Tax Preparation for Individuals
U.S. Resident Tax Returns
Let’s face it, not many people get excited about preparing their taxes. In fact, most folks cringe at the thought. Here at Esquire Group, our goal is to make preparing your taxes as easy and painless as possible. You can rest assured that we will take advantage of all available deductions and credits in order to minimize your tax liability. Our tax experts are detail oriented and will ensure your return is completed accurately based on the information you provide.
U.S. Citizen or Resident Tax Returns with Foreign Income and/or Assets
If you are a U.S. citizen or resident with foreign income or assets you are required to report them to the IRS and you need to make sure you are reporting them accurately. Should you fail to, the IRS will likely find out due to Foreign Financial Institutions (FFIs) reporting information on your foreign accounts and assets pursuant to the Foreign Account Tax Compliance Act (FATCA).
U.S. Persons Living Abroad (Expat) Tax Returns
While living abroad can have its advantages, tax-reporting requirements aren’t among them. If you are a U.S. citizen or resident living abroad you are required to report and pay tax to the U.S. on your worldwide income even though you don’t live in the U.S. You also have to disclose certain foreign financial accounts and assets. These include, but are not limited to, bank accounts, brokerage accounts, insurance contracts, annuities and foreign entities.
Foreign Bank and Financial Accounts (FBAR)
If you have signature authority over or a financial interest in a foreign financial account, you may have to file an FBAR. The Treasury requires that an FBAR be filed by any U.S. person with a financial interest in, or signature or other authority over, financial accounts in a foreign country that have a combined value exceeding $10,000 during a calendar year.
Foreign Account Tax Compliance Act (FATCA)
If you have foreign financial assets, then you may have additional tax filing requirements due to the Foreign Account Tax Compliance Act (FATCA). The law punishes foreign financial institutions (FFIs) for failure to turn over to the IRS, information on its U.S. account holders. Under FATCA foreign financial institutions failing to comply will be subject to 30% withholding of certain payments it receives.
Initial and Annual Expatriation Statement
If you expatriated, you are required to complete Form 8854 for the year you expatriated. Under normal circumstances this is the only time you have to file this form. However, there are some limited circumstances where you must file the form on an annual basis. Failure to file the form results in the IRS continuing to tax you as a U.S. citizen or resident on your worldwide income – despite the fact you expatriated!
Nonresident Alien Tax Returns
If you are a nonresident alien and you received U.S. source income, you may be required to file a U.S. federal and, possibly a state, income tax return. As a nonresident alien you are subject to different tax rules than U.S. taxpayers, and understanding the differences is the key to staying compliant and out of the IRS’ crosshairs. Additionally, there may be tax treaties between the U.S. and your country of residence that could further impact how you are taxed.
Amended Tax Returns
Esquire Group will amend your tax return to correct any inaccuracies so you can rest easy knowing you are in compliance. We will be available any time during the year to answer questions should you need clarification, or in the event the IRS contacts you.
Tax Return Review
If you didn’t use our services to prepare your tax return, we are available to review your tax return for accuracy. If we find errors in the return we can correct them by filing an amended return for you. It is always better to err on the side of caution when it comes to your taxes.
Tax Preparation for Entities
U.S. Entity Tax Returns
If you operate a business, you most likely operate it through a business entity, such as a corporation or limited liability company. Similar to individuals, these entities usually need to file a tax return with the IRS annually. Entity tax returns are often more complex than individual returns due to accounting methods, equity accounts, balance sheets, and depreciation – just to name a few. As complex as these returns are, they only get more so if the entity has a foreign owner.
Foreign Entity Tax Returns
You may be thinking of expanding your business into the U.S., or maybe you’ve done so already. In either case you need to be aware of how the U.S. taxes a foreign entity doing business in the U.S.
Foreign Bank and Financial Accounts (FBAR)
If you are an officer, manager, director, or other responsible party for a U.S. entity that has foreign financial accounts, you better be sure the entity files an FBAR – or the taxman will come for you. And let’s face it, that’s an unpleasant experience that no one wants.
Foreign Account Tax Compliance Act (FATCA)
FATCA is legislation that was enacted to combat tax evasion by U.S. persons with foreign financial assets. The Foreign Account Tax Compliance Act (FATCA) punishes foreign financial institutions (FFIs) for failure to turn over information on its U.S. account holders to the IRS. Under FATCA foreign financial institutions failing to comply will be subject to 30% withholding of certain payments it receives.
Amended Tax Returns
On occasion, it can happen that you file a tax return that isn’t accurate. For example, you inadvertently omitted revenue or deductions. In order to correct the error you should file an amended return.
Tax Return Review
If you didn’t use our services to prepare your tax return, we are available to review your tax return for accuracy. If we find errors in the return we can correct them by filing an amended return for you. It is always better to err on the side of caution when it comes to your taxes.