High-net-worth individuals, trans-national legal entities, and family offices navigating complex cross-border structures.
Cross-border structures create exposure across tax, regulatory, and financial reporting obligations. Decisions made today are often assessed later by examiners, legal advisors, or courts, frequently with more context than was available at the time.
Common needs:
"Foodman CPAs & Advisors and my legal team assisted me with submitting the proper narrative statement to the IRS regarding my options related to underreported foreign assets. The explanations provided by Foodman and my legal team together with all the actions taken to become compliant were successful."
— High-net-worth Individual, Tamarindo, Costa Rica
A high-net-worth U.S. citizen residing in Bogotá, Colombia received an IRS notice stating that a Substitute for Return had been filed on his behalf. The IRS calculated tax, penalties, and interest based on income reported by third parties, without the benefit of deductions, credits, or position documentation the individual could have submitted.
Foodman CPAs & Advisors represented the individual before the IRS, assessed the positions available, and submitted documentation to support a more accurate return. The IRS assessment was reduced by more than 50%.
Services applied:
Topics addressed:
This is one example of our work helping a client. For more, search “Financial Institutions” (under Industry filter) in our Insights Hub.
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