Tax Returns and FBARs
We are able to file the following types of Tax Returns:
• Form 1040 US Individual Income Tax Return
• Form 1041 US Income Tax Return for Estates and Trusts
• Form 1120 US Corporation Income Tax Return
• Form 1120-S US Income Tax Return for an S Corporation
• Form 1065 US Return of Partnership Income
• Form 709 US Gift (and Generation-Skipping Transfer) Tax Return
• Form 706 US Estate Tax Return
It should be noted that since we specialize in the US expat market, most of the tax returns that are prepared in our office include all of the complicated and confusing US international tax forms, including but not limited to:
Form 2555 for Foreign Earned Income
Form 1116 and 1118 for Foreign Tax Credits
Form 5471 and 5472 for Information about Certain Foreign Corporations
Form 8865 for Information about Certain Foreign Partnerships
Form 8858 for Foreign Disregarded Entities and Foreign Branches
Form 3520 and Form 3520-A Information for Foreign Trusts and Foreign Gifts
Form 8938 for Statement of Specified Foreign Financial Assets
For non-US persons that have a US tax return filing requirement, we can file the Non-Resident version of each federal form. Furthermore, for US persons that happened to be domiciled in a particular US State which taxes your foreign income or have US State sourced income, we can also include the applicable state tax return as well. We encourage all of clients to file their tax returns electronically, but occasionally cases arise that requires the tax return to be submitted by paper. In those cases, we help our clients make sure the entire return is submitted to the proper department within the IRS.
Additionally, for US taxpayers that have this requirement, we are also able to organize your bank documents, and prepare to file the Foreign Bank Account Report (FBAR) on your behalf. That way you can sleep at night knowing that you've done your part to be fully compliant with the Foreign Account Tax Compliance Act (FATCA).
Income Tax Planning
For US citizens, including accidental Americans who became US citizens inadvertently, who live and/or conduct business outside of the US, the system of citizenship-based, worldwide taxation provides a confusing, stressful situation. Millions of Americans living overseas don’t know what to do, what information to report, what forms to complete or how to contact the tax authorities in the States to rectify their particular issue. Furthermore, for US citizens that own and operate businesses in a tax jurisdiction outside of the US, issues can arise as to how to establish the proper entity structure, how to make sure the operating income of the foreign corporation isn't taxable to the US shareholder, how to attract investment from the US and how to pay yourself a salary and/or dividend to benefit from the fruits of your labor. All of these issues can be addressed with a comprehensive tax plan, where we look at our clients’ entire financial and personal situation, analyze their information and prepare a comprehensive, customized tax plan that addresses all of our clients' particular issues. This enables them to file their income tax returns every year in a way that fulfills their duty of citizenship, yet minimizes the monetary expenditure to meet the cost of said citizenship.
Amnesty Programs and
So what do you do if you’ve never filed a US tax return? Or if your previous accountant made a mistake on a tax return from a prior year? What do you do if you happen to get a large envelope from the Department of the Treasury that states they want to examine a tax return that you’ve already filed? Or maybe, you get some letter stating that the IRS is assessing penalties on you for not completing an informational form to disclose your international business activity?
Many US citizens, people married to US citizens, non-US persons with US sourced income and accidental Americans that have been living overseas for most of their life find themselves in these kinds of scenarios quite often. Fortunately for them, for every problem there’s a solution. If you have an issue from a prior year that needs to be resolved with the US tax authorities, our office is licensed to help you resolve your issue with unlimited representation rights. Some methods we use to fix our client’s tax issues retroactively are:
Filing amended returns for a prior tax year,
Using the amnesty programs and delinquent return procedures to avert penalties,
Working directly with the IRS Appeals unit and/or Taxpayer Advocate to get your issue fixed
If you have a problem with the US treasury, we might be able to find you some relief.