US Tax Services
We offer the United States tax compliance and consulting services to individuals, exempt organizations and private and public companies.
United States (US) Federal, State and Local Tax Return consultation, preparation and planning:
individual, estate & gift tax
corporation, partnership & exempt organization tax
Liaison, coordination and representation with the United States Internal Revenue Service (IRS) regarding tax notices and inquiries
Foreign Account Tax Compliance Act (FATCA) reporting compliance
Foreign Bank Account Reporting (FBAR) compliance
Back Years Tax Return Filing
Assistance in obtaining Social Security Number (SNN) or Tax Identification Number (TIN)
US tax filing for claims on Ponzi Schemes and other financial products
US Tax System
The US government uses a worldwide tax system. That means that US citizens, residents, and corporations headquartered in the United States must pay taxes on all its income, capital gain, interest, investment returns, regardless of whether it is earned in the United States or overseas.
Non-US citizens who have invested in the United States including property rents, share interests and investment returns, also need to pay US taxes. Financial institutes and escrow companies always withhold 30% of the lump sum for tax payments. After tax payments are made, investors need to file US tax returns to get back their remaining gains.
Financial frauds of Ponzi Schemes cause losses to investors. Financial institutes withhold 30% as a lump sum for US tax payments. Non-US citizens need to pay tax to the US Internal Revenue Service before they receive the capital and remaining profits. You must file a tax return to recoup the remaining money.
US government taxes the US citizens and residents not only on their US income but also on their worldwide income.
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their US account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring US persons to report, depending on the value, their foreign financial accounts and foreign assets.
For all US tax filers, they are required to file the Report of Foreign Bank and Financial Accounts (FBAR) for their financial accounts located outside of the US.
The US person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file the FBAR, if the aggregate value of those foreign financial accounts exceeded US$10,000 at any time during the calendar year reported. You report the accounts by filing a FBAR on FinCEN Form 114.
Taxpayers living in the US must file IRS Form 8938 Statement of Specified Foreign Financial Assets, if
The aggregate value of your specified foreign financial assets is more than the reporting thresholds that applies to you:
- Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than US$50,000 on the last day of the tax year or more than US$75,000 at any time during the tax year.
- Married taxpayers filing a joint income tax return and living in the US:The total value of your specified foreign financial assets is more than US$100,000 on the last day of the tax year or more than US$150,000 at any time during the tax year.
- Married taxpayers filing separate income tax returns and living in the US:The total value of your specified foreign financial assets is more than US$50,000 on the last day of the tax year or more than US$75,000 at any time during the tax year.
- Taxpayers living abroad.
You are a taxpayer living abroad, if:
- You are a US citizen whose tax home is in a foreign country and you are either a bona fide resident of a foreign country or countries for an uninterrupted period that includes the entire tax year, or
- You are a US citizen or resident, who during a period of 12 consecutive months ending in the tax year is physically present in a foreign country or countries at least 330 days.
You are a taxpayer living abroad, you must file if:
- You are filing a return other than a joint return and the total value of your specified foreign assets is more than US$200,000 on the last day of the tax year or more than US$300,000 at any time during the year; or
- You are filing a joint return and the value of your specified foreign assets is more than US$400,000 on the last day of the tax year or more than US$600,000 at any time during the year.
United States Tax Deadlines Dates
- Tax Filing Deadlines for the US Taxpayers*
- Tax Payment Due Deadlines
- Tax Extension Deadlines for the US Taxpayers*
- Tax Filing Deadlines for Overseas Taxpayers*
- Tax Extension Deadlines for Overseas Taxpayers*
- Tax Filing Deadlines (If tax extension has been filed.)
* NOTE: The 2019 Year Tax Filing Deadlines and Tax Extension Deadlines have been extended to 15 July, 2020.