Are you required to file?
You may be required to file some form of US Tax Return if one or more of the following apply to you (please note this is not an exhaustive list):
- You are a citizen of the United States or a Green Card Holder (irrespective of where in the world you are living);
- You spend a significant amount of time living in the US and thus have become a US resident for tax purposes;
- You are a non-resident alien in receipt of US source income including, but not limited to, rental income from a property located in the US, earnings/pension income from work carried out in the US, investment income from a US corporation or partnership or gains from the sale of US real estate.
If you have a requirement to file US Tax Returns but have not yet done so we can help you get up to date. For more information click here.
Request an initial consultation with our tax team here.
US Federal Income Tax Returns
US persons (citizens, green card holders and those resident by virtue of time spent in the US) are generally required to report their worldwide income and gains on US Tax Returns each year. However, various tax reliefs are available for taxpayers residing overseas and/or paying tax in another jurisdiction.
In addition, individuals who are non-residents of the US in receipt of income from the US may also be required to file a Non-Resident US Income Tax Return.
We can prepare your US Federal Income Tax Returns (Resident and Non-Resident), accurately and efficiently.
We stay conversant with developments in tax law and can provide you with advice on using all available credits and deductions to improve your worldwide tax efficiency.
For further advice please contact us.
The taxation of US persons with international interests can be an extremely complex area.
US persons living/working overseas can be subject to tax in both the US and their country of residence. The most commonly used tax reliefs available to minimise US taxes are the credit for foreign (i.e. non-US) taxes paid and the foreign earnings/housing exclusions and deductions.
US persons who use foreign bank/financial accounts and hold financial assets with values exceeding certain thresholds for the year will also be required to file Form 114 (referred to as an FBAR explained in more detail below) and/or Form 8938.
There are further reporting requirements for US persons with significant interest in foreign corporations, an interest in foreign corporations which predominantly generate investment income, foreign partnerships or foreign trusts.
If you have interests outside the US, we can help you comply in full with your reporting requirements and ensure that all the credits, exemptions and deductions available to you are utilised effectively.
To discuss any international issues for US taxpayers please contact us.
Foreign Bank Account Reporting (FBAR)
The FBAR (Form 114) is a reporting procedure (separate from the filing of Income Tax Returns) that requires a US person to report any interest or signatory authority over any foreign bank or financial accounts when the total value of all accounts combined is in excess of $10,000 at any point of the year.
A failure to report your foreign financial accounts can carry large penalties.
If you are required to file the FBAR, we can assist you in the preparation of the form and electronically file the FBAR with the Financial Crimes Enforcement Network (FinCen).
For further advice please contact us.
State Tax Returns and Other Returns
Different States have different tax regulations.
For most States with an income tax system, filing requirements depend on the residence position of the US taxpayer (based on the specific State rules) and the source of any income.
We can advise you on your State Tax filing requirements and, for those required to file, our team can help prepare State Tax Returns.
We also provide assistance and advice in the preparation of other Returns such as Gift Tax Returns, Estate Tax Returns and Returns for Non-Profit Organisations, etc.
If you would like any advice in relation to a specific State or other Return, please contact us.
Key Dates for Individuals
Note: deadlines are extended where the date falls on a weekend or US national holiday.
- Initial Individual Tax Return Deadline
- Deadline for the payment of tax liability (after this date any underpaid tax may be subject to interest & penalties)
- Initial Foreign Bank Account Report (FBAR) e-file deadline
- Deadline to file Form 4868 - Automatic 6-month extension of time to file US Tax Return and FBAR
- Individual Tax Return and FBAR Deadline (Automatic 2 month Extension) for taxpayers living outside of the United States
- Individual Tax Return deadline for those that file automatic 6-month extension
- Foreign Bank Account Report e-file deadline for those that filed extension in April
- Note taxpayers living outside of the United States may apply for an additional 2 months extension to file (15th December)