Happy Passover to our clients, family and friends who celebrate. We wish good health to you all.
Final federal tax return and FBAR deadline is October 15th. Contact Expatriate Tax Returns today!
Reputation is everything and at ExpatriateTaxReturns.com, we value our strong reputation as the #1 trusted expatriate tax prep firm in the world. We are well aware that we are in the business of helping Americans around the globe do something that would rather not be bothered with. Expat taxes are tricky, cumbersome and a hassle. We feel privileged to take care of expatriate tax returns because it gives our clients piece of mind and also frees them up to do other things — whether that is dedicating more time to their professional pursuits, spending time with family, or enjoying everything their country has to offer.
Whether you’re an American expatriate in Singapore, Sydney, Dubai or London, there are so many exciting cultural opportunities to explore. Our team at Expatriate Tax Returns doesn’t want you to miss any opportunities because you’re bogged down trying to get your financial affairs in order to prepare your complicated expat tax returns. We want to remove that inconvenience from your life. Our top-to-bottom tax preparation for expatriates means you can enjoy doing the things you love while our dedicated tax professionals prepare your expat tax returns for you. It’s a small price to pay for being able to get the most out of your stay in an interesting country away from home.
Call us today toll free at 877-382-9123 to talk to one of our talented tax pros and begin freeing up your time while we prepare your expatriate tax returns.
Now is the time of year that many big corporations are discussing HR changes for the fall. If you’re involved in these discussions, you could soon be contemplating a big move overseas.
If you plan to move abroad this year, it will be an exciting and challenging time. There are many factors to consider like what your spouse will do overseas and where your kids will go to school. There are also a plethora of opportunities and experiences to look forward to as an American expatriate. After accepting a new job overseas or a job transfer to a country outside the United States, it’s important to create a long “To Do List” with critical items like finding a place to live, forwarding mail, and finding a physician in your new country. Selecting a trustworthy and dependable CPA firm with experience working with expats is also essential.
Expatriate Tax Returns has many years of tax planning and preparation experience specifically for expats. We put that knowledge to work for you — our clients. It’s critical to inform the Internal Revenue Service (IRS) that you are moving abroad and to call our accounting team to make sure you’re prepared before you make the big move.
A few things to remember before you become an expat: update your contact information with the IRS so they can properly send your refund or any future correspondence. You can update your address with the IRS by completing Form 8822, Change of Address at any time during the year. Failure to notify the IRS of an address change can be costly. For example it can keep you from contesting a lien for unpaid taxes. At Expatriate Tax Returns, we understand that planning for the big move abroad is challenging and there are already so many things to think about. We can help you alleviate the stress by walking you through this journey hand-in-hand. We’ve helped thousands of U.S. expatriates successfully transition to their new country and we’ll help you too.
No matter where you are in the process of your preparation for becoming an expat, call on us for trusted, professional assistance. There are some many wonderful advantages to being an expatriate, but it’s also a time full of important decisions to make. Here’s an easy one: Call ExpatriateTaxReturns.com today at 877-382-9123 or fill out the form on our Website. We’ll be with you every step of the way.
Living and working overseas as an American expat comes with a unique tax filing position. It can often be complicated and full of hassle. Most tax advisers and tax return preparers are not experienced in the specific nature of expatriate tax returns. The expatriate tax professionals at Expatriate Tax Returns make up a stellar team of CPAs who have decades of experience in expat tax preparation. We’ve compiled some noteworthy updates that expats will be interested in for the coming year.
The past several years were relatively quiet in terms of changes to U.S. tax law in general and expatriate tax law in particular. With a new Administration and a new Congress, there are likely to be a number of substantial tax changes that expats should be aware of as we continue on in this new year.
In past years, the Foreign Bank and Financial Accounts (FBAR) was due by June 30th and extensions were not allowed. For tax year 2016 and forward, however, the FBAR due date is April 15th. There will also be a maximum extension for a 6-month period ending on October 15th. That should be a good development for American expats as it syncs the FBAR due date with the tax return due date. Plus it provides expatriates more time to prepare their information and file both items at the same time.
If you live outside the U.S. on April 17, 2017, you are entitled to an automatic extension (without the filing of an extension form) until June 15. However, if you owe tax, the extension applies only to the tax return filing and not the tax payment. Therefore, you must still submit your payment by April 17 to avoid paying interest on your late payment (late payment penalties do not commence until June 15th).
Expats who need to file an extension (Form 2350) because they need additional time to meet either the bona fide residence test or the physical presence test to qualify for the foreign earned income exclusion and/or the foreign housing exclusion or deduction, such extension is due by April 17th (not June 15th), even if they are outside the United States at that time. For tax year 2016, the maximum foreign earned income exclusion is up to $101,300 per qualifying person ($102,100 for tax year 2017). The maximum foreign housing exclusion for 2016 is $14,182. The standard deduction amounts are: for joint filers and surviving spouses, $12,600 for 2016 ($12,700 for 2017); for heads of household, $9,300 for 2016 ($9,350 for 2017); for singles, $6,300 for 2016 ($6,350 for 2017); and for marrieds filing separately, $6,300 for 2016 ($6,350 for 2017). For 2016 and 2017, the personal exemption amount is $4,050.
Further, under a new law, timing limitations were added for claiming the child tax credit by providing that a taxpayer identification number (an ITIN or SSN) can be used to claim the credit only if it was issued (not applied for) on or before the due date of the return. Finally, the past year was an important one in the U.S. government’s implementation of FATCA. Digital information exchanges began between the U.S. and its partner countries, and the IRS, in turn, has received more and more foreign account information. Many of the FATCA partner countries and their foreign financial institutions (e.g., banks) have made substantial efforts to become FATCA compliant in order to avoid potentially devastating penalties for foreign institutions with significant portfolios of U.S. investments. In this regard, the U.S. government gave a December 31 deadline for countries to implement FATCA locally or lose FATCA-compliant status.
It remains to be seen what tax changes the Trump Administration will make and we will keep you posted. Right now, it’s a wait and see attitude for these changes to the tax code in general and the expatriate tax code in particular.
Remember, due to April 15 being on a weekend, the due date for the 2016 tax return has been moved to April 17, 2017. Due to October 15th being on a weekend, the extension due date for the 2016 tax return (with the filing of an extension form) is moved to October 16, 2017.
Please don’t hesitate to call on us at ExpatriateTaxReturns.com to take the hassle out of your expat tax preparations. Our experience is your best friend! Call us today at 877-382-9123.