U.S. Tax Compliance and Planning for International Clients

Bottom line It is an initial guide. The final forms and reporting requirements depend on your specific circumstances.

The form list is based on the information you provide and is intended to give you an initial view of the U.S. reporting requirements that may apply. Additional forms or schedules may be required depending on your income, foreign accounts, investments, business interests, trusts, and other circumstances.

We review your situation in detail before finalizing the return and confirm the forms and reporting requirements that apply.

Bottom line You may have options for bringing your prior-year U.S. tax filings and foreign reporting up to date.

We first review your filing history and the circumstances that led to the missed filings. If you qualify for the Streamlined Filing Compliance Procedures or another IRS compliance procedure, we can prepare the required tax returns and foreign information reporting.

Eligibility depends on your circumstances, including whether the failure to file was non-willful. We determine which filing procedure may apply before preparing the required filings.

Bottom line Reporting a foreign account or asset does not itself create tax, although the income from those assets may still be taxable in the U.S.

FBAR and Form 8938 are primarily information-reporting requirements. They report foreign financial accounts and assets but do not themselves impose a separate tax.

If the same income is also taxed in another country, foreign tax credits and other applicable U.S. tax rules may reduce the U.S. tax on that income. The result depends on the type of income, foreign taxes paid, and applicable limitations.

Bottom line We review the scope of the work and provide a fee proposal based on the forms, schedules, and information involved.

The fee can depend on the number and complexity of the forms required, such as Form 5471 for foreign companies, Form 8621 for PFICs, foreign trust reporting, and foreign account reporting.

We also consider the number of foreign accounts, investments, entities, and prior-year filings involved. Once we understand the scope, we provide a fee proposal before the work begins.

Bottom line Yes. Planning before a move can help identify U.S. tax issues before they arise.

We review your foreign companies, investments, retirement accounts, unrealized gains, and other assets before you establish U.S. tax residency. Depending on your circumstances, there may be planning opportunities or U.S. tax consequences that are easier to address before the move.

We can also review the timing of the move and the U.S. tax treatment of your existing foreign assets.

Bottom line Yes. We can review how your foreign company is treated for U.S. tax purposes and identify potential tax and reporting considerations.

Depending on the structure, this may include entity classification, CFC rules, GILTI, Subpart F, Section 962, and the treatment of dividends or other payments from the foreign company.

We consider the ownership structure and the company’s activities to determine the U.S. reporting and tax requirements and identify available planning options.

Bottom line You do not need finalized financial statements. A basic overview of your tax situation is enough to start.

It is helpful to have your current tax residency, U.S. citizenship or immigration status, foreign bank and investment accounts, pension arrangements, and any foreign business ownership information available.

If you have prior U.S. tax returns, foreign account statements, or other relevant tax documents, you can provide those as well. We can review the available information and let you know what else may be needed.