Many foreign expatriates, all U.S citizens & GreenCard holders are required to report all worldwide income. Foreign and US expatriates are entitled to, but not limited to following unique tax breaks under conditions: 1. Foreign income exclusion (IRS form 2555) 2. Housing allowance (IRS form 2555) 3. Tax treaty exemptions and exclusions (i.e. IRS form 1040NR for F-1 J-1 visa and other quilfied) 4. Foreign Tax Credits and other offsets (IRS form 1116) FBAR: Also for U.S nationals & Green Card holders, federal tax regulation stipulates “Report of Bank and Financial Accounts” owned outside of U.S. The broad scope of financial assets can be ranged from oversea bank accounts, stock, bond and mutual fund, to financial interests in private overseas corporations and partnerships. A stiff penalty could be imposed for noncompliance. Also dual filing imposed: on IRS form 8938 and separately to US Treasury Department. Questionnaires are available to our expat client upon request or at our website. In most cases, services offered to expats can be performed remotely. Here are other business services, but not limited to what we can do: -Cloud based Bookkeeping & Payroll -Maximize use of foreign tax credits for corporations and international assignees -Income Tax Treaties and ensuring they are properly claimed in a coordinated fashion -Withholding payment, and/or social security tax withheld refunds to qualified expats -Tax extension, tax projection and estimated tax -Incorporation
