Accountancy Consultancy Roma Near Me

4worldlovers:
Annual penalties for failing to disclose foreign bank accounts start at $10,000 and increase to 50% of foreign account values. Owners of undeclared foreign corporations and business entities face similar civil penalties. If the IRS believes you owe more than $51,000 in unpaid tax your passport will be revoked and you could be detained at customs on re-entry.

American citizens and green card holders are required to file a tax return each year they receive the equivalent of $12,950 in regular income, or $400 in self-employment income.

Additional reporting requirements must be met if one's foreign account balances exceeded $10,000 at any point during the year, if one owned 10% or more of a corporation based outside of the United States, or if one held more than $25,000 in funds organized outside of the US.

Citizens and Permanent Residents qualify for special deadlines if their tax residence is outside of the United States. (IR-2017-105)

June 15, 2023. US citizens living overseas receive an automatic two month extension to file their taxes.

Foreign account holders who cross the $10,000 FBAR reporting threshold are required to file a separate report with the US Treasury by October 15th, 2023.

The IRS will not impose penalties when the absence of liability is properly reported on a late return. Even if you have never filed, we can in most cases eliminate your US tax liability retroactively by claiming unused exclusions and foreign tax credits.

If you haven't already been contacted by the IRS you may still qualify for tax amnesty programs such as the "Streamlined Foreign Offshore Procedure" which waives the accumulated penalties for eligible U.S. taxpayers.

Pricing is by form and use of forms is kept to a minimum. There is no minimum fee, you pay only for what you need.

We employ additional forms beyond those required only when their use activates additional tax deductions or credits and there is a net financial benefit to the taxpayer.

Clients of Accountancy Saint-Paul enjoy professional counsel throughout the year without additional fee. Representation before the IRS is billed hourly.

US tax reporting of foreign income, foreign assets, foreign businesses, foreign pensions and tax-favored accounts, foreign inheritance & gifts, and foreign gains (IRS Form 1040)

American investors in passive foreign investment companies and mutual funds (PFIC 8621)

This website collects no client data beyond basic contact details. Any private information is managed offsite and transmitted by secure transfer protocol. No client data is reused, resold or employed for any other purpose than preparation of client returns and reports, which are then subject to client approval before filing. We do not collect data for future use or ancillary purposes. All client data not reflected in final tax forms is destroyed one year after the conclusion of the relevant tax year deadline, in accordance with Internal Revenue Code data retention requirements.