POLS Attorneys is a law firm based in the Republic of Panama, and regulated under Panamanian laws. POLS Attorneys does not offer US tax advice, investment advice, nor any US legal advice. All clients are required to sign a professional services & release agreement to POLS Attorneys, when contracting any legal services. POLS Attorneys is not responsible for any clients who fail to report their obligations to the US or any other country. Under no circumstances shall POLS Attorneys, or any of their subsidiaries, partners, associates, employees, directors or nominees, be held responsible for any client who contracts our legal services and fails to report their obligations to the US tax authorities, or to any other tax authority in any other country.
U.S. Taxpayers (citizens or residents of the United States of America) MUST Report Foreign Income and Disclose Foreign Financial Accounts and Entities. U.S. taxpayers with gross annual income above a threshold amount must file an income tax return with the IRS reporting the taxpayer’s income from all sources WORLD-WIDE. 26 U.S.C. §§ 61, 6012. U.S. taxpayers must also disclose certain foreign assets. For example, an individual U.S. taxpayer who has a financial interest in, or signature authority over, a foreign financial account must disclose the existence of the account on Schedule B of the taxpayer’s income tax return. See Schedule B (Form 1040 or 1040-SR), Interest and Ordinary Dividends, Part III. The taxpayer may also be required to report the account on a Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (the “FBAR”). U.S. taxpayers are required to report certain transactions with foreign persons or trusts, see 26 U.S.C. §§ 6039F, 6048, and any ownership of or control over foreign corporations, see 26 U.S.C. § 6038; 26 C.F.R. § 1.6038-2(a).