Do You Pay Taxes On Foreign Income

Do You Pay Taxes On Foreign Income – When a person is considered a US Person, such as a US Citizen, Lawful Permanent Resident, or Foreign National who meets the substantial presence test, they have various international tax and reporting requirements (FBAR, FATCA, 3520, 5471). Failure to report can result in fines and penalties. Non-compliant taxpayers may be eligible for IRS Offshore Amnesty.

For US Citizens and Residents living outside the US, they are still considered US Persons for tax and reporting purposes. For taxpayers who have failed to report foreign assets, investments and income, they may still be eligible for IRS international tax amnesty even if they live abroad.

Do You Pay Taxes On Foreign Income

If a Taxpayer failed to report foreign accounts or assets, significant fines and penalties may be assessed (usually on CP15). Or, the Taxpayer may be under an IRS civil or criminal investigation and/or subject to an audit. Our international tax and legal team can help Taxpayers comply.

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Learn the differences between our discounted 30-minute value-driven consultation and the ‘free’ 15-minute sales pitch consultations advertised by other law firms.

If you have already been penalized either in an Audit or if you received an IRS Notice CP15, we can help you Reduce or Reduce Penalties.

We represent US Citizens and Long Term Residents with Deportation, Departure, Exit Tax, and IRS Form 8854.

In recent years, the IRS has turned up the volume on assessing and enforcing Form 3520 Penalties – and specifically large Foreign Donations.

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We specialize in offshore tax and disclosure reporting only. If you have lost confidence in your current counsel, we may be able to help.

“The whole process of correcting outstanding tax issues went smoothly as Sean provided me with a courteous, timely and professional service” –

“The reason we went with Golding & Golding was that we wanted to work with someone who had knowledge and expertise as well as real in-depth experience of working through international tax situations.” –

“Sean has provided us with an excellent service throughout the streamlined procedure. Sean is straightforward, knowledgeable, reliable and very responsive.” –

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“After searching for a good recommended OVDP lawyer, I found Sean. He walked me through my problem step by step, keeping me in the loop throughout the process.” –

My first call with Sean Golding was very encouraging, as he showed strong competence in this area. He was honest, clear, open, honest and caring. Further communication with him and his team was quick and easy…” –

“Sean and his team helped me navigate through a complex compliance issue including personal and business tax issues. He is experienced, knows how to tackle my situation from the beginning. “–Regardless of where you are located, our US expat tax services can be used in simple steps. Our team will contact you within 1 business day to explain the process. During the free consultation, call our US tax specialist who will answer your questions and give you the best answer.

We will create an account for you in our secure client portal and you can upload your documents through it. And that’s it. Sit back and relax while we take care of your tax return.

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Your assigned tax accountant will prepare your US tax return and send it to you for final review and confirmation. We offer flat fees for our US expatriate tax services and you submit the payment after all the work is done. Easy and hassle free.

We always agree a set fee before we start, so you won’t have any surprises on the final bill.

Our company was founded by a US expat and a CPA, rolled into one, for all other US expats to take the hassle out of tax preparation.

Trust that your tax return is completed by an expert in the best way. As we value your privacy very much, we never disclose any personal information.

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At 1040 Foreign, we love what we do and this is the key to our successful work and best results. We enjoy making your life easier.

Olivier worked very hard to complete my wife’s simplification process in a very short time as we needed to complete it quickly for visa application purposes. If you are an Expat and need your taxes sorted out while you are abroad, 1040 abroad is fast, affordable and thorough!

Much less demanding financially and in terms of paperwork than a very expensive international tax lawyer from London in the UK I used to set up my tax compliance with the IRS as an “accidental American”. to get out of the senseless, expensive and boring charade of submitting an IRS claim every year.

Initially, I was nervous about contacting someone to take care of my tax problem. But the 20 minute Skype conversation I had with Olivier Wagner helped me relax and from then on, it was easy. Olivier responded to my questions and emails in a timely manner. The questionnaire and FBAR file were easy to use. In no time, my tax returns were filed. I would highly recommend to expats or Americans living outside the US.

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Being an Expat living in Canada since 1966, I only became concerned about my duties to file a US tax return when I read several news articles in early 2012 about the potential penalties for not filing. I had no idea what to do and of course I was worried. I searched the web and found Olivier’s website. I contacted him and told him my story. He told me what documents he needed to put me on the right track…I sent them to him and he took them from there. Ever since then I rely on Olivier every year to keep me compliant. I receive regular updates on new rules and regulations from Olivier. I feel very comfortable using his service and will continue to do so. Olivier provides an excellent service and is very easy to work with. Keep up the good work Olivier.

Mr. Wagner has prepared some very complex forms required by the IRS. He is prompt, efficient, extremely knowledgeable, and a pleasure to deal with. I would highly recommend him to anyone who needs an experienced and professional tax preparer.

If you are an American living or working abroad, you will need an accountant who understands the nuances of the tax laws and how they affect you.

A conventional accountant may not know the complex rules governing how a US expatriate is required to report income, corporations, bank accounts, deductions, or how to legally minimize your tax liabilities.

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To make matters worse, even if you as a US expat have gotten away with not filing your taxes for some time, you never know when you might find yourself facing the full scrutiny of the IRS o’ r end, which could lead to consequences ranging from fines. thousands of dollars, jail time, and with recent new legislation, even losing your passport.

You don’t have to be intimidated by US tax rules for Americans abroad. Not only will we help you file your US expat tax return – our US expat tax services are comprehensive and include everything from tax saving analysis and US tax preparation abroad to the requirements comply with the final filing. To that end we will hold your hand and teach you the essential information you need to know to save money, reduce your workload, and stay out of legal trouble for as long as you remain expatriate.

Living abroad provides you with new opportunities, in your professional and personal development. And we discover the best options for your international position to make effective use of the savings and deductions available.

What could be better than working remotely and then traveling around the world? Keep enjoying your digital nomad lifestyle while we take care of your taxes.

Foreign Tax Credit Guide For Expats (with Video)

Did you recently discover that you are technically an American citizen and, therefore, subject to a lifetime of taxation that you never knew about? I have your back as we have dealt with such cases before.

The cookie settings on this website are set to “allow cookies” to give you the best possible browsing experience. If you continue to use this website without changing your cookie settings or if you click “Accept” below then you consent to this. No matter where you are located, our US expat tax services can be used in simple steps. Our team will contact you within 1 business day to explain the process. During the free consultation, call our US tax specialist who will answer your questions and give you the best answer.

We will create an account for you in our secure client portal and you can upload your documents through it. And that’s it. Sit back and relax while we take care of your tax return.

Your assigned tax accountant will prepare your US tax return and send it to you for final review and confirmation. We offer flat fees for our US expatriate tax services and you submit the payment after all the work is done.

Who Owns Us Business? How Much Tax Do They Pay?

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