Get your streamlined global tax solutions from our International Tax CPA in Miami. We handle tax planning, strategy, IRS dealings, and document management.
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Identify the client's nationality and tax residence status
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Review client's historical income, assets and investments
3
Calculate client's total tax liability in foreign countries
4
Research applicable tax treaties and bilateral agreements between US and foreign country
5
Approval: Research Findings
6
Prepare a tax strategy to minimize the client's overall tax obligation
7
Draft a summary of the applied tax strategies for the client's review
8
Approval: Tax Strategy Plan
9
Provide necessary tax documents for the client to sign
10
Compile and submit a streamlined offshore procedure to the IRS
11
Monitor the IRS processing of the streamlined filing
12
Keep the client informed about the progress and status of streamlined filing
13
Pitch a tax planning session for the next tax year
14
Approval: Tax Planning Session Items
15
Organize documents and records for future reference
16
Handle any IRS queries or further documentation requirements
17
Confirmation of IRS acceptance and completion of the streamlined process
18
Schedule follow-up meetings to discuss future tax planning
19
Send finalized tax documents to the client for their records
Identify the client's nationality and tax residence status
This task is crucial in determining the client's tax obligations. Determine the client's nationality and tax residence status by asking them about their citizenship, country of residence, and any dual citizenships or permanent residency in other countries. This information will help us understand which tax laws apply to the client and how to proceed with their tax planning and filing processes. Are you a citizen of any other countries? Do you have permanent residency in any other countries?
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Yes
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No
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Yes
2
No
Review client's historical income, assets and investments
Get a holistic view of the client's financial position by reviewing their historical income, assets, and investments. Gather tax returns, bank statements, investment portfolios, and any other relevant documents. Analyze the client's financial history to understand their income sources, potential tax liabilities, and investment strategies. Have you filed tax returns in the past? Do you have any foreign assets or investments?
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Yes
2
No
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Yes
2
No
Calculate client's total tax liability in foreign countries
Determine the client's total tax liability in foreign countries by analyzing their income and tax obligations based on the local tax laws. Calculate the amount they owe in each foreign country and consider any applicable tax deductions, exemptions, or credits. This information will help us assess their overall tax situation and develop an effective tax strategy. Do you have income from foreign sources? Have you paid any taxes in foreign countries?
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Yes
2
No
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Yes
2
No
Research applicable tax treaties and bilateral agreements between US and foreign country
Thoroughly research the tax treaties and bilateral agreements between the US and the specific foreign country relevant to the client's tax situation. Understand the provisions, benefits, and any tax relief available to the client based on these agreements. This knowledge will ensure accurate tax planning and compliance with the international tax regulations. Are you aware of any specific tax treaties or agreements between the US and foreign countries?
Approval: Research Findings
Will be submitted for approval:
Research applicable tax treaties and bilateral agreements between US and foreign country
Will be submitted
Prepare a tax strategy to minimize the client's overall tax obligation
Develop a tailored tax strategy to minimize the client's overall tax obligation while ensuring compliance with the tax laws of the applicable countries. Consider tax deductions, exemptions, credits, and any other legitimate strategies to optimize the client's tax position. This strategy will help the client reduce their tax burden and maximize their after-tax income. Are you open to exploring tax optimization strategies?
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Yes
2
No
Draft a summary of the applied tax strategies for the client's review
Create a concise summary of the tax strategies applied for the client's review. Clearly explain the chosen strategies, their impact on the client's tax position, and any proposed changes to their tax planning. This summary will help the client understand the recommended approach and provide an opportunity for them to provide feedback or ask questions. Would you like a detailed summary of the applied tax strategies?
Approval: Tax Strategy Plan
Will be submitted for approval:
Prepare a tax strategy to minimize the client's overall tax obligation
Will be submitted
Draft a summary of the applied tax strategies for the client's review
Will be submitted
Provide necessary tax documents for the client to sign
Compile all the necessary tax documents and forms required for the client to sign. These may include tax returns, disclosure forms, consent forms, or any other relevant paperwork. Ensure that the documents are accurate and complete to avoid any delays or errors in the tax filing process. Are you comfortable signing the necessary tax documents?
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Yes
2
No
Compile and submit a streamlined offshore procedure to the IRS
Prepare and submit a streamlined offshore procedure to the IRS on behalf of the client. This procedure is designed to assist taxpayers with foreign assets or income to come into compliance with the US tax laws. Ensure that all the required forms, statements, and information are included in the submission to avoid any issues or delays. Have you completed the necessary forms for the streamlined offshore procedure?
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Yes
2
No
Monitor the IRS processing of the streamlined filing
After submitting the streamlined filing to the IRS, it is important to monitor the processing status. This ensures that the filing is being reviewed and processed in a timely manner. Check the IRS website or contact the appropriate IRS unit to track the progress of the streamlined filing. Are there any specific contact details or identifiers you need to reference when checking the status? Monitor the IRS processing of the filing and make note of any updates or actions required.
Keep the client informed about the progress and status of streamlined filing
This task involves keeping the client informed about the progress and status of their streamlined filing with the IRS. Regularly update the client on any updates, requests for additional information, or actions required from their end. How would you prefer to communicate with the client? Prepare a communication plan to effectively keep them informed and promptly address any concerns or questions.
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Email
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Phone
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In-person meetings
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Video conference
Pitch a tax planning session for the next tax year
In this task, we need to pitch a tax planning session for the next tax year to the client. Emphasize the benefits of proactive tax planning and the potential savings it can generate. How have your previous tax strategies benefitted the client? Propose a meeting or session to discuss their tax planning needs for the upcoming year and solidify a long-term tax strategy.
Approval: Tax Planning Session Items
Will be submitted for approval:
Pitch a tax planning session for the next tax year
Will be submitted
Organize documents and records for future reference
It is essential to organize and maintain all the documents and records related to the client's tax matters for future reference. This includes tax filings, supporting documents, communications with the IRS, tax planning documents, and any other relevant information. Have you established a system or process for organizing and storing these documents effectively? Implement a system to ensure easy retrieval and accessibility of the documents when needed in the future.
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Tax filings
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Supporting documents
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Communications with IRS
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Tax planning documents
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Other relevant information
Handle any IRS queries or further documentation requirements
During the streamlined filing process, there may be instances when the IRS requests additional information or clarification on certain aspects. It is crucial to promptly respond to these queries and fulfill any further documentation requirements. Have you encountered any IRS queries or requests for additional information? Gather the necessary information or documents, prepare a response, and promptly submit it to the IRS.
Confirmation of IRS acceptance and completion of the streamlined process
This task involves confirming the IRS's acceptance of the client's streamlined filing and the completion of the streamlined process. Check for any official communication or confirmation from the IRS regarding the acceptance of the filing and the resolution of the client's tax compliance issues. Have you received any confirmation from the IRS? Update the client on the acceptance and completion of the streamlined process.
Schedule follow-up meetings to discuss future tax planning
After completing the streamlined process, it is important to schedule follow-up meetings with the client to discuss future tax planning. This allows us to review the effectiveness of the applied tax strategies, address any ongoing tax concerns, and plan for the client's tax obligations in the upcoming years. When would be a suitable time to schedule these follow-up meetings? Coordinate with the client and set convenient dates for the meetings.
Send finalized tax documents to the client for their records
This task involves sending the finalized tax documents to the client for their records. These documents include the filed tax returns, supporting schedules, and any other relevant documents related to the streamlined filing process. Have you prepared the finalized tax documents? Send them to the client in a secure and organized manner, ensuring they have access to a complete set of their tax records and filings.
