We understand the need private clients and middle market companies have for direct and real advice.
With offices in Encino (LA), Pasadena (LA), Atlanta, and New York we are well placed to assist you with your personal and business U.S. Federal and State income tax preparation needs. In 2016 we are looking forward to opening our 5th U.S. office in Chicago, Illinois.
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We are pre-migration, market entry and transactional specialists.
Failure to get proper tax advice prior to major life events can be very costly. With the introduction of FACTA the penalties for incorrectly reporting foreign structures are at an all time high.
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Company
Do you own or control and interest in an Australian or foreign company? Did you know that failure to properly disclose this interest on your personal return can result in an automatic fine of USD$10,000?
Trust
Do you own or control an interest in an Australian or foreign discretionary trust or unit trust? Did you know that failure to properly disclose this interest on your personal return could result in a fine equal to the greater of $10,000 or 5% of the value of the portion of the trust’s assets treated as owned by you?
Fund
Do you own or control an interest in a Self Managed Superannuation Fund? Did you know that superannuation can be currently taxable in the U.S. and that failure to properly disclose this interest on your personal return could result in a fine equal to the greater of $10,000 or 5% of the value of the fund?
Financial Asset
Did you know that if you own foreign financial assets and the value exceeds IRS specified thresholds, you might have an obligation to disclose those foreign assets on Form 8938? Failure to file Form 8938 can result in a $10,000 penalty.
Taxes are generally required to be assessed by the IRS within three years after a taxpayer’s return is filed.
Failure to provide information about international transactions or foreign assets suspends this limitation period. In addition, omission of certain cross-border compliance related income from the U.S. tax return can extend the statute of limitations to six years after the tax return was filed.
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CEO and Managing Director
Peter Harper,
BA LLB MTax (FLC)
Peter is the CEO and Managing Director of Asena Advisors. He has spent most of his career advising foreign-owned privately held businesses on US market entry and founders and global families on the migration impact of becoming global citizens.
Market entry and global migration are complex areas of tax law and when proper advice is not obtained, his team is also called upon to co-ordinate the resolution of multi-jurisdictional international tax controversies.
Peter’s core focus is extracting value for founders and families, and he believes in a ‘Stakeholder Framework’ to corporate taxation. The ‘Stakeholder Framework’ encompasses the development of tax strategy that facilitates value extraction for founders and families, rather than for the corporations that they invest in or manage.
Specialties: International tax, income tax, M&A, taxation of foreign trusts and inbound investment into the US.