Los Angeles Tax Attorney
LAW 360 INTERVIEWS LOS ANGELES TAX ATTORNEY SANFORD I MILLAR ON NEW TAX REFORM BILL.
Internationally, the bill follows a path carved by the European Union and the Organisation for Economic Co-operation and Development that strengthens the global tax scheme, said Sanford I. Millar, a commissioner on the Taxation Law Advisory Commission of the State Bar of California. ”If you stand back and look at the alignment of the stars, you see a view that no one should be able to shelter their taxes offshore, there ought to be some income paid,” he told Law360. “While I don’t see it necessarily being adopted this year, I see this as the dialogue that is going to emerge.”
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This program is a way for taxpayers who have not filed and paid what they owe to the Internal Revenue Service, to come forward voluntarily and pay what they owe now.
The government is offering some pretty impressive incentives to just about any taxpayer who comes forward and works with them. In other words, they won’t impose penalties or bring criminal charges against you, if you come forward now.
Every situation is different and it can be a bit complicated, so be sure to seek out someone with deep experience in this area.
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The key to international business is choosing the right jurisdiction for your company, with that done you can find income, estate and gift taxes substantially reduced by the application of double taxation treaties.
But…there is no “one place” that is the best offshore jurisdiction. We have to do a study of your situation and business activities and the various laws and regulations in force in the countries where your offshore company will operate.
Then, and only then can we choose the jurisdiction that will maximize the benefits and protections for you and your company.
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The purpose of tax planning is to take a look at the way your financial world is shaping up, and use that perspective to minimizes your taxes.
Only by doing a careful analysis of your financial situation, or life from a tax perspective, can we begin to align your financial goals with tax efficiency planning.
It’s key for you to find somebody to work with that not only understands your situation, but also the ever changing tax landscape in which you’re operating in. This is never a set it and forget it situation, as the world turns your life changes, and so does your tax future and the need to plan ahead.
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Our goal is pretty simple, we want to assist you, a high net worth individual, in minimizing your income, estate and gift taxes and protect your assets to a much greater extent than you may be presently experiencing.
We know tax law, it’s what we do and we’ve established a history of helping taxpayers resolve problems with the Internal Revenue Service and state and local taxing authorities in a way that leaves everybody happy. From audit representation before state taxing agencies or the Internal Revenue Service, including appeals and Offshore Voluntary Disclosures, you can rely on us to resolve your tax problems.
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Taxation of Ex Pats, dual nationals, and resident aliens are not the easiest things to understand. So don’t feel bad if you’re having trouble, believe us, you aren’t alone. The first thing we can help you with is gaining some clarity on a few of the most important and frequent tax issues you’ll be faced with.
There are things you need to know to stay compliant with the Internal Revenue Service and avoid penalties for failure to file or not filing the right way. The items to be concerned about, include foreign asset disclosure, foreign bank account reporting, and worldwide income, estate and gift taxation at both the IRS and state level.
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As a Los Angeles Tax Attorney, Sanford has helped many clients who rely on his global tax expertize.
Call him at 310-556-3007 to see how he can help you.
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Sanford I. Millar, a Los Angeles Tax Lawyer provides the information on this website for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.