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Posts Tagged ‘FBAR’

 

We Educate American Expatriates 

Posted on: August 11th, 2017 by Expatriate Tax Returns No Comments

When you become an expat and move outside of the United States for your new job in another country, you will have many questions about your expatriate status. No matter how much research you did as you prepared to move to Dubai, Shanghai, London, Paris, Tel Aviv or Sydney, you’ll still not be totally prepared for this new phase in your personal and professional life.

The staff of Expatriate Tax Returns considers ourselves to be educators. We see our role to not only prepare expat tax returns for our clients, but to also educate our clients about what it means to be an American expatriate. There are many benefits, but also several responsibilities for American citizens who are living and working abroad. It’s a wonderful experience to be an expat, but there are certain things you must remember to do each year.

Expatriate Tax Returns for Expats

Filing your expatriate tax return is one of the key tasks each expat must remember and ExpatriateTaxReturns.com is here to ensure your tax return filing is exactly as it must be. Our tax experts don’t just prepare your return; we educate you to understand your tax return as it’s different than the annual tax returns you filed while living in the U.S.

Call ExpatriateTaxReturns.com today for an efficient, professional tax return experience. As a bonus, we’ll educate you on the ins and outs of being an American expat. We are available at (877) ETAX-123 or (877)-382-9123.

Getting ACA’s “Same Country Exemption” Passed

Posted on: May 1st, 2015 by Expatriate Tax Returns

It is important for all United States citizens living and working abroad to understand the American Citizens Abroad’s Same Country Exemption. This will have an important effect on expats and specifically on Expatriate Tax Returns.

The National Taxpayer Advocate has recently come out in full support of regulatory changes to both FBAR (Foreign Bank Account Report) and FATCA (Foreign Account Tax Compliance Act). This would make it easier for American expatriates living overseas to report tax information. At Expatriate Tax Returns, we believe that it is already a very confusing and onerous process for American expats to file their tax returns and we’re in favor of easing this process. All expats are encouraged to help the American Citizens Abroad (ACA) gather the documentation it needs to go back to the table for meetings with the U.S. Treasury.

expat taxes

If you are an American resident overseas and have had a foreign financial institution close one or several of your financial accounts or have been denied banking services, it is important that you send your testimony to the ACA via email to info@americansabroad.org. If any foreign financial institution is denying you services or the ability to open a financial account due to FATCA, U.S. tax legislation or because of the fact that you are an American citizen, it is important that you let them know so you can work with ACA and the government to get these restrictions overturned. American Citizens Abroad requests that you notify them before the deadline on May 15th 2015.

Together, we can work to make it easier and less stressful for American citizens to live and work abroad. At Expatriate Tax Returns, we put our expat clients first and want them to have a worry-free experience when it comes to expat taxes. Call us today toll-free on our Support Hotline: (877)-ETAX-123 or (877)-382-9123.

The FBAR: No News is Good News!

Posted on: August 5th, 2013 by Expatriate Tax Returns

The FBAR…No News is Good News!

If you have more than $10,000 USD in foreign banks, you must file a Foreign Bank Account Report (FBAR), Form number TD F 90-22.1, reporting the financial institution(s) name, address, account number and highest balance of the year.  This informational tax form is filed with the United States Department of Treasury every year by the final June 30 due date.  No extensions are allowed.

Starting July 1, 2013 the United States Treasury now requires all FBARs to be filed through their own BSA ELECTRONIC EFILING SYSTEM for all current and previous years.  The system requires Adobe Reader 10.0 or above, a fairly complicated registration process, and electronic form preparation/submission.  An easy process, it is not.

If you need an FBAR and wish to file your own, you may go to www.irs.gov for general directions, or Google “bsa efiling system” and you will find all the information you need to make this happen.  Or, if you quickly realize that this is more than you bargained for, you can contact us at www.expatriatetaxreturns.com for assistance…we are happy to file them for you @ a flat fee of $100 per year.

Foreign Accounts Tax Compliance Act (FATCA)

Posted on: January 10th, 2013 by Expatriate Tax Returns

Foreign Accounts Tax Compliance Act (FATCA)

In 2009, Swiss banks reported earnings to all American Citizens with offshore accounts.  As a result, UBS paid $780 million to the Internal Revenue Service.  Since then, more international banks have provided income information about American Citizens and Green Card Holders with foreign accounts to the IRS than ever before. If you have numerous years of unfiled U.S. Expat taxes and/or have foreign accounts that had a balance of over $10K that you have not reported, you will want to catch up and file!

The IRS and Department of Justice have been working hard at finding US citizens who have ignored their filing responsibilities. As a result, they have released a number of amnesty programs that are available for you if you are not in compliance with the IRS or FATCA regulations. At this time, coming forward can help you since the amnesty programs offer lighter consequences than if you get caught by the IRS.

All foreign financial accounts with a $10,000 USD balance at any time during the year should be reported on Form TD F 90-22.1. The statute of limitations on the filing of this FBAR (Federal Bank Account Report) is six years, whether or not the account is still open.

Reporting your Worldwide Income

All U.S. Citizens and Green Card Holders must report all of their worldwide income to the IRS. There are many tax benefits and deductions available to American expats so that you are not subject to double taxation. In order to receive these benefits, you must file your tax return!

Foreign Bank Accounts Reporting (FBAR)

All foreign financial accounts with a $10,000 USD balance at any time during the year should be reported on Form TD F 90-22.1. The statute of limitations on the filing of this FBAR (Federal Bank Account Report) is six years, whether or not the account is still open.  The FBAR is due June 30.

Statement of Foreign Financial Assets

New for 2011, is Form 8938: Statement of Foreign Financial Assets. Use this form if you have offshore assets valued at $200,000 or more in total at the end of the year or $300,000 for single filers. Joint filers use this form if the balance at the end of the year is $400,000 or $600,000 at any point in the year.

Voluntary Disclosure

Voluntary disclosure programs are available that enable you to catch up with missed filings and unpaid taxes with limited penalties.  If you are in that situation, give us a call to discuss your options.

Make sure you take advantage of every program there is for American Expats that can help you with your taxes. If you need help with your next move, do not be afraid to contact us, we are here to get you on the right track!

FBARS

Posted on: September 10th, 2012 by Expatriate Tax Returns

Report of Foreign Bank and Financial Accounts (FBAR)

Did you realize that all US citizens must report all foreign bank account  activity to the IRS?

FOREIGN BANK ACCOUNT(S) UNDER $10,000 …check the box on Form 1040, Schedule B.

FOREIGN BANK ACCOUNT(S) OVER $10,000…check the box on Form 1040, Schedule B AND file a Foreign Bank Account Report (FBAR) to the IRS, Department of Treasury

FOREIGN BANK ACCOUNT(S) OVER $10,000

PLUS ALL OTHER ASSETS OF $200,000+ …. check the box on Form 1040, Schedule B AND file a Foreign Bank Account Report (FBAR) and possibly a Form 1040, #8938 (see below for rules).

Beginning in 2011, the IRS has instituted a new form for the purpose of reporting all foreign financial assets including, but not limited to, bank accounts, securities, investments, and real estate located in a foreign country. This requirement is for all US citizens…onshore and offshore…where ever you may be!

The Form 8938 is filed with your US tax return so the same due dates apply.

 

Deanna B.

Expatriate Tax Returns offered me great advice and had my tax return ready to file within hours. Great service!! Thanks! I’m not stressing out about my taxes this year thanks to Expatriate Tax Returns!!! ???? Thanks Expatriate Tax Returns for getting my taxes done so quickly! Great service and advice!!!
2016-07-21T16:51:56+00:00
Expatriate Tax Returns offered me great advice and had my tax return ready to file within hours. Great service!! Thanks! I’m not stressing out about my taxes this year thanks to Expatriate Tax Returns!!! ???? Thanks Expatriate Tax Returns for getting my taxes done so quickly! Great service and advice!!!

Jeremy N

My sister recommended Lauren to me and I’m very glad she did! Lauren was friendly, helpful and knowledgeable. Filing taxes from abroad is new to me and so I wouldn’t have been able to do it without her help! Thanks so much Lauren for always being willing to help and make it work!
2018-05-17T01:51:16+00:00
My sister recommended Lauren to me and I’m very glad she did! Lauren was friendly, helpful and knowledgeable. Filing taxes from abroad is new to me and so I wouldn’t have been able to do it without her help! Thanks so much Lauren for always being willing to help and make it work!

Jason A. Miller

Expatriate Tax Returns is the #1 source for filing U.S. taxes for people living outside the U.S. Diane and her staff are easy to work with, dedicated and highly competent. I will be recommending them to all my friends currently living abroad.
2016-08-10T02:14:36+00:00
Expatriate Tax Returns is the #1 source for filing U.S. taxes for people living outside the U.S. Diane and her staff are easy to work with, dedicated and highly competent. I will be recommending them to all my friends currently living abroad.

Dennis Kopitz

All I can say is WOW! These guys had my taxes done, filed, and my larger than expected refund on the way to my bank account in less than 24 hours! Just plain amazing service. And a bargain to boot.
2016-08-10T02:14:13+00:00
All I can say is WOW! These guys had my taxes done, filed, and my larger than expected refund on the way to my bank account in less than 24 hours! Just plain amazing service. And a bargain to boot.

Laura Folts Field

The last two years Diane and Lauren have been helpful in our transition back to the US. Lauren got our taxes done within 24-48 hours both years which is impressive! I highly recommend them!
2016-08-10T02:13:57+00:00
The last two years Diane and Lauren have been helpful in our transition back to the US. Lauren got our taxes done within 24-48 hours both years which is impressive! I highly recommend them!

Jan A.

I was SO impressed by the extremely helpful assistance and warmth of the people I spoke with that I wanted to write in about it. You have some really professional and talented staff on board who know the importance of treating customers well and graciously. Thank you from Belgium!
2016-07-21T16:54:55+00:00
I was SO impressed by the extremely helpful assistance and warmth of the people I spoke with that I wanted to write in about it. You have some really professional and talented staff on board who know the importance of treating customers well and graciously. Thank you from Belgium!

Rosemary E.

Thank you so much for assisting way beyond our expectations. I reviewed the documents and they look accurate. Salem will be in on Thursday evening from Cairo. We will sign them and overnight the returns. You can bet we will be calling you for 2012.
2016-07-21T16:54:31+00:00
Thank you so much for assisting way beyond our expectations. I reviewed the documents and they look accurate. Salem will be in on Thursday evening from Cairo. We will sign them and overnight the returns. You can bet we will be calling you for 2012.

Brad B.

Thanks. Your firm has the best people I ever seen.
2016-07-21T16:54:11+00:00
Thanks. Your firm has the best people I ever seen.

Richard T.

I would like to give praise for the best tax woman I have ever had a chance to work with. My tax preparer, is a true professional in the sense of the words. She has done my taxes for two years now and I would not let any other person attempt to complete them. I want to thank the Expat tax company for caring for us the way they do.
2016-07-21T16:53:50+00:00
I would like to give praise for the best tax woman I have ever had a chance to work with. My tax preparer, is a true professional in the sense of the words. She has done my taxes for two years now and I would not let any other person attempt to complete them. I want to thank the Expat tax company for caring for us the way they do.

Christian T.

A big thank you to ExpatriateTaxReturns.com!!!! Shout out to my tax preparer who helped turn a very complicated process to a simple one!! I highly recommend you to all my fellow expats out here in Shanghai!! See you again next year!!
2016-07-21T16:53:28+00:00
A big thank you to ExpatriateTaxReturns.com!!!! Shout out to my tax preparer who helped turn a very complicated process to a simple one!! I highly recommend you to all my fellow expats out here in Shanghai!! See you again next year!!

Laurie P.

Reliable, timely and accurate!
2016-07-21T16:53:08+00:00
Reliable, timely and accurate!

Carl V.

Fortunately for me Expatriate Tax Returns can handle all my tax filing needs via email. Easy friendly and prompt. This was my first year using Expat and I was blown away by the service, speed and accuracy of my State and Federal returns. I submitted my W2 and 1099s and everything else to Diane on Saturday and by Monday I had my returns along with detailed instructions for submitting them.
2016-07-21T16:52:38+00:00
Fortunately for me Expatriate Tax Returns can handle all my tax filing needs via email. Easy friendly and prompt. This was my first year using Expat and I was blown away by the service, speed and accuracy of my State and Federal returns. I submitted my W2 and 1099s and everything else to Diane on Saturday and by Monday I had my returns along with detailed instructions for submitting them.

Claudia R.

My tax preparer is very helpful. Wonderful and timely service! Thanks!
2016-07-21T16:52:17+00:00
My tax preparer is very helpful. Wonderful and timely service! Thanks!

Rudy Patros

Diane Siriani at Expatriate Tax Returns not only took the time to prepare my expat taxes, but she answered all my questions quickly. She treated me like a professional and I have now referred many colleagues to her. Thank you so much.
2018-05-17T01:53:32+00:00
Diane Siriani at Expatriate Tax Returns not only took the time to prepare my expat taxes, but she answered all my questions quickly. She treated me like a professional and I have now referred many colleagues to her. Thank you so much.

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