If you’re a U.S. citizen or resident alien you must pay taxes on any foreign income, regardless of whether you live in the United States or not.
Foreign Tax Relief
Foreign Income Exclusion
Foreign Tax Credit
Foreign Tax Deduction
US Tax Treaties
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Foreign Account Reporting Procedures
Foreign Bank & Financial Accounts Report (FBAR)
U.S. taxpayers with a financial interest or authority over foreign financial accounts whose aggregate value exceed $10,000 generally must file an FBAR. In many cases, filing an FBAR with the IRS to report your foreign assets is the only step needed to be in compliance with Foreign Account Tax Compliance Act (FATCA) and can will most likely result in zero taxes owed for accounts that do not produce income.
Failure to file an FBAR while the account balance is properly reported will result in no penalties. However, willful failure to file may result in penalties of up to $100,000 or 50% of the account balance per year. Criminal penalties may be imposed as well.
We Are Foreign Tax Compliance Experts
FOREIGN-OWNED US LLC'S
FOREIGN GIFTS & INHERITANCE
US OWNED FOREIGN CORPORATIONS
FOREIGN SALES OF US REAL ESTATE
EXPATRIATION
FINANCIAL CRIMES ENFORCEMENT NETWORK (FINCEN)
BOI New Mandatory Company Reporting
The Treasury Department administered by the Financial Crimes Enforcement Network has implemented a new regulation that you must comply with under the CTA Act.
CTA requires the disclosure of beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company. It is anticipated that 32.6 million US and Foreign owned US businesses will be required to comply with this reporting requirement.
The BOI is a one-time filing. If any changes or corrections to the business and beneficial owner’s info, a new report must be filed within 30 days.
Foreign companies required to report under the CTA include corporations, LLCs or any similar entity that is formed under the law of a foreign country and registered to do business in any state or tribal jurisdiction by filing a document with a secretary of state or any similar office.
Filing deadlines:
For existing entities (created/registered before 01/01/2024), the BOI report must be filed before 01/01/2025. However, our target date is May 31, 2024, for all corporations and LLCs in existence before 1/1/2024, which is your business.
For new entities (created/registered after 01/01/2024), the BOI report must be filed within 90 days. There may be some Hurricane Beryl extensions but please heed the warning and penalties if you do not file timely.
ITIN CERTIFICATION
An Individual Taxpayer Identification Number (ITIN) is a tax processing number that the IRS issues to individuals who are required to have a US taxpayer number but who are not eligible for a Social Security Number (SSN). An ITIN allows individuals to set up an account by which they can pay their taxes or receive a tax refund and they are required regardless of immigration status.
An ITIN is used for federal tax reporting purposes only, it does not authorize you to work in the US, provide Social Security benefit eligibility, nor does it qualify a dependent for the Earned Income Tax Credit.