When working away from home, or moving away from your business holdings, employing the services of a CPA is essential. At Vikas Garg, CPA Certified Public Acountant, we provide clients of Ashburn, Leesburg, and Sterling with expatriate tax services that keep you up to date with changing tax regulations, ensure any unpaid back taxes are kept manageable, and limit the threat of double taxation. 

While expatriates are technically subject to double taxation under the United States and whatever country in which they possess assets, deductions and tax credits are available that can effectively limit your liability for double taxation. Our Ashburn firm helps you to streamline the reporting process for holdings in multiple countries, assisting you in filing the Financial Crimes Enforcement Network (FinCEN) Form 114 for foreign bank account holdings, as well as tax form 1116 for foreign tax credits. 

With the help of Vikas Garg and our Ashburn tax professionals, we have helped to limit the effects of double taxation that would otherwise outweigh a client’s ability to pay. Additionally, dependent on the country in which you possess holdings, certain trade agreements, your citizenship status in either country, and the citizenship status of your spouse may entirely eliminate your liability for double taxation. These circumstances can provide you with additional tax credits, or else change your tax status to be free of dual taxation under the laws of either the United States, or the country in which you possess holdings.

Many individuals don’t realize that they are subject to taxation by the both the country they live in, and any country they have personal and professional holdings in. Failure to recognize all of your tax obligations to both your country of origin, as well as host country, can lead to the accumulation of hefty back taxes. In the United States, owing the federal government taxes can lead to penalties and fines levied by the Internal Revenue Service. 

At Vikas Garg, CPA Certified Public Acountant, we help individuals mitigate their outstanding tax liability by comprehensively evaluating their full financial situation. From there, we’ll help you identify opportunities for reducing tax liabilities while staying on top of personal and business tax payments. If you owe back taxes to the IRS, our Ashburn tax professionals can help you set up an effective strategy for repaying owed taxes while remaining fiscally solvent. As soon as the repayment process is complete, Vikas Garg, CPA Certified Public Acountant will help you create a system for on-time and accurate filing for years to come, preventing any future penalties from impacting your financial wellbeing. 

Whether you are in need of an accountant with experience filing expat taxes or owe back taxes in regards to foreign-held personal and professional assets, Vikas Garg, CPA Certified Public Acountant is committed to meeting your accounting needs. We serve expatriates throughout Ashburn, Sterling, Leesburg, and the surrounding communities. Contact us today.