• Accountancy Saint Paul

    United States Tax, FATCA & BEPS Compliance

  • FBAR and FATCA

    Implemented in 2014, FATCA requires that both Americans and their foreign banks update the US Treasury on their accounts each year. The penalties for non-compliance are high but staying current is easy. There are no new taxes. Foreign income under $101,300 is excludable and credits are available for foreign taxes.

  • Why worry?

    Current legislation has authorized penalties on individual taxpayers for non-compliance from $10,000 to 50% of foreign account balances. Owners of unreported foreign corporations face similar penalties. If the IRS believes you to be seriously delinquent they can revoke your passport.

    Who?

    American citizens and former residents are required to file a tax return each year they receive the equivalent of $10,350 in wage income, or $400 in self-employment income. Additional FATCA reporting requirements must also 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 foreign investment funds.

    When?

    June 15th, 2017. US citizens living overseas receive an automatic two month extension to file their taxes.

     

    Foreign account holders who crossed the $10,000 threshold are required to file a separate FBAR report with the US Treasury by October 16th, 2017 - (cit. IR-2017- 82, 4/13/17)

    What to do?

    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.

  • All you have to do is file

    An overwhelming majority of citizens living abroad will pay no US tax on their foreign income. You just have to file.

  • The Accountancy

    Our workflow is entirely electronic. Regardless of your location, everything can be completed entirely online.

     

    Call, email, or book an appointment in one of our offices to get more information. Communication will be protected by attorney-client privilege.

    Michael de Sarro, E.A., C.A.A.

    Principal

    Member: American Chamber of Commerce Working Committee in Taxation, National Association of Tax Professionals

    Registered: US Dept of Treasury, Internal Revenue Service, NY Dept of Taxation and Finance, Financial Industry Regulatory Authority

    Alumnus: University of California at Berkeley

    France

    +33 1 86 26 25 95

    by appointment

    Palais Brongniart

    28 Place de la Bourse

    75002 Paris

    Netherlands

    +31 35 808 0238

    by appointment

    Olympia 1B

    1213 NS Hilversum

     

    Switzerland

    +41 43 508 01 43

    by appointment

    Kappelergasse 13

    8001 Zürich

     

  • CONTACT

    In many cases we can provide a free tax and penalty estimate to callers who can approximate their annual income by source.

     

    Call: one of our contact numbers above

    Email: clientservices@accountancysaintpaul.com

    or drop us a quick note using the form below.

     

    We will be in touch the same or next business day.

    English spoken.

  • Pricing

    Pricing is by form and use of forms is kept to a minimum. 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 our clients.

     

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

     

    Call or email to discuss your situation and receive current pricing info.

  • QUESTIONS & ANSWERS

    The Internal Revenue Code is complicated. The answers below are written to be general enough to provide basic expectations in the most common situations, and reflect careful application of the law by proper choice of method and form. These are not DIY solutions. They describe the result, not the process. If you believe you are subject to exceptional circumstances and/or want to learn more about the details and how they could apply to you, send us a message or contact your tax advisor.

  • We specialize in the American side of international tax for Businesses & Individuals

    • Streamlined foreign offshore procedures
    • Micro-multinationals
    • American control of foreign corporations & partnerships (CFC)
    • FATCA reporting: w-9, w-8ben, w-8ben-e, FINCEN, etc, for FFIs, NFFEs & individuals
    • American investors in passive foreign investment companies & mutual funds (PFIC)
    • Foreign real estate corporations, foreign passthrough entities (SCI, FPE)
    • Non-resident control of US corporations
    • Reconciliation of IFRS to US GAAP
    • Recovery of foreign tax withheld on dividends
    • Common reporting standards (CRS)
    • Non-resident alien spouse complications (NRA)
    • International property transfers, gifts and trusts
    • Accidental Americans
    • Dual-status returns
    • Individual taxpayer identification number (ITIN) certification
    • Delinquent international information return submission procedures

    • US Citizenship relinquishment or renunciation

    Vigilantibus non dormientibus æquitas subvenit.

    Equity favors the vigilant, not those who sleep on their rights.

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