At AC Plaza Tax, we understand the complexity of international taxes and offer specialized services for taxpayers in this area.
Even if you have moved outside the United States for a better life, you are required to file taxes.
Foreign residents with tax obligations in the United States make these mistakes:
- Thinking that they do not need to file taxes in the United States.
- Thinking that they do not need to report income earned outside the United States.
- Use regular exclusions and not the benefits to which you are entitled.
- Not understanding the exclusion limitations for income earned outside the United States.
Taxpayers must also report virtual currency transactions to the IRS on their tax returns; These transactions are taxable by law just like transactions of any other property.
Among our featured services are:
1. Taxes for American Citizens and Permanent Residents Abroad:
If you are a US citizen or permanent resident of the United States and live abroad you must pay taxes on your Worldwide income – I want to know more
2. Expatriation Taxes:
Sections 877 and 877A of the Internal Revenue Code (IRC) apply to U.S. citizens who have renounced their citizenship and to permanent residents who have terminated their resident status in the United States for federal tax purposes. https://www.irs.gov/forms-pubs/about-form-8854
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3. Tax Information for Foreign Businesses and Foreign Persons with operations in the USA:
Knowing the strategies on how to structure a foreign company operating within the United States can avoid unnecessary tax payments, even if you receive income from e-commerce accounts created in the USA. – I want to know more
4. Foreign Account Tax Compliance Act – FATCA (Foreign Account Tax Compliance Act).
For American Citizens and Permanent Residents of the United States.
You may be required to file certain information reporting forms if you do business in a country other than the United States or if you have:
- Financial assets in a foreign country
- Ownership of a foreign company
- Financial movement of foreign origin.
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5. FINCEN (Financial Crimes Enforcement Network)
Compliance with the agency’s regulations to prevent illicit financial activities.
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6. Corporate Transparency Law (Effective as of January 1, 2024)
The Corporate Transparency Act (or “CTA”) went into effect on January 1, 2024. Thereafter, many U.S. and foreign legal entities operating in the United States will be required to provide information about themselves, its beneficial owners and any company applying for a Treasury Department Financial Crimes Enforcement Network (“FinCEN”) registration.
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7. Foreign bank accounts and legal tax filing requirements
These taxpayers must complete part III of Annex B to indicate that they have said account, although it is not necessary to indicate the amount it contains.
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