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The US taxes citizens and green card holders on worldwide income wherever they live. We prepare expat returns that use the foreign earned income exclusion and foreign tax credits correctly, keep FBARs current and bring missed years into compliance.
Serving United States, Virginia, Washington, DC, Maryland.
What we handle
Americans abroad generally get an automatic extension to June 15 to file, and can extend further. The foreign earned income exclusion under section 911 can exclude a set amount of foreign wages and self-employment income plus some housing costs if you meet the bona fide residence or physical presence test. Foreign tax credits under section 901 often work better in high-tax countries and for investment income.
Expats must also file FBARs and, at higher thresholds, Form 8938, report foreign retirement and investment accounts, and watch for PFIC rules on foreign mutual funds. Leaving a state such as Virginia or California needs care so the old state does not keep taxing you. Americans abroad who missed returns can often use the Streamlined Foreign Offshore Procedures with no penalty.
Speak with an advisorWhere we help
Excludes foreign earned income up to an annual limit for qualifying residents abroad, plus a housing amount.
Credit for foreign income taxes paid, limited by section 904.
No penalty for non-willful taxpayers who meet the non-residency requirement.
Some states continue to tax former residents who keep ties there.
Our approach
A senior advisor reviews your facts and documents.
Scope, fees and timeline in an engagement letter.
Returns, elections and forms prepared and reviewed.
IRS contact and planning all year.
Questions
If your question isn't here, call (703) 880-8412 and you'll reach a person.
Yes, if your income is above the filing threshold. Many expats owe little or no tax after the exclusion or foreign tax credits, but the return is still required.
In countries with tax rates higher than the US, the foreign tax credit is often better. We compare both, including the effect on retirement contributions and refundable credits.
If you qualify as non-resident and the failure was non-willful, the Streamlined Foreign Offshore Procedures allow three years of returns and six years of FBARs with no penalty.
Yes, until the green card is formally surrendered, and giving it up can have expatriation tax consequences.
Latest updates
FinCEN issued a final rule revising BOI reporting. Business owners should confirm whether their entities still have a filing obligation.
Source: Federal Register
The IRS took down the page that described penalty relief for late FBARs when all income had been reported. Get advice on reasonable cause or the Streamlined procedures before filing late FBARs.
Source: EY Tax News
Related
Streamlined Domestic Offshore Procedures (SDOP), Streamlined Foreign Offshore Procedures, late FBAR and international information return filings, and voluntary disclosure support for foreign accounts and assets.
Learn moreHeadquartersAddress, local tax issues and the full range of services in Northern Virginia.
Learn moreStreamlined Domestic and Foreign Offshore Procedures for NRIs and expats with unreported Indian or other foreign accounts: NRE/NRO accounts, fixed deposits, mutual funds (PFIC), FBAR and Form 8938.
Learn moreInternational taxFBAR filing for US persons with foreign bank and financial accounts: who must file FinCEN Form 114, the $10,000 threshold, deadlines, penalties after Bittner v.
Learn moreInternational taxForm 8938 under FATCA (IRC 6038D): who must file, filing thresholds for residents and expats, how it differs from the FBAR, penalties and the extended statute of limitations.
Learn moreInternational taxForm 5471 for US owners, officers and directors of foreign corporations, including Indian private limited companies: filing categories, Subpart F and section 951A income, section 962 elections, penalties and Farhy.
Learn moreInternational taxForm 8865 for US persons with interests in foreign partnerships and LLPs: filing categories, contributions and transfers, penalties and how to fix missed years.
Learn moreInternational taxForm 3520 for gifts and inheritances from parents and relatives abroad, foreign trust distributions and Form 3520-A: thresholds, deadlines, penalties and how to file late.
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