US Expat Tax
We pride ourselves on offering an extensive choice of US expatriate tax services, as well as open, transparent, flat-fee pricing. See below for a full list of our tax preparation services.
Bambridge Accountants specialises in the preparation of US expat taxes, including the streamlined process, for Americans living abroad.
We have an expert team of tax advisers and IRS Enrolled Agents who have extensive experience in the field of expat tax preparation. We provide accurate, efficient expat tax services for US citizens living abroad and can advise on the interaction of UK and US taxes.
STATE TAX RETURN
As IRS Enrolled Agents, with knowledge of your situation, we can advise you if you need to file a state return. Generally speaking:
- If you last resided in or maintain residency in California, New Mexico, North Carolina or Virginia, you will likely need to file a state tax return.
- If you last resided in Alaska, Florida, Nevada, South Dakota, Texas, Washington or Wyoming, then you probably will not need to file a state tax return.
- For most other states, it will depend on your personal circumstances, how long you have been abroad, what ties you have to the specific state, etc.
CATCH UP ON US TAX RETURNS
If you haven't filed, or didn't know you needed to file, your US tax returns, there is a process to get everything up to date - the streamlined filing procedure.
Using the streamlined filing procedure, you need to file three years of federal tax returns with all the appropriate forms and schedules and you also need to file six years of foreign bank account reports.
Main benefits of the streamlined filing procedure:
- all penalties will be waived under the streamlined procedures
- you only need to file the last 3 federal personal tax returns
- even if returns properly filed under these procedures are subsequently selected for audit under existing audit selection processes, the taxpayer will not be subject to failure-to-file and failure-to-pay penalties or accuracy-related penalties with respect to amounts reported on those returns
FOREIGN BANK ACCOUNT REPORTING
The FBAR is only required if you have a financial interest in one or more overseas financial accounts and the total value of all of the financial accounts combined was $10,000 or more during any point during the tax year. The FBAR (FinCEN Form 114) must be filed electronically with the US Treasury Department (not the IRS) by June 30th (there are no extensions).
SMALL BUSINESS TAX RETURN
A business return is needed for any business that is considered a separate entity. Examples of this include (but are not limited to): Forms 1065, 1120 and 1120S
Included In our Business Package:
- All relevant Forms, Schedules and K-1′s