OUR SERVICES AND AREAS OF SPECIALTY
Below is a partial list of the tax returns and forms in which our firm can offer its vast expertise.
(1) Personal U.S. federal income tax return preparation – American citizens, green card holders, and U.S. residents (i.e. a non-American living most of the year in the US on a work visa) are required to file a federal income tax return annually regardless of their country of residence and the source of their income. Furthermore, even non-American’s living outside the U.S. have U.S. tax filing obligations if they receive income from U.S. investments or assets. While the rules for expats and non-Americans can be complex, our team is qualified and ready to handle any and all cases.
(2) Personal state income tax return preparation – If you are a legal resident or if you have specific types of investment income from certain particular states (i.e. New York, California, etc.), you will have an obligation to file the relevant state tax return regardless of the fact that you might live abroad.
While the rules determining residency and filing obligation can be complex, our team of experts can help you determine your residency status and file your state income tax return.
(3) Foreign bank account reporting (FBAR – Form 114) and FATCA (Form 8938) compliance – If you are a U.S. citizen or a U.S. registered company with direct ownership, indirect ownership, or merely signatory rights of non-U.S. bank and financial accounts whose combined balances exceed $10,000 or more at any point during the year, you are required to report the aforementioned balances annually to the U.S. Treasury Department by filing Form 114 (formerly known as Form TDF 90-22.1) with the IRS by June 30th. Furthermore, you probably will also need to file form 8938 to report roughly the same information (with a few additions) to the IRS directly.
(4) Form 5471 – Information Return of U.S. Persons With Respect To Certain Foreign Corporations – U.S. citizens and green card holders are required to report information with respect to foreign corporations in which they own more than 10%. Failure to file Form 5471 can lead to a $10,000 penalty. Our team can advise you on your filing requirements and can prepare the return if required.
(5) Form 8865- Information Return of U.S. Persons With Respect to Certain Foreign Partnerships – U.S. citizens and green card holders are required to report information with respect to foreign corporations in which they own more than 10%. Failure to file Form 8865 can lead to a $10,000 penalty. Our team can advise you on your filing requirements and can prepare the return if required.
(6) Forms 3520 and 3520-A – Annual reporting forms for Foreign Trusts that have U.S. owners or beneficiaries. In addition, Form 3520 also can report gifts received by a U.S. citizen/green card holder from a non-resident alien (i.e. a non-American).
(7) Tax return preparation for U.S.-based corporations, partnerships, trusts and estates- All of the aforementioned entities require U.S. tax reporting and our firm can prepare all of the required tax forms.