Catching Up with Back Taxes
Many U.S. citizens living abroad haven’t filed their U.S. tax returns (some for a brief spell, others for decades) - and the U.S. government knows this. Which is why it’s very important to get caught up as soon as possible - before the IRS finds you first. The laws relating to foreign bank account disclosure (FBAR) are even more stringent - as the penalties for non-compliance are extremely severe.
However - while the IRS carries a big and scary stick, they have also introduced a rather appealing ‘carrot’ in 2012. It’s called the Streamlined Program and requires filing of last 3 years of tax returns and 6 years of FBAR (regardless of how many years the taxpayer has missed). The best part is that the penalties you might be liable to pay for failure to declare foreign bank accounts (those are the really scary ones) will be waived.
There are certainly qualifications for entering the program - but if you can not meet them, there are other venues for getting compliant. Namely - the Offshore Voluntary Disclosure program and the quiet disclosure.
We’ve helped hundreds of expats get up to speed with their U.S. tax returns - using all three programs and are intimately familiar with the pros and cons of each.
Our Flat Fee Structure is simple and transparent ($350 for Federal Tax return or $450 if Gross Income is over $100,000)
- Flat Fee includes the following forms:
- 1040, 2555, 1116, 1 Rental Property (one depreciation schedule).
- Up to 10 Bank Interest / Dividend / Brokerage Transactions.
- There are many more forms that are included in the Flat Fee package. Click here for the full list.
Furthermore, we offer a 20% discount to clients who file multiple year returns at the same time.
The regular price for Streamlined Procedure services if purchased separately:
|3 Years of Federal Tax Returns||350 * 3 = $1,050|
|6 Years of FBARs||75 * 6 = $450|
|Analysis of situation and applicability for the program||$150|
We are offering a special package price of $1,200 - saving you 27%.
Please note - the package above only consists of preparation & filing of the Tax Returns & FBAR. There is another form that is required. You can prepare it yourself or we can do it for you.
|Preparation of the IRS Certification by U.S. Person Residing Outside of the U.S statement for the Streamlined Procedure costs||$300|
|Preparation of the IRS Certification by U.S. Person Residing in the U.S statement for the Streamlined Procedure costs||$500|
Same percent discount applies if your income is over $100,000 - package then costs $1,400.
If your bank requires proof of US tax compliance, we can also prepare and mail them the U.S. Paid Preparer Certification and Notification. This service costs $150.