How does 'going international' affect my taxes?

We emphasize to our clients that they cannot save taxes internationally. Certain IRS qualified international annuities and life insurance products can legally defer taxes – as can their U.S. counterparts – but as a general rule all international income is reportable to the IRS as taxable income in the year earned, not the year it’s repatriated to the U.S. We instruct our clients to immediately notify their accountant whenever we set up international structures so the client and their accountant can do the necessary tax reporting.