US International Taxation 101
Whether you are a US citizen with sources of income and/or assets abroad, or you are a non-US citizen with sources of income and/or assets in the US, you have tax filing requirements that are very specialized. Ignoring these tax obligations can be very costly, whereas filing them on-time with reasonable rates can save you thousands of dollar.
If you are a US Citizen or US Resident (including Green Card holders) you are subject to world wide income tax and world wide asset disclosure. Once you report your world wide income, to avoid double taxation, we can use many options provided by the US tax code (such as Foreign Tax Credit, Foreign Earned Income Exclusion, Resourcing the Income, and using the US tax treaty benefit).
You are also required to report your world wide assets such as foreign bank accounts, foreign corporations in which you are share holder, foreign partnerships in which you are a partner, foreign trusts in which you are a grantor or beneficiary. These reports do no affect your income tax, but the IRS can impose large penalties for failure to file these reports on time. For example, if you fail to report your foreign bank accounts on-time, the penalty can be almost $13,000 per account per year for non-willful failure to report and $130,000 (or 50% of the value of your bank account) for willful failure. This shows the importance of choosing a CPA who is specialized in international taxation to avoid you paying these high penalties.
If you are a citizen of foreign countries and are either working in the US and/or have investments in the US, you are subject to US taxation, and if you are considered a resident for tax purposes (according the tax law) you are subject to worldwide income tax and worldwide asset reporting. In the case you are considered a US resident for tax purposes, there are ways that might help you to be treated a non-resident, hence substantially reduce your filing requirements and tax obligation.
Please give us a call for a free consultation. We can help you fulfill your international taxation requiremtns at a reasonable rate.
If you are a US Citizen or US Resident (including Green Card holders) you are subject to world wide income tax and world wide asset disclosure. Once you report your world wide income, to avoid double taxation, we can use many options provided by the US tax code (such as Foreign Tax Credit, Foreign Earned Income Exclusion, Resourcing the Income, and using the US tax treaty benefit).
You are also required to report your world wide assets such as foreign bank accounts, foreign corporations in which you are share holder, foreign partnerships in which you are a partner, foreign trusts in which you are a grantor or beneficiary. These reports do no affect your income tax, but the IRS can impose large penalties for failure to file these reports on time. For example, if you fail to report your foreign bank accounts on-time, the penalty can be almost $13,000 per account per year for non-willful failure to report and $130,000 (or 50% of the value of your bank account) for willful failure. This shows the importance of choosing a CPA who is specialized in international taxation to avoid you paying these high penalties.
If you are a citizen of foreign countries and are either working in the US and/or have investments in the US, you are subject to US taxation, and if you are considered a resident for tax purposes (according the tax law) you are subject to worldwide income tax and worldwide asset reporting. In the case you are considered a US resident for tax purposes, there are ways that might help you to be treated a non-resident, hence substantially reduce your filing requirements and tax obligation.
Please give us a call for a free consultation. We can help you fulfill your international taxation requiremtns at a reasonable rate.
Contact us
Email: Info@Qtaxservices.com
Phone: (424) 888-3878
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Phone: (424) 888-3878
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