Expat Tax relief offers a Expatriate Taxation Services in Multiple disciplines to American living abroad. Our CPA's are highly professional.
We offer our clients a variety of services including tax filings for individual and business needs, IRS representation incase of audits, late filing and penalty negotiations, new business filings and structuring consultations.
FORM 2555. FOREIGN INCOME EXCLUSION
Required to be prepared and filed if you qualify for either physical presence test or Bona fide residence, exclusion amounts changes every year. For example, it was $105,900 in 2019 and $107,600 for year 2020. INTERN
FORM 8938, STATEMENT OF SPECIFIED FOREIGN FINANCIAL ASSETS
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution.
The following are considered reportable under the code:
FORM 5471 (CFCS)
U.S. citizens and U.S. residents who are officers, directors, or shareholders in certain foreign corporations are responsible for IRS Form 5471 filing.
Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
FORM 8621 (PFIC)
Required when there is distribution of income from a passive foreign investment company (PFICs) in which a U.S. person is a shareholder or a disposition of the shares of a PFIC by gift, death and most types of otherwise tax free exchanges or redemptions.
FATCA COMPLIANCE AND FBAR FILING
FATCA was signed into law in 2010, with an aim to levy certain taxes on U.S. citizens and entities with substantial overseas holdings and the overseas institutions that enable some sorts of tax evasion. Requires foreign banks to report and pass due diligence of US persons bank accounts to accurately report to the US treasury based on agreements signed by the US and foreign countries.
FORM 14654 AND THE STREAMLINED OFFSHORE PROGRAM
There are two directions for the IRS streamlined program. These are the SFOP (Streamlined Foreign Offshore Program) and the SDOP (Streamlined Domestic Offshore Program). Both the SFOP and SDOP has the following benefits: amnesty from FBAR penalties, accuracy-related penalties, and failure to file penalties.
Similar to a subpart F inclusion, “U.S. Shareholders” of CFCs include GILTI in income on an annual basis. U.S. corporations may be entitled under section 250 to a deduction of up to 50% of their GILTI inclusion and related section 78 gross-up.
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Our Dedicated Professional take care of the hassle of your Expatriate Taxation and let you enjoy your work or your vacation.