US Tax return
W While there are mechanisms in place to alleviate double taxation, there is still a requirement to lodge a tax return, if the filing threshold is exceeded (approximately $10,000 for a single person). .
consider is a proper reporting of financial assets held outside the U.S. This would include bank accounts, pensions, interests in foreign companies, partnerships or trusts. Failure to report these types of assets on the appropriate forms can result In significant penalties ($10,000 per occurrence, per year).
The recent implementation of FATCAHas caused tax compliance to become a pressing issue for U.S. persons abroad. Many banks and financial institutions are requiring USA persons to attest that they are compliant with their U.S. tax filings and obligations, as they begin reporting to the IRS on USA persons. It is important that American persons become compliant before the IRS contacts them.
Benefits / Features
Avoid late filing penalties .
Avoid Forgetting or running out of time .
Avoid accumulating debt.