Trujillo tax lawyer
Law Offices of SRIS, P.C. is a US law firm founded in 1997 that serves international clients with US legal needs, including individuals and businesses in Trujillo, Peru, who require US tax counsel. The firm’s US-admitted attorneys, led by Mr. Sris, advise on federal tax compliance, foreign account reporting, and cross-border tax planning under US law. For matters involving Peruvian tax law, the firm collaborates with Martín Mayandía, Of Counsel, admitted to practice law in Peru (2009) and not admitted in any US state bar; his role is limited to Peru-law matters in collaboration with the US-admitted attorneys of the firm. All US-law aspects are handled by Mr. Sris and the US-admitted attorneys of the firm. To discuss your US tax situation from Trujillo, contact the firm at (888) 437-7747.
US Tax Guidance for Individuals and Businesses in Trujillo, Peru
US citizens, green card holders, and certain residents living in Peru must continue to file US federal tax returns and report worldwide income, regardless of where they reside. The foreign earned income exclusion may allow qualifying individuals to exclude a portion of their foreign earnings, but the rules are complex and require careful documentation. Additionally, US persons with financial accounts in Peru may need to file an FBAR (FinCEN Form 114) if the aggregate value of foreign accounts exceeds $10,000 at any time during the calendar year. The firm helps clients in Trujillo navigate these obligations and avoid costly penalties.
For US businesses with operations or investments in Peru, the tax implications can involve entity classification, transfer pricing, and withholding requirements. The firm’s US tax attorneys work with clients to structure transactions in a manner that is compliant with the Internal Revenue Code while addressing the practical realities of doing business in Peru. When Peruvian tax advice is needed, the firm engages Martín Mayandía, Of Counsel, who is admitted in Peru and not in any US state bar, to provide Peru-law analysis in coordination with the firm’s US counsel.
Frequently Asked Questions
Do I need to file US taxes if I live in Trujillo, Peru?
Yes, if you are a US citizen or green card holder, you must file a US federal tax return even while living in Peru. The United States taxes its citizens and permanent residents on worldwide income. You may be able to reduce your US tax liability through the foreign earned income exclusion or foreign tax credits, but you must still file a return to claim those benefits. The firm can help you determine your filing obligations and prepare the necessary forms.
What is the FBAR requirement for US citizens in Peru?
If you have a financial interest in or signature authority over foreign bank accounts in Peru with an aggregate value exceeding $10,000 at any point during the year, you must file an FBAR. The FBAR is filed electronically with FinCEN, not with your tax return. Failure to file can result in significant civil and even criminal penalties. The firm assists clients in Trujillo with identifying reportable accounts and preparing accurate FBAR submissions.
How can a US tax lawyer help with Peruvian business interests?
A US tax lawyer can advise on the US tax consequences of owning or operating a business in Peru, including entity selection, income reporting, and compliance with US anti-deferral rules. For example, if you own a Peruvian corporation, you may need to file Form 5471 with the IRS. The firm’s US attorneys handle the US side, and for Peruvian tax matters, the firm collaborates with Martín Mayandía, Of Counsel, who is admitted in Peru and not in any US state bar, to ensure local law is properly addressed.
Does the US have a tax treaty with Peru?
The US maintains tax treaties with many countries; for the most current information on treaty status with Peru, consult the IRS or a qualified tax professional. Even in the absence of a treaty, US tax law provides mechanisms such as the foreign tax credit to avoid double taxation. The firm can advise on how to apply US tax rules to your situation regardless of treaty status, and can coordinate with Peruvian counsel for local tax planning.
What is the foreign earned income exclusion?
The foreign earned income exclusion allows qualifying US taxpayers to exclude a certain amount of foreign earned income from US federal taxation. To qualify, you must have a tax home in a foreign country and meet either the bona fide residence test or the physical presence test. The exclusion is claimed on Form 2555. The firm helps clients in Trujillo determine eligibility and properly claim the exclusion.
How do I report a Peruvian bank account to the IRS?
In addition to the FBAR, you may need to report your Peruvian bank account on Form 8938 (Statement of Specified Foreign Financial Assets) if the value exceeds certain thresholds. The thresholds vary based on filing status and whether you live in the US or abroad. The firm can review your accounts and prepare both the FBAR and Form 8938 as required.
Can a US tax lawyer help with Peruvian tax issues?
A US tax lawyer cannot provide advice on Peruvian tax law unless they are also admitted in Peru, but the firm works with Martín Mayandía, Of Counsel, who is admitted in Peru (2009) and not in any US state bar, to address Peruvian tax questions. The firm’s US attorneys handle all US tax matters, and Mr. Mayandía provides Peru-law analysis in collaboration with the firm. This dual-jurisdiction approach ensures that both sides of a cross-border tax issue are properly managed.
What are the penalties for not filing FBAR?
Penalties for willful failure to file an FBAR can be severe, including civil penalties up to the greater of $100,000 or 50% of the account balance, and potential criminal prosecution. Non-willful violations can still result in penalties of up to $10,000 per violation. The IRS has several voluntary disclosure programs for taxpayers who come forward before being contacted. The firm can help you assess your exposure and determine the path to compliance.
How do I get started with US tax compliance from Peru?
Contact Law Offices of SRIS, P.C. at (888) 437-7747 to schedule a consultation. During the consultation, the firm will review your US tax history, foreign assets, and any specific concerns you have. From there, the firm can outline a plan to bring you into compliance and address ongoing filing obligations. All consultations are by appointment only.
What is the difference between the FBAR and Form 8938?
The FBAR and Form 8938 are separate reporting requirements with different thresholds, filing deadlines, and government agencies. The FBAR is filed with FinCEN and applies to foreign financial accounts exceeding $10,000. Form 8938 is filed with the IRS and applies to specified foreign financial assets exceeding higher thresholds. Some accounts may need to be reported on both forms. The firm can help you determine which forms apply to your Peruvian accounts.
Can the firm represent me in an IRS audit related to my Peruvian income?
Yes, the firm’s US-admitted attorneys can represent you before the IRS in an audit or examination concerning your US tax return, including issues related to foreign income and assets. The firm has experience handling IRS audits involving international taxpayers and can work with you to respond to information document requests, prepare for interviews, and negotiate resolutions. For any Peruvian tax authority inquiries, the firm would coordinate with Martín Mayandía, Of Counsel.
About Mr. Sris and the firm’s Of Counsel Network
Mr. Sris, Owner and Founder of Law Offices of SRIS, P.C., is a former prosecutor admitted to practice in Virginia, Maryland, the District of Columbia, New Jersey, and New York. He founded the firm in 1997 and has built a cross-border practice serving international clients with US legal needs. Mr. Sris and his Of Counsel bring extensive combined legal experience. For Peru-related matters, the firm works with Martín Mayandía, Of Counsel, admitted to practice law in Peru (2009) and not admitted in any US state bar; his role is limited to Peru-law matters in collaboration with the US-admitted attorneys of the firm. The firm’s principal location is in Virginia, by appointment only.
For guidance on related cross-border matters, contact Law Offices of SRIS, P.C. at (888) 437-7747.