Maryland International Tax Lawyer:

Secure Your Financial Future

Do you have financial ties that reach beyond U.S. borders? From foreign investments to international inheritances, these activities can trigger complex tax obligations that many Maryland residents are unaware of.

Don’t let unexpected penalties put your financial future at risk. Contact Ramy Shabana today for a free consultation with a dedicated Maryland international tax attorney.

Guiding Maryland Residents Through Complex Tax Challenges

Tax Relief Counsel was founded to provide individuals and businesses in Maryland with professional guidance and effective solutions for their international tax issues.

Our offshore tax attorney brings a deep understanding of both federal and Maryland-specific tax regulations, including offshore disclosure requirements, foreign bank account reporting (FBAR), and the Foreign Account Tax Compliance Act (FATCA).

We pride ourselves on providing personalized, client-centered service by taking the time to understand your unique circumstances and tailor our strategies accordingly.

Whether you’re facing an IRS inquiry or proactively seeking to ensure compliance, we are here to protect your interests and maximize your financial well-being.

Are You Facing Any of These International Tax Situations?

Many Maryland residents are surprised to learn that seemingly common situations can trigger complex international tax reporting obligations. If any of the scenarios below apply to you, it’s essential to seek guidance to ensure compliance and avoid costly penalties:

Investments in foreign accounts or assets (including stocks, bonds, mutual funds, and real estate).
Ownership of a business with international operations or clients.
Inheritance or gifts from overseas sources.
Foreign bank accounts exceeding $10,000 (individually or in aggregate).
Relocating to or from Maryland with foreign income or assets.

Don’t wait until it’s too late. Understanding your obligations upfront can save you significant time, stress, and financial penalties down the road.

Speak with a Maryland Offshore Tax Professional

Are you facing international tax questions in Maryland? We can help. Get clear, straightforward answers and explore your options with a free, no-obligation consultation.

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(202) 630-4095

Maryland Taxes and Your Global Income: Understanding What You Need to Report

Many Maryland residents are unaware that their obligation to report income and assets extends beyond U.S. borders. Both the IRS and Maryland require you to disclose specific foreign financial activities. Here’s what you need to know:

Maryland Tax Return and Foreign Income

While Maryland generally follows federal rules for reporting foreign income, there can be nuances and additional state-specific forms required. It’s crucial to ensure you have accurate reporting on both your federal and Maryland tax returns.

FBAR Filing Requirements

If the total combined balance of your foreign bank accounts exceeds $10,000 at any point during the year, you must file a Report of Foreign Bank and Financial Account with the U.S. Treasury Department (FinCEN). This is separate from your tax return.

FATCA and Maryland Taxpayers

The Foreign Account Tax Compliance Act imposes additional reporting obligations if you hold certain foreign financial assets above specific thresholds. This often involves filing Form 8938 with your federal tax return.

Failing to meet these reporting requirements can have serious consequences, including penalties and potential IRS scrutiny. We strongly advise consulting with a qualified Maryland international tax attorney to ensure you are in full compliance.

Maryland Residents: Correcting Past Offshore Reporting Mistakes

Did you make a mistake with your foreign account reporting? Don’t panic. The IRS offers several disclosure programs that can help Maryland residents come into compliance and potentially reduce penalties. These programs provide a way to “come clean” voluntarily and get back on track with your tax obligations:

Streamlined Options for Non-Willful Violations

If you unintentionally failed to report foreign income or accounts, the Streamlined Domestic Offshore Procedures (SDOP) or Streamlined Foreign Offshore Procedures (SFOP) may be appropriate for you. These programs offer reduced penalties for taxpayers who meet specific eligibility criteria.

Voluntary Disclosure Program (VDP)

For those who were aware of their non-compliance, the VDP provides a way to make a full disclosure to the IRS. While penalties are typically higher under the VDP, it can help minimize the risk of criminal prosecution.

Addressing Delinquent FBAR Filings

If you simply overlooked or missed the deadline for filing your FBAR (Report of Foreign Bank and Financial Account), the IRS offers procedures for addressing these late submissions.

Navigating these disclosure programs can be complex. It’s crucial to work with a Maryland offshore tax lawyer who can assess your specific situation, determine your eligibility, and guide you toward the most favorable outcome.

Don’t Let Offshore Tax Issues Derail Your Maryland Finances

Failing to comply with international tax reporting requirements can have severe consequences in Maryland and beyond. The IRS, and potentially even Maryland tax authorities, have the power to impose:

Substantial Penalties

The IRS can levy hefty fines for each year in which you failed to report your foreign accounts or assets accurately. These penalties can quickly add up, often exceeding tens of thousands of dollars, especially for violations involving FBARs, Form 8938, or other international information returns.

Escalating Interest Charges

Beyond penalties, any unpaid taxes related to your offshore holdings will accrue interest. This interest can rapidly compound, significantly increasing your overall tax liability.

Asset Liens and Seizures

Both the IRS and Maryland tax authorities have the power to place liens on your assets, including your home, vehicles, or business property. In some cases, they may even pursue asset seizures to satisfy unpaid tax debts.

Jeopardized Passports

The IRS can now revoke or deny passport renewals for serious tax delinquencies, including those related to undisclosed foreign accounts.

Reputational Damage Within Maryland

Facing an IRS investigation or tax-related legal issues can damage your reputation, potentially impacting your business dealings and personal relationships within the Maryland community.

Taking a proactive approach to international tax compliance is crucial. Don’t wait for the IRS to come knocking.

Your Maryland Allies in International Tax: How We Can Help

At Tax Relief Counsel, we offer more than just legal knowledge — we provide personalized support and strategic guidance tailored to the unique needs of Maryland residents facing international tax challenges.

Here’s how we can help you achieve the best possible outcome:

Bridging the Gap Between Maryland and Federal Tax Law: Our team has in-depth knowledge of U.S. international tax regulations and Maryland-specific requirements.
Developing Tailored Strategies for Maryland Residents: We take the time to understand your unique circumstances, financial goals, and risk tolerance.
Proactive Compliance Planning: Whether you’re just starting to invest overseas or need to address past oversights, we can help you establish a proactive plan.
Skilled Representation Before the IRS and Maryland Tax Authorities: Should you face an audit or investigation, our attorney is prepared to advocate for your rights.

The team at Tax Relief Counsel is here to provide unparalleled service for all your tax needs.

Why Choose
Tax Relief Counsel for Your International Tax Needs?

Are you facing complex international tax issues? Choose a legal team that offers more than just knowledge. Here’s what sets Tax Relief Counsel apart:

Maryland and Federal Experience

We're well-versed in both U.S. international tax law and Maryland-specific regulations.

Proven Results

Our successful track record speaks for itself — we've helped numerous Maryland residents navigate challenging IRS matters.

Personalized Strategies

We take the time to understand your unique situation and develop a custom plan tailored to your needs.

Unwavering Advocacy

We're dedicated to protecting your interests and achieving the best possible outcome for you.

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Frequently Asked Questions

How do Maryland tax laws differ from federal regulations when it comes to international income and assets?

While Maryland generally follows federal guidelines, there can be crucial differences in reporting requirements, deadlines, and penalty structures.

For instance, Maryland might have specific forms for certain foreign trusts or income sources, or the thresholds for reporting foreign gifts might vary. It’s essential to have a professional who understands both sets of laws to ensure full compliance.

I'm a new resident of Maryland with foreign accounts. What steps should I take to become compliant?

When relocating to Maryland with existing foreign financial interests, it’s essential to proactively address your tax obligations. We recommend starting by gathering documentation. Compile records of your foreign accounts, investments, and any foreign income received while residing outside of Maryland.

Next, consult with us. We’ll assess your specific situation, advise you on necessary filings (like FBAR, Form 8938, or amended returns), and help you develop a plan for ongoing compliance with both Maryland and federal tax laws.

Get Peace of Mind About Your International Taxes

Contact Tax Relief Counsel today for a free, no-obligation consultation with our Maryland offshore tax lawyer.