We provide a full range of expatriate services including expatriate taxation and preparation. We can help to streamline filing and compliance requirements.
U.S. persons residing abroad have special tax considerations both at home and abroad. The complexity and constant change in tax laws and regulations demand a higher level of knowledge and service. It is important to work with a Certified Public Accountant knowledgeable of the unique reporting requirements facing U.S. citizens residing abroad. The penalties are too significant to risk.
U.S. persons with assets located outside the United States may be subject to additional reporting.
U.S. citizens and U.S. residents not compliant with their U.S. tax filings may qualify to file delinquent returns under the Streamlined Filing Compliance Procedures.
U.S. citizens who have relinquished or intend to relinquish their United States citizenship and who wish to come into compliance with their U.S. income tax and reporting obligations and avoid being taxed as a “covered expatriate” under section 877A of the U.S. Internal Revenue Code (IRC) may qualify to file delinquent returns under the Relief Procedures for Certain Former Citizens.
The Offshore Voluntary Disclosure Program (OVDP) was closed by the IRS in March of 2018. If you have foreign assets and are not compliant with your U.S. tax obligations, it is important to seek professional advice on your situation.
Relinquishing citizenship is a decision that should not be taken lightly. The first step of renouncing one's U.S. citizenship is to make sure you are compliant with your previous five year's of tax filings. Renouncing without first becoming compliant with the U.S. tax requirements, can be costly. Before formally renouncing your citizenship, consult a U.S. CPA to make sure your U.S. tax obligations are in order.