If you have a special visa status, assets overseas, or income from different countries, the US tax rules can be challenging. And preparing an expat tax return can feel overwhelming. There are lots of informational reporting forms that accompany these types of tax returns. Also, the mass-market tax prep software that most CPAs use is not built around the unique rules of expat tax reporting. Taking your taxes to a regular CPA, or doing it yourself, is not an ideal option.
At The Wolf Group, we only work with clients who have an international aspect to their tax situation. This allows us to focus on the continuously changing IRS tax rules that apply to our clients.
Since 1983, we’ve prepared thousands of expat tax returns. Our mission is to minimize your tax liability and reduce the likelihood of an IRS audit. It’s what every member of our tax team does.
How We Can Help
With an expat tax return, there are multiple reporting forms that must accompany your income tax return. We put the whole package together for you including:
- Forms 1040 and 1040NR
- Foreign Bank Account Reports (FBAR)
- Foreign Earned-income Exclusion (Form 2555)
- Statement of Specified Foreign Financial Assets (Form 8938)
- Information Return by a Shareholder of a PFIC (Form 8621)
- Foreign Tax Credits (Form 1116)
- Election to Treat Nonresident Spouse as Resident (“6013(g) Election”)
- Tax Treaty-Based Return Positions (Form 8833)
Each return is unique. We file the forms required by your particular situation.
Did you know that failing to file forms to report the following items can result in automatic $10,000-$100,000 per-form penalties—even for your “average person”?
- Foreign mutual funds
- Foreign pensions and retirement accounts
- Foreign life insurance policies
- Foreign gifts and inheritance
- Ownership of foreign corporations, partnerships, or trusts
Amending Past Tax Returns
Maybe you’ve never worked with us but you now know or suspect that your previous tax preparer got something wrong. Every day we see new clients who need to get their taxes in order with the IRS. It can be stressful, but you don’t have to face this situation alone. Learn more about our tax return amendment services.
Nonresident Tax Return Services
If you just moved to the US, live outside the US, or have a special visa status (such as a G-4 visa), you may still need to file a US tax return. Not sure if you need to file? We can help you figure that out. We can also help you select the best filing positions to keep your taxes low. Common forms nonresidents need include:
- Nonresident Tax Return (1040NR)
- Individual Tax Identification Number (ITIN) application (Form W-7)
- Withholding Certificates for Sale of Real Estate (Form 8288-B)
- Tax Treaty-Based Return Positions (Form 8833)
- Nonresident Ownership of LLC or US Corporation (Form 5472)
- Special Elections, such as the Real Estate Net Election
Estate, Gift and Trust Tax Reporting
We also provide tax preparation services for all federal and state estate, gift, and trust tax returns, including tax filing of foreign estates with US situs assets. We prepare the following forms:
- United States Estate Tax Return (Form 706)
- United States Gift Tax Return (Form 709)
- Fiduciary Income Tax Returns (Form 1041)
Foreign Trust Tax Compliance Services
Did you know that any US person who is treated as the owner of any portion of a foreign trust is responsible for ensuring that the trust satisfies annual IRS reporting requirements? Or that US beneficiaries of foreign trusts also have their own tax compliance requirements? We can help.
We assist you with preparing:
- Annual Return To Report Transactions with Foreign Trusts (Form 3520)
- Annual Information Return of Foreign Trust with a US Owner (Form 3520-A)
Who We Serve
Our clients all have tax situations with an international aspect, so they include:
- High-net-worth individuals who cross borders for work or live outside their country of birth (i.e., American expats)
- High-net-worth individuals who work for international organizations, including the World Bank, IMF, Inter-American Development Bank, United Nations, etc.
- US tax residents with foreign assets (retirement accounts, pensions, investments, and financial interests outside the US)
- Individuals with business ownership in a foreign entity
- Owners of cryptocurrency who have accounts in other countries or operate across borders
- CPAs, wealth management advisors, and attorneys with clients who have tax issues with an international “twist.”
Refer with Confidence
Do you have a client with a complex tax situation that involves an international component? New clients are often referred to us from:
We consider referrals to be the highest compliment. We also understand that referring a client can feel risky. So, check out our highly experienced team of tax professionals and our blog to learn more about us. We are also a member of Nexia International.
Have questions? Book a free discovery call to see if we can help your client.
Why The Wolf Group?
Since 1983, we’ve worked with clients in the United States and abroad on international tax matters. We have a long history of “cleaning up” complex tax returns, reporting foreign assets, and reconstructing financial records.
Check out our extensive team of CPAs, all with vast international tax experience.
Looking for a Nexia International Partner?
We’re an active member of Nexia International, a global network of independent accountancy, tax and business advisors with over 250 firms around the globe.