U.S. Income Tax Compliance
Are you a United States citizen living Israel? Or do you have a Greencard? Or did you have one and you just let it expire?
No matter when you left the U.S. and how long you reside in Israel, you need to file your U.S. tax returns every year. Period. That is the law. If you have not been doing so, there are solutions.
If you have more than $10,000 total on any given day (just one day is required) in foreign accounts (located outside of the U.S.), you are required by law to report it on a special form to the United States Treasury Department.
Foreign accounts include – bank accounts, investments and retirement accounts.
Navigating tax requirements for U.S. citizens living abroad can be complicated. Ms. Seaton, in conjunction with Adlerstein Consulting - www.fbaradvice.com, provides tax advice to U.S. citizens and Greencard holders, and helps them come into compliance with their U.S. income taxes.
Ms. Seaton can address issues such as non-filing, late filing and inaccurate filing of U.S. Federal and State income tax returns and U.S. Reports of Foreign Bank and Financial Accounts (FBARs).
FBARs or Form TD F 90-22.1 (http://www.fincen.gov/forms/files/f9022-1_fbar.pdf) is a report sent to the U.S. Treasury Department that must be filed annually by any United States person that has an interest in or signature power or other authority over, a financial account in a foreign country, if that person owned a total of more than $10,000 in their foreign accounts on any given day in a year.
So many clients ask: how will the IRS know? Unfortunately, the IRS is finding more and more U.S. citizens who have neglected their legal obligations. Waiting to see if the IRS finds you can be quite expensive in back taxes, penalties and fines, not to mention the possibility of criminal prosecution.
Several local banks in Israel (including Mizrachi, Leumi, HaPoalim, Discount and Mercantile) have begun to require that their customers prove they do not need to file U.S. tax returns, or that they are compliant with doing so. If a customer cannot so prove, they have been asked to remove their funds from the bank. Be proactive.
Ms. Seaton will meet with you for a private consultation to determine the best way to address your tax concerns and to bring you into compliance for your U.S. taxes and FBARs. We simplify the seeming daunting U.S. tax arena for you.
Attorney Felicia M. Seaton will help you safeguard your family’s best interests while demystifying the U.S. tax Code. Contact her today for peace of mind. Click here or call 0526182582/US: 3028923336.