EXPAT TAX LLC

Are you an American citizen living or working in Australia?

Unlike other countries the U.S.A. requires all its eligible citizens and resident aliens who reside overseas to file U.S. income tax returns with the IRS annually and pay tax on world-wide income regardless of where they live.

There are complex rules as to residency to navigate. We can assist you with these complexities.

Also there are complex annual reporting requirements to the IRS and U.S. Treasury for overseas asset ownership. Failure to get it right can result in hefty fines and penalties and in severe cases jail sentences. It is vital to get this right. We can assist with this reporting.

FBAR

Under FBAR the US Treasury requires the details of overseas deposits held by US citizens and residents. A FinCEN Form 114 has to be filed by those with deposits with foreign financial institutions outside the US on balances greater than $10,000.00. This reporting also applies to US entities such as corporations which hold overseas assets. Substantial penalties, fines and even jail in severe circumstances are imposed on those who fail to report. FBAR have to be filed with the US Treasury by June 30 annually.

FATCA

FATCA requires financial institution account holders and financial institutions of these accounts to report to IRS details of accounts held by US taxpayers. Taxpayers report in Form 8938 which is lodged with their tax returns. US citizens and residents are taxed on world wide income. Failure to report and understated tax may result in substantial penalties to the taxpayer.

OVDP

IRS describes the Offshore Voluntary Disclosure Program (OVDP) as a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due in respect of those assets. OVDP is designed to provide to taxpayers with such exposure (1) protection from criminal liability and (2) terms for resolving their civil tax and penalty obligations.