Tax Return Preparation …..
US Tax Advisors specialize in the following US income tax returns:
- Individual Tax Return Preparation for US persons with complex reporting requirements
- Individual Tax Returns for Nonresident Aliens that have a US tax return filing requirement
- Individual Tax Returns for US Expats living and working outside of the US
- Business Tax Return Preparation for US based Businesses
- Business Returns for US based Business with foreign (outside of the US) Operations
- Business Returns for Foreign based Business that have a US tax filing requirement
- Business Tax Return Preparation for US LLCs owned by the foreign (non-US) person
- Other Specialized US Tax Return Preparation
Individual Tax Returns (Form 1040, 1040NR, 1040-SR)
Generally, US Citizens and Resident Aliens (Green Card Holders) are required to file annual US income tax returns to report their worldwide income, if their income is above specific thresholds based on filing status and age. These thresholds are tied to the standard deduction amounts.
In some cases, US income tax returns are required to be filed regardless of income, such as if self employed (net earnings from self employment is $400 or more), owe special taxes or are due a refund or qualify for refundable credits.
There are also additional conditions for reporting certain types of income (e.g., household employees, alternative minimum tax, healthcare provisions, etc.)
If you are married filing separately, you generally must file if gross income is $5 or more, regardless of age.
For US nonresident aliens, a US income tax return may be required to be filed in certain circumstances, such as:
- Have US source income e.g. rental income, wages or salary for services performed in the US etc.
- Engaged in a US Trade or Business (USTB)
Business Tax Returns
- Business Tax Returns (C-Corp, S-Corp, Partnership) are legally required to be filed annually regardless of whether there were any transactions during the year or not
- Delinquent Business Returns may be assessed substantial penalties by IRS and if applicable by the State
- Other consequences of not filing business returns when required, include (but not limited to)
- Loss of tax benefits
- Increased audit risk
- Forced IRS estimates of tax due
- Many valuable tax benefits are only available if a return is filed on time, including:
- Net operating losses (NOLs)
- Tax credit carry forwards
- Capital loss carryovers
- Shareholder or partner basis increases
- Late or missing returns can permanently eliminate these benefits.
- For pass-through entities:
- Filing establishes basis, which affects whether owners can deduct losses
- Filing documents reasonable compensation and distributions
- Filing helps prevent the IRS from re-characterizing income
- Failure to file can expose owners to unexpected personal tax liability.
Specialty Income Tax Return Preparation / Filings
- International & Cross-Border Specialty Returns. These are among the highest-penalty IRS forms.
- Ownership / Entity Reporting
- Form 5471 – U.S. owners of foreign corporations
- Form 5472 – Foreign-owned U.S. entities or U.S. entities with foreign related-party transactions
- Form 8865 – U.S. owners of foreign partnerships
- Form 1120-F – Foreign corporations with U.S. income or U.S. trade/business
- Proforma Form 1120 with Form 5472 – Foreign ownership of US LLC
- Foreign Assets & Income
- Form 8938 (FATCA) – Specified foreign financial assets
- FinCEN Form 114 (FBAR) – Foreign bank and financial accounts
- Form 8621 – Passive Foreign Investment Companies (PFICs)
- Trusts, Estates & Gifts, often required even without taxable income.
- Form 3520 – Foreign trusts, foreign gifts, or inheritances
- Form 3520-A – Annual return of a foreign trust
- Form 706 – U.S. estate tax return
- Form 709 – U.S. gift tax return
- Form 1041 – U.S. trust or estate income tax return
