Proudly Serving Madison since 1969

For Immediate Help... Call now!

Consulting Services Tax & Accounting

Experienced Tax Problem Solvers • Specializing in Business & Individual Tax Solutions


International/Ex-Pat Income Tax Returns

There are a number of special considerations that can affect both U.S. Resident Aliens and U.S. citizens who live and work abroad for all, or part of the tax year.

If you are a U.S. citizen or U.S. Resident Alien, all of the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad.

Another important consideration is that your worldwide income will always be subject to U.S. income tax, regardless of where you reside now. You may have US tax filing obligations if you have personal income such as wages, salary, commissions, tips, consultancy fees, pension fund, alimony, U.S. or foreign social security, interest, dividends, capital gains, rental property, farm income, royalties, inheritance, or payment in kind in the U.S. or abroad. You may have U.S. tax filing obligations even if you haven’t been to the U.S. or left several years ago, and all of your income is from “Foreign” (non-U.S.) sources. However, income that you earned while living abroad, can qualify for significant tax credits that may reduce, or even in some cases eliminate your entire U.S. tax obligation.

If you are a U.S. Citizen or a U.S. Resident Alien residing overseas, or if you are in the U.S. military on deployment outside of the country, on the regular due date of your tax return (typically April 15th), you are allowed an automatic 2-month extension to file your return without requesting an extension. For a calendar year return, the automatic 2-month extension lasts until June 15th. An additional extension of time to file can be obtained to extend the due date of your return for 6 months form the original due date (or an additional 4 months from the automatic extension received while living abroad), but it will require filing some additional paperwork with the IRS. Note that in both cases, you must pay any tax due by April 15th or interest will be charged starting on April 15th.

If you own or have signature authority over any foreign financial accounts (including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account) that have a total aggregate value exceeding certain thresholds at any point during the tax year, you will be required to file a “Report of Foreign Bank and Financial Accounts” commonly referred to as an “FBAR” with the IRS, although some possible exceptions exist.

In addition to the FBAR is the “Foreign Account Tax Compliance Act” commonly referred to as “FATCA” with the IRS. A FATCA should be filed if your aggregate foreign holding are worth $50,000.00 or more and you reside in the United States. If you live abroad, higher thresholds may also apply. The FATCA report needs to be filed each year with your Individual Income Tax Return. As of January 1, 2015, foreign banks, under FATCA, will be reporting directly to the IRS, so it is especially important that you file the forms correctly.

If your aggregate foreign bank account holdings exceed the threshold for one or both of these reporting requirements, you should call or email us today to discuss your individual situation.

Do I need to file a State Tax Return?

That will depend upon the state where you last resided. In most cases you will not need to file a state income tax return; however, each state has its own rules and some states do require you to file a tax return even if you have moved abroad. In the state of Wisconsin, it will really depend on when you moved and what ties you have to the state. For taxpayers who resided outside of Wisconsin, we will research the filing requirements for your particular state.

We have a broad knowledge of International/Ex Pat tax filing, so call a specialist today at 608-233-9769 and make an appointment to learn how we can help you resolve your tax issues.

[contact-form-7 id="79" title="Page Contact Form"]

Areas of Expertise

Non-filer & Delinquent filers

For more Information

Click Here

Non-filer & Delinquent filers

At Consulting Services Tax & Accounting, we know that sometimes life can be complicated, and that can make doing your taxes even more difficult. Sometimes, things can just get away from you, and before you know it, one or more years have gone by. That's why we want to work with you, to make it easier to get caught up and current with your tax filing obligations.

Multistate filers

For more Information

Click Here

Multi-State Filing

Sometimes in life you've got to move around. Your work life can take you to many different places, whether it's a short-term assignment, or a long-term move, this may mean that you will need to file a tax return for multiple states. Many smaller tax preparation firms lack either the expertise or the software to handle multi-state filings. With Consulting Services Tax & Accounting, you can count on us to get all of your tax problems under control, no matter what state filings may be involved.

Small Business

For more Information

Click Here

Home-based Small Business Specialist

If you own a small business, you have enough on your mind just trying to handle your day-to-day affairs and help your business grow. Tax time often adds an even greater burden to the small business owner because the rules for deductibility, depreciation, and how to determine your taxable income can be confusing and time consuming. We want to make tax time easier for you, so you can get back to focusing of the running your business.

Corporate and LLC filing

For more Information

Click Here

Corporate & LLC Guidance

Whether you've owned a small business for a while, or you want to start your new business with a plan for the future, the staff at Consulting Services Tax & Accounting is here to help. We can advise you on the best route to take whether it is the formation of an LLC, Partnership, S-Corp, or a C-Corp, and what the advantages and disadvantages are for each type of entity, so that you'll be prepared to make the best possible choice for your businesses future.

Why Choose Us?

Full service Full Service

As a full service tax preparation firm, not only do we offer professional tax preparation we also offer in house accounting and payroll services. Call us today and we will be happy to set up an appointment for a free 30 minute consultation before we begin working together.

Trust us Year Round Service

Consulting Services Tax & Accounting is available and has regular office hours Monday thru Friday year-round to assist you with any and all tax, accounting and payroll issues that may arise.

Piece of mind Peace of Mind

You can count on Consulting Services Tax & Accounting to provide you with high-quality services and expert advice that will put all of you tax time worries to rest.

Custom care We Are There for You

If you have a unique or difficult tax situation, we are always here to help you. We have seen many different tax scenarios in our 45+ years of service to the Madison area.

Tax News

Marcum Leads Top Firms in Q4 Audit Clients

Top 100 Firm Marcum took the top spot among large audit firms in bringing in new Securities and Exchange Commission audit clients in the fourth quarter of 2015, with 11 new engagements and a net gain of six.

Read More

Google's Tax Deal with U.K. May Be Next in Line for EU Probe

European Union competition chief Margrethe Vestager said Thursday morning she's ready to investigate Google parent Alphabet Inc.'s 130 million-pound ($185.5 million) tax deal with the U.K. if there are complaints. It didn't take long for the first to surface.

Read More

Wyly Lawyer Tells Judge Aggressive Tax Planning Not Illegal

Samuel Wyly's lawyer, fighting a $2.2 billion claim by the Internal Revenue Service, told a skeptical judge that his client's tax planning was "aggressive but not illegal

Read More

EU Sets Sights on Forcing Firms to Pay Nations Tax Where Due

Companies shouldn't be able to get away with paying very low taxes--or none at all--in countries where they earn profits, EU Economic Affairs and Tax Commissioner Pierre Moscovici said as he introduced a package of proposals designed to curb tax evasion.

Read More

© 2016 Consulting Services Tax & Accounting All Rights Reserved