As markets expand, there is a noticeable rise in international Tax and Accounting needs. We provide an individual focused international tax services to help you remain compliance while working or investing abroad or if you are coming in the U.S. for work or school.
Outbound Tax Services
The U.S. tax system taxes U.S. citizens, permanent residents, and U.S. residents for tax purposes on their worldwide income. One of the main challenges that U.S. expats deal with is that they could theoretically be taxed twice on their income, both by their country of current residence and the U.S.
The U.S. tax code contains many provisions under IRC Sec. 911 to help U.S. expats working abroad avoid double taxation.
We provide the following Outbound Tax and Accounting Services:
- Cross-border transactions, income tax treaty interpretation, and double taxation relief claims.
- Foreign Earned Income Exclusion (FEIE) Form 2555
- Foreign Tax Credit (FTC) Form 1116
- Foreign Housing Exclusion
- Foreign Bank and Financial Accounts (FBAR) – FinCEN Form 114
- Statement of Specified Foreign Financial Assets – Form 8938
- Foreign Pension Plans and U.S. Tax Reportings
Inbound Tax Services
If you are coming to the U.S. for a temporary assignment or as permanent resident, you will most likely have tax filing obligations. This tax liability is determined primarily by the individual residency status for tax purposes. For U.S. federal income taxes an individual can be Non-resident Alien, Resident Alien, or Dual Resident in the same tax year.
An individual is considered non-resident for tax purposes if they are not a (1) U.S. Citizen, (2) Permanent resident or green card holder, or did not meet the (3) “Substantial Present” test.
An individual who is a U.S. citizen or a foreign national who meets either the “green card” or “substantial presence” test is considered a resident alien for income tax purposes.
Exempt Individual – Specific individuals are exempt from counting their U.S. presence days. The term “exempt individual” does not refer to someone exempt from U.S. tax but to those exempt from counting the days of presence in the U.S. for purposes of the substantial presence test. For instance, a J-1 professor or researcher who is complying with the visa requirements does not count days for the first 2 calendar years. Also, an F-1 or J-1 student, who is complying with the requirements of their visa, does not count days for the first 5 calendar years.
We provide the following Inbound Tax and Accounting Services:
- Federal and State Non Resident income tax returns – Form 1040-NR
- U.S. Tax Briefings for work or student visa holders and newly localized individuals to explain the U.S. tax system and general filing requirements.
- Tax Residency Planning to minimize tax implications and remain compliant.
- Tax withholding Advisory.
- Cross-border transactions; income tax treaty interpretation, and double taxation relief claims.
- Foreigners coming to the U.S. to invest in U.S. businesses, U.S real estate, or U.S. securities.
- Exempt Individual filings, such as J-1 professor or researcher and F-1 student visa holders.