Home
Our Services
Who We Are
Links
Our contact Details:
info@ingletonpartners.com
Tel: +44 (0) 207 183 2251
Fax: +44 (0) 207 681 4489
Office Address:
26-28 Hammersmith Grove
London, W6 7BA
Registered Address:
Berkeley Square House
Berkeley Square
London, W1J 6BD
Our Services
Who We Are
Links
Our contact Details:
info@ingletonpartners.com
Tel: +44 (0) 207 183 2251
Fax: +44 (0) 207 681 4489
Office Address:
26-28 Hammersmith Grove
London, W6 7BA
Registered Address:
Berkeley Square House
Berkeley Square
London, W1J 6BD
UK Tax Returns
US Tax Returns
For US citizens, green card holders and residents it is generally necessary to file a US Federal Tax Return (Form 1040)
even if they are resident in the UK. In addition, certain non US persons may have a US filing requirement where they have investments
in the US or conduct business in the US or travel to the US as part of their employment. These individuals will be required to file a non
resident tax return (Form 1040-NR). Even where the tax treaty between the UK and US applies many US states may still have a filing requirement.
We can assist with the preparation of individuals Federal and State tax returns and we can use this opportunity to consider your assets and investments and their tax efficiency.
We can advise expatriate individuals on pension planning, trading through foreign partnerships or corporations, membership of such entities and the associated filing implications (Form 8865 for foreign partnerships and Form 5471 for controlled foreign corporations) and foreign trusts of which you may be a grantor or beneficiary (Form 3520).
Beginning with 2011 tax returns, the IRS brought out a Statement of Specified Foreign Financial Assets (Form 8938) which certain US persons will be required to include with their US Federal tax return to report the maximum value of foreign assets to the extent their value exceeds a certain threshold (there are a number of categories but the minimum threshold in 2011 was $50,000).
Finally, all US persons with foreign bank accounts with an aggregate balance at anytime in the year of more than $10,000 are required to file a Foreign Bank Account Reporting Form (FBAR). The IRS has become increasingly interested in US persons and their overseas assets and has attempted to clamp down on the submission of tax returns and the FBAR. The penalties for not filing this form start at $10,000 per account. We are able to assist with your annual FBAR filing and we can help those who have not filed the FBAR to bring their affairs up to date.
We can assist with the preparation of individuals Federal and State tax returns and we can use this opportunity to consider your assets and investments and their tax efficiency.
We can advise expatriate individuals on pension planning, trading through foreign partnerships or corporations, membership of such entities and the associated filing implications (Form 8865 for foreign partnerships and Form 5471 for controlled foreign corporations) and foreign trusts of which you may be a grantor or beneficiary (Form 3520).
Beginning with 2011 tax returns, the IRS brought out a Statement of Specified Foreign Financial Assets (Form 8938) which certain US persons will be required to include with their US Federal tax return to report the maximum value of foreign assets to the extent their value exceeds a certain threshold (there are a number of categories but the minimum threshold in 2011 was $50,000).
Finally, all US persons with foreign bank accounts with an aggregate balance at anytime in the year of more than $10,000 are required to file a Foreign Bank Account Reporting Form (FBAR). The IRS has become increasingly interested in US persons and their overseas assets and has attempted to clamp down on the submission of tax returns and the FBAR. The penalties for not filing this form start at $10,000 per account. We are able to assist with your annual FBAR filing and we can help those who have not filed the FBAR to bring their affairs up to date.
Global Expatriate Tax Services
Tax Planning
US Disclosure