FREQUENTLY ASKED QUESTIONS ABOUT US TAXATION FOR INBOUND AND OUTBOUND EXPATRIATES

No. All Green Card Holders and US citizens are subject to the same filing rules regardless of where they live.

It depends on the income you have in total. Assuming you have a requirement to file, then provided the lack of filing was not done willfully, then you may be able to apply to the Streamlined amnesty program which involves filing 3 years of back taxes and 6 years of FBARs. You will have to pay any tax due and interest for those years, but late penalties will be waived. Please call us to see if you fit into the Streamlined criteria.

There are some ways to lower the risk of double taxation – in general, the effect is that you should pay overall the higher of the two countries’ tax rates.

No.  You need to file to claim the exclusion.

The filing threshold is the same as for US Persons in the US. If your total income is less than your standard deduction you may not need to file.

Although there is some debate about this, the FBAR instructions indicate that the $10,000 threshold applies to your accounts in aggregate, so if the total of all your financial accounts totaled at any point in the year more than $10,000 you have a requirement to file. Bearing that most pension plans are reportable accounts, this threshold is easily reached.

Regrettably, it is not correct. As a US tax resident, you must report your worldwide income or assets to the IRS where required by law.

If you are a US resident for taxes, you will be taxed on your worldwide income just like any other US person. Things to be careful of are investments and pension plans abroad, as these may incur special reporting. Before you make any move either going abroad or coming to the United States, it is very advisable to consult with an expert on what may cause issues when you move. Please see our contact information below.

It depends on a few things- if you rent it out, then the income is treated just like a US property and is taxable in the US. If you don’t then there is little effect on your US taxes until it is sold. If you own it through an entity (a few countries require this for non-residents) then you could have US reporting requirements for that entity.

Matthew grew up outside the United States was not aware until much later in life that he was a dual citizen from birth. Once he became aware of this he engaged a firm of CPAs to assist him with his back taxes, and during this process he realized that the knowledge they had was not sufficient. He decided then that he would focus on helping US persons with foreign issues get the service and assistance they need. Having gone through the processes himself, he has a unique and personal understanding of global tax issues that such people can face. Plus, having lived across the globe has given him a perspective that US-based experts cannot match.

We do not have a standard price list for our services as we do not believe that two cases are alike- it is our belief that we offer excellent value for our services because we take the time to thoroughly assess our client’s situation rather than a “one size fits all” approach. We offer expert advice and service rather than simply focusing on preparing a return.

a. We offer a free initial consultation and a cost estimate up front before any work is started.