Finding a tax firm that’s qualified to provide you with the right advice and guidance is half the battle. This is why you need to carefully select an international tax advisor who can do the following: Anticipate, identify, and quantify tax and foreign account-related problems Help you avoid tax compliance issues and pro-actively plan out ways to help you protect your assets Bring about the most favorable resolution of tax compliance disputes on a federal and international level Should you ever need help resolving both U.S. and offshore tax disputes; coming into compliance with foreign bank account reporting (FBAR) and the Foreign Account Tax Compliance Act (FATCA) reporting requirements; or assistance to participate in the IRS voluntary disclosure program, a reputable advisor will be essential. Ideally, hire a firm that can deliver a full range of services to encompass all aspects of foreign tax compliance which are critical to the success of doing business globally. This should include International Tax Compliance, Litigation and Investigations, International Business Consulting, as well as Information Storage Services. Author Bio Please update Photo Sources: http://www.bigstockphoto.com/image-86621576/stock-photo-single-glass-jar-on-wooden-shelf-for-saving-money http://www.bigstockphoto.com/image-79105876/stock-photo-government-taxes-and-magnifying-glass http://www.bigstockphoto.com/image-98810468/stock-photo-tax-time http://www.bigstockphoto.com/image-7086544/stock-photo-expenses http://www.bigstockphoto.com/image-9749462/stock-photo-smiled-business-man-waving-a-greeting