Bogotá tax lawyer
Law Offices of SRIS, P.C. is a US law firm founded in 1997 that assists individuals and businesses with US tax matters involving Colombian connections. Mr. Sris, the firm’s founder, is admitted to practice in Virginia, Maryland, the District of Columbia, New Jersey, and New York, and leads the firm’s US tax practice. For Colombian-law aspects, the firm collaborates with Eric Duport Jaramillo, Of Counsel, who is licensed in Colombia and not admitted in any US state bar. To discuss your US tax situation, contact the firm at (888) 437-7747.
Understanding US Tax Obligations When You Have Colombian Ties
US citizens, residents, and certain entities must report worldwide income and foreign financial accounts to the Internal Revenue Service, even when those accounts or assets are located in Colombia. The Internal Revenue Code imposes comprehensive reporting requirements that often catch individuals and businesses with cross-border connections by surprise. A US person with a Colombian bank account, investment, or business interest may need to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Network (FinCEN) if the aggregate value of foreign financial accounts exceeds the statutory threshold. Additionally, the Foreign Account Tax Compliance Act (FATCA) may require filing Form 8938 with the IRS to disclose specified foreign financial assets.
US tax law also provides mechanisms to avoid double taxation, such as the foreign tax credit, which allows a credit for income taxes paid to Colombia. However, navigating the interaction between US and Colombian tax systems requires careful planning. The firm’s US-licensed attorneys handle all US tax compliance, representation before the IRS, and voluntary disclosure matters. For questions of Colombian tax law—such as local filing obligations, Colombian-source income characterization, or tax treaty interpretation—the firm works with Eric Duport Jaramillo, Of Counsel, who is licensed in Colombia and not admitted in any US state bar. This division ensures that each jurisdiction’s legal requirements are addressed by an attorney qualified to practice there.
Frequently Asked Questions
Do I need to report a Colombian bank account to the IRS?
If you are a US person and the aggregate value of your foreign financial accounts exceeds the statutory threshold, you must file an FBAR with FinCEN. The reporting obligation applies regardless of whether the account generates taxable income. The FBAR is filed electronically and is separate from your income tax return. Failure to file can result in significant civil and criminal penalties. The firm’s US-licensed attorneys can assess your filing requirements and help you come into compliance.
What is FATCA and how does it affect me if I have Colombian assets?
FATCA requires certain US taxpayers to report specified foreign financial assets on Form 8938 when the total value exceeds the applicable threshold. The thresholds vary by filing status and residence. Colombian financial institutions may also report information about US account holders under intergovernmental agreements. The firm can determine whether you have a FATCA filing obligation and prepare the necessary disclosures.
Can a US tax lawyer help with Colombian tax issues?
A US-licensed tax attorney can handle your US tax compliance and IRS representation, but Colombian tax law must be addressed by a Colombia-licensed professional. At Law Offices of SRIS, P.C., Mr. Sris and the firm’s US-licensed attorneys manage all US-side tax matters. For Colombian tax questions, the firm collaborates with Eric Duport Jaramillo, Of Counsel, who is licensed in Colombia and not admitted in any US state bar. This dual-jurisdiction approach ensures that both US and Colombian legal requirements are met.
How does the IRS treat Colombian-sourced income?
US persons are generally taxed on their worldwide income, including income sourced to Colombia. You must report Colombian wages, business profits, rental income, and investment gains on your US tax return. The foreign tax credit may reduce your US tax liability for income taxes paid to Colombia. Proper sourcing and characterization of income are critical; the firm’s US-licensed attorneys can advise on these issues.
What are the penalties for failing to report foreign accounts?
Civil penalties for non-willful FBAR violations can be substantial, and willful violations may result in criminal prosecution. The IRS also imposes accuracy-related penalties for underreporting income. The firm can evaluate your exposure and, if appropriate, assist with a voluntary disclosure to mitigate penalties. Because every case is different, you should seek advice specific to your situation.
How can I get compliant if I have undisclosed Colombian accounts?
The IRS offers voluntary disclosure programs that allow taxpayers to come into compliance while reducing the risk of criminal prosecution. The firm’s US-licensed attorneys can guide you through the streamlined filing compliance procedures or the traditional voluntary disclosure practice, depending on your facts. Early action is important; the firm can help you assess your options and prepare the required filings.
Does the firm handle Colombian tax law directly?
No. Colombian tax law is handled by Eric Duport Jaramillo, Of Counsel, who is licensed in Colombia and not admitted in any US state bar. His role is limited to Colombian-law matters and to serving as a liaison with the firm’s US-licensed attorneys. All US tax advice and IRS representation are provided by Mr. Sris and the firm’s US-licensed attorneys. This structure maintains strict jurisdictional separation and complies with applicable bar rules.
What is the role of a Colombia-licensed attorney in a US tax matter?
A Colombia-licensed attorney can advise on Colombian tax law, help interpret Colombian-source income, and coordinate with Colombian tax authorities. When a US tax matter involves Colombian legal questions—such as the characterization of a Colombian entity or the application of Colombian withholding rules—the firm engages Eric Duport Jaramillo, Of Counsel, who is licensed in Colombia and not admitted in any US state bar. He works alongside the firm’s US-licensed attorneys to provide comprehensive guidance.
How do I resolve an IRS audit involving Colombian assets?
The firm’s US-licensed attorneys can represent you in an IRS audit, including examinations that involve foreign accounts and assets. We will work with you to gather documentation, respond to IRS inquiries, and, if necessary, negotiate a resolution. If Colombian-law issues arise during the audit, the firm can involve its Colombia-licensed Of Counsel to address those aspects. Contact the firm at (888) 437-7747 to discuss your audit.
How do I contact a Bogotá tax lawyer at the firm?
You can reach Law Offices of SRIS, P.C. at (888) 437-7747 to schedule a consultation about your US tax matter with Colombian connections. The firm’s US-licensed attorneys, led by Mr. Sris, will handle your US tax issues. If Colombian-law advice is needed, the firm will coordinate with Eric Duport Jaramillo, Of Counsel, who is licensed in Colombia and not admitted in any US state bar. All consultations are by appointment only.
About Mr. Sris and the Of Counsel Network
Mr. Sris, Owner and Founder of Law Offices of SRIS, P.C., is admitted to practice in Virginia, Maryland, the District of Columbia, New Jersey, and New York. He has practiced since 1997 and leads the firm’s US tax practice. The firm’s Of Counsel network includes Eric Duport Jaramillo, who is licensed in Colombia and not admitted in any US state bar; his role is limited to Colombian-law matters and liaison with US-licensed attorneys. Mr. Sris and his Of Counsel have documented experience across multiple cross-border practice areas since 1997. Results may vary; prior outcomes do not guarantee a similar result.