Ray CPA provides international accounting and US tax services to U.S. and foreign expatriates residing throughout the world. We have focused heavily on developing our international tax business in Asia. The staff at Ray CPA speak a variety of Asian languages, including Mandarin Chinese, Taiwanese, and Vietnamese, and have associates based in China. We are familiar with Chinese tax reporting and the IIT. If you're planning a move abroad, or you're already an expatriate, whether a US ex-pat living abroad, or non-US citizen residing or investing in the US, you have more to think about than adjusting to a new culture. Although it may be tempting, you must not ignore your U.S. and foreign taxes!
We also have practical, real-world experience with Foreign Earned Income Exclusion (FEIE), Foreign Tax Credits, Hypothetical US Tax (Hypo-Tax) programs, and the knowledge necessary to optimize US ex-pats' tax situation when stationed overseas on extended foreign assignments.
Every U.S. citizen, U.S. resident and U.S. green-card holder - regardless of whether they are living in the U.S. - must file a tax return with the federal government. And every U.S. citizen and U.S. resident must report their worldwide income on their U.S. tax returns.
The tax situation for expatriates is often complicated and frustrating. Many variables affect how much expatriates pay in taxes, such as: 1) whether you have foreign taxes deducted from your pay, 2) tax laws in your your host country, and 3) details of your employment situation.
Fortunately, we can help.
U.S. Taxes for Expatriates - Pitfalls and Traps
To ensure a smooth tax-filing process, you must be well informed. If you take up residence in a foreign country without exploring the tax ramifications, you may find yourself paying more than you expect to the U.S. government, your home state and/or your host country - as well as penalties and interest.
Some of the important considerations include…
Our Expat Tax Services
Although the IRS offers numerous deductions, credits, and exclusions to expats, taking advantage of them is not straightforward.
Some exclusions vary by country, while others can only be claimed for a portion of the year. In addition, each requires supporting forms and worksheets, which can be more than cumbersome to prepare.
For people who are either planning a move or have already settled abroad, we offer the following tax services:
We also have experience reporting for controlled foreign corporations and partnerships, international mergers and acquisitions, reporting under International Financial Reporting Standards, transferring property to a foreign corporation, currency translations, the Expatriation Tax Provision, and foreign trust reporting.
Contact Our Office Today
There's no need for expats to pay more than required - or suffer under penalties and interest - just because the process is more confusing for them.
Let us help you navigate the tricky waters of U.S. taxes for expats. Give us a call or send us an email today - and use more of your money to enjoy your life abroad!