Vernon Jacobs
Vernon K. Jacobs, CPA
Offshore Tax Services


How to venture offshore without getting into trouble with the IRS.   
 
For those who have an interest in my professional services as a CPA, please note that I am currently semi-retired and no longer provide the  full scope of tax accounting services that are typical of most CPAs.

About 3/4 of my available time is spent as an
author, seminar instructor and publisher. 

As a tax professional, I now limit my work to the preparation of certain information returns required by the U.S. tax law, such as
  • Forms 3520 and 3520-A for foreign trusts with U.S. grantors
  • Forms 5471 and 926 for controlled foreign corporations with U.S. owners
  • Form 8865 for foreign partnerships with U.S. partners
  • Forms 8832 and 8858 for foreign disregarded entities with U.S. owners
  • Form 8621 for U.S. shareholders of foreign investment companies
  • Form TD F 90-22.1 for reporting foreign financial accounts
Due to limits on my time, I only work for a few clients at any time.

Because I do not provide other tax accounting services, I now accept new clients only if they have a capable accountant and U.S. tax preparer. If a prospective client does not have a tax accountant, I can refer them to one with whom I've established a working relationship. In other words, I prefer to not charge clients for time spent preparing financial statements, doing currency conversions and computing the gain or loss on security sales. If a business is in need of transfer pricing services, I will refer the business owners to a specialist in that area of international tax law.  If taxpayer defense representation services are needed, I encourage clients to seek help from an attorney that  specializes in that area of tax law.

Why Venture Offshore?

There are five primary reasons why most U.S. citizens and permanent residents venture offshore.
Each of these reasons will result in different tax complications and/or some tax saving opportunities.

If you (or your clients) need help in complying with the U.S. tax rules for offshore investments, employment, asset protection or business operations, there are four ways that I can help you.
  • You can buy one of more of the varous books and reports I have written or have co-authored with other international tax professionals.
  • If you may want more than a couple of my books or reports, a less expensive alternative is to subscribe to my online reference library and the International Wealth Protection News Monitor that I write twice monthly. 
  • If you need some clarification about some aspect of international tax law or asset protection but are not seeking professional advice, I offer a phone consultation service. which includes a free two year subscription to my online reference library and newsletter.
  • If you need personal tax advice or help with the preparation of various international tax returns, I am available for a limited number of new clients each year. 
If you are interested in considering my services, my professional credentials and resume are on my web site. If you have failed to file some of the returns required by the IRS for offshore activities or for foreign financial accounts, the tax law permits the IRS to impose substantial penalties for late filing  -- regardless of whether your foreign entity made any profits. For example, a taxpayer who has owned a foreign IBC or corporation for six years could be subject to a penalty of $10,000 per year for a total of up to $60,000. In addition, a failure to file the financial and bank disclosure form could resulet in additonal penalties of up to $10,000 per year.  If you disclose this information to an accountant it is possible (although not likley) that the accountant could be required by law to disclose the information you have provided.

In order to have maximum privacy you should seriously consider hiring an attorney who can provide you with a greater degree of confidentiality. I have provided contact information for some of the tax defense attorneys with whom I have worked.  If and when delinquent tax returns need to be filed for your offshore activities, these attorneys can retain me to do that work.  When I work through an attorney, your legal rights are protected.

Vernon K. Jacobs
Certified Public Accountant
Contact Information: Vernon K. Jacobs,
PO Box 8194, Prairie Village, KS 66208
Phone (913) 362-9667  Fax (913) 432-7174.
Send Email to jacobs--@--offshorepress.com
(Delete the --- in the address)
   
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(C) Copyright, 2008, Vernon K. Jacobs, All rights reserved.
 

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Offshore Tax Strategies
A concise plain English introduction to the U.S. tax rules for cross-border investments, foreign trusts, foreign corporations and other foreign entities owned by U.S. citizens or residents.

Other Books and Reports
by Vern Jacobs

Controlled Foreign Corporation Tax Guide, 3rd Edition
Legal Ways to Save Taxes Offshore & Onshore
Guide to Reporting Foreign Financial Accounts
Offshore Tax Strategies
BBB Online Reliability Program
Offshore Press, Inc.
Reliability Seal Information