TAX PREPARATION SERVICES
LAGATTA & CO TAX ADVISORS PRIDES ITSELF ON OFFERING QUALITY TAX SERVICES AND EXCEPTIONAL CUSTOMER SERVICES FOR INDIVIDUALS, CORPORATIONS, PARTNERSHIPS AND TRUSTS AND ESTATES.
1
Tax Return Preparation
Federal tax return, State tax return, Delinquent tax returns, and other similar type of returns
2
Other Reporting
FBAR, FATCA, Foreign Trusts, Foreign Disregarded Entities, Passive Foreign Investment Company, and other similar type of reporting requirements
3
Consulting
Tax liability reduction planning, employment contract assessment, late filer, tax payment estimates, tax law changes, and other similar type of topics
Federal Tax Return Preparation
Individual vs Small Business
A small business us tax return is not needed if you are operating as a sole proprietorship. Income can simply be reported as self-employment income on a Schedule C as part of your individual Federal Tax Return. Self-employment income reporting is part of our standard Federal US Tax Return Package at no additional cost.
Included in our Federal Package:
- All standard expat forms: Forms 1040, 1116, 2555
- All standard schedules: Schedules A, B, C (profit and loss from self-employed business), D, and E (one rental property), up to three Schedule K-1s, and up to 20 bank and brokerage transactions – all included as part of our flat fee!
State Tax Return Preparation
Some expats need to file a State Tax Return even while living abroad. Whether you need to file a state return or not depends on the last state you resided in and your ongoing association with that state.
● 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.
Late Tax Return Preparation
We understand that it can be stressful to be behind on your US taxes, but we have particular expertise in helping US expats get caught up using the Streamlined Filing Procedures, Offshore Voluntary Disclosure Program (OVDP), or a quiet disclosure.
Included in our package:
● All standard expat forms: Forms 1040, 1116, 2555
● All standard schedules: Schedules A, B, C, D, E (one rental property), up to three Schedule K-1s, and up to 20 bank and brokerage transactions are all included.
Foreign Bank Account Reporting
The Foreign Bank Account Report (FBAR or FinCEN Form 114) must be filed by individuals who have $10,000 or more in foreign bank accounts at any point during the year.
The FBAR (FinCEN Form 114) must be filed electronically with the US Treasury Department (not the IRS) by April 15th. There is an automatic extension of two months (to June 15th) for US citizens living abroad. An additional extension is also available if necessary.
FATCA Reporting
Some US expats have foreign assets that must be reported under FATCA regulations and our experienced accountants are here to help!
FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:
Single filing:
● $200,000 on the last day of the year
● Or $300,000 at any point during the year
Married, filing jointly:
● $400,000 on the last day of the year
● Or $600,000 at any point during the year
Specified foreign assets include (but are not limited to):
● Any financial account maintained by a foreign financial institution
● Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
● Stock or securities issued by someone other than a US person
● Any interest in a foreign entity
● Any financial instrument or contract that has as an issuer or counterparty that is other than a US person.
Specified foreign assets would include your foreign bank accounts, but not assets such as your home.
Small Business Tax Return Preparation
If you are a US expat operating a business (other than a sole proprietorship), we can file all necessary forms.
A small business tax return is needed for any business that is considered a separate entity (such as a Partnership, Corporation, S Corporation or Limited Liability Company, also known as an LLC).
Included in our Business Tax Return Package:
All relevant forms, including (but not limited to): Forms 1065, 1120 and 1120-S.
Streamlined Filing Package
We’ve created this special Streamlined Filing Package for US expats with a flat fee to save you money and make getting caught up as hassle-free as possible.
Included in our flat fee:
● 3 years of delinquent Federal Tax Returns
● 6 years of FBARS (up to 5 accounts per FBAR form and $50 for each additional 5 accounts)
As of June 2014, the IRS has waived all late filing and FBAR penalties for those whose lack of filing was non-willful.
Consultations
If you would like to discuss your expat taxes with an accountant, we are available for Skype, phone or email consultations.
Tax Planning
We know that it is a burden to remember to pay taxes, and that is why we recommend our tax planning service so that you prepare yourself or your business for the future.
ACCOUNTING SERVICES
LAGATTA & CO TAX ADVISORS PRIDES ITSELF ON OFFERING QUALITY TAX SERVICES AND EXCEPTIONAL CUSTOMER SERVICES FOR INDIVIDUALS, CORPORATIONS, PARTNERSHIPS AND TRUSTS AND ESTATES.
Full Bookkeeping Services
Management of your books with month-to-month accountability
Account Reconciliation
Reduce errors and fraud prevention
Financial Reporting
Reduce errors and fraud prevention
FIRPTA
Foreign Investment in Real Property Tax Act. FIRPTA is a withholding, it is an amount held back used to pay potential taxes. The IRS implements a withholding on foreign sellers to make sure that they pay their fair share of taxes. FIRPTA regulations require that a Buyer withhold 15% of the gross purchase price of the property at the time of closing when they buy U.S. real property from a foreign person.
The amount of money withheld must be submitted within 20 days following the day of closing.
CORPORATE SETUP
- Registering a new business in the US is the first step to stating a business
- EIN Application
- ITIN Application: An identification number is used to file taxes for those who haven’t obtained a social security number and will not be able to. This number helps taxpayers get a refund from withholdings or tax credits they qualify for when filing a return.
- Operation agreement and Bylaws
- Annual Filling
Virtual Office Services
Don’t have an address in the US? We offer virtual office services! We will receive your mail and scan it for you.
