• 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. Foreign income and housing expenses can be excluded from taxable income and credits are available for foreign taxes.

  • Why worry?

    The penalties for failing to disclose foreign bank accounts start at $12,663 and increase to 50% of foreign asset values. Owners of undeclared foreign corporations and business entities face similar 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.

    Who?

    American citizens and green card holders are required to file a tax return each year they receive the equivalent of $10,400 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.

    When?

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

     

    June 15th, 2018. US citizens living overseas receive an automatic two month extension to file their taxes.

     

    Foreign account holders who crossed the $10,000 FBAR threshold are required to file a separate report with the US Treasury by October 15th, 2018.

     

     

    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 Americans 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

    16 Place de la Bourse

    75002 Paris

    Germany

    +49 40 87409077

    by appointment

    Fischertwiete 2

    20095 Hamburg

    Italy

    +39 0521 148 0460

    by appointment

    Borgo Carissimi 1

    43121 Parma

    Netherlands

    +31 35 808 0238

    by appointment

    Olympia 1B

    1213 NS Hilversum

    Switzerland

    +41 43 508 01 43

    by appointment

    Rue du Rhône 14

    1204 Geneva

  • 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.

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  • 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.

    5 avril, 2018
    Propose a question, clarification, or comment on our service.
    expat,tax,TCJA,FATCA,PL 115-97
    A lot of the people we know have been asking what to expect from the Tax Cuts and Jobs Act of 2017 and how it affects them as overseas residents. The answer is the TCJA can be a blessing or a curse, depending on your main source of income. Let’s start by saying that US-based businesses will do...
    The SFOP is a good deal. For those who qualify, after filing three years of tax returns and up to six years of FBAR, just for the years required; all accumulated penalties and interest are waived. But the IRS considers most expats to have had fair warning and the program is now in its final days....
    The account values reported on the FBAR are not taxable income. The United States does not have a wealth tax. Only the interest, dividend or investment income from foreign accounts is taxable, and generally escapes US tax by the application of a credit for the foreign taxes paid on the same income.
    It many cases it can actually be helpful to have a so-called "Non-Resident Alien" Spouse. The primary advantage is that the spouse's income is neither reported nor taxable in the United States. The primary complication is that returns must be filed on paper instead of transmitted electronically.
    EXPAT,ACTC,CHILD TAX CREDIT,EDUCATION CREDIT
    In a few cases, yes. If you have children younger than 17 who are American citizens and have social security numbers, you could be eligible to receive the Additional Child Tax Credit. If you supported an American child attaining a bachelor's degree abroad or in the states, or if you yourself are...
    EXPAT,TAX,FOREIGN INCOME,FOREIGN ASSETS
    The US tax code is quite flexible and provides many options for citizens to avoid double taxation. The most common exception is when Americans move to a low-tax jurisdiction. In these cases, taxpayers will pay the higher tax rate of the two jurisdictions, but not more than they would have if they...
    If you are current on your US filing obligations and want to keep your account open the best option is to return the completed w-9. If you haven't been filing and want to keep your account open you should consider regularizing your situation and returning the completed w-9.
  • Services

    UNITED STATES TAX AND FATCA COMPLIANCE FOR ANY BUSINESS OR INDIVIDUAL SUBJECT TO THE US TAX SYSTEM

    INDIVIDUALS

    • US tax reporting of foreign income, foreign assets, foreign businesses, foreign pensions and tax-favored accounts, foreign inheritance and gifts, cryptocurrency and vesting options
    • FATCA/FinCEN reporting for individuals (Form W-9, W-8BEN, FBAR, FinCEN 114)
    • American investors in passive foreign investment companies and mutual funds (PFIC Form 8621)
    • Nonresident alien spouse complications (NRA)
    • Streamlined foreign offshore procedures (Form 14653)
    • Dual-status returns and Nonresident returns (Form 1040NR)
    • Accidental Americans
    • Individual taxpayer identification number (ITIN Form W-7 COA) certification
    • Social Security Number (SSN Form SS-5) issuance for foreign born children
    • US Citizenship relinquishment (DS-4079) or renunciation (Form 8854)

    BUSINESSES

    • American control of foreign corporations and partnerships (CFC Form 5471)
    • American control of foreign real estate companies and passthrough entities (SCI, FPE Form 8858, 8865, 8832)
    • Foreign SMEs and micro-multinationals doing business in the States (Form 1120F)
    • FATCA classification for foreign investors in the US (Form W-8BEN-E)
    • Reconciliation of IFRS to US GAAP
    • Nonresident control of US corporations (Form 5472)
    • US tax ID issuance for foreign corporations  (EIN Form SS-4) 
    • Formation of US corporations, partnerships and pass-throughs
  • VIGILANTIBUS NON DORMIENTIBUS ÆQUITAS SUBVENIT.

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

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    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.
    
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