Expat, FBAR and FATCA Filing Services
At Acosta Tax & Advisory we are committed to helping people understand their obligations to the IRS. Our services and expertise are available to individuals and corporations, regardless of whether you are located here in the US or abroad. We will work with you to provide tax compliance for all the international tax forms described below.
Form 2555 — Foreign Earned Income Exclusion. To qualify you must prove that you work and reside outside of the US by meeting the bona fide resident and physical presence test. If you are eligible you are able to exclude at certain amount (exact number changes each year) of your foreign earned income from US taxation.
Form 1116 — Foreign Tax Credit or Deduction. You can file this form to claim a credit or deduction if you have paid or accrued taxes to a foreign country. You cannot claim a credit for income which has been excluded from taxation by Form 2555. By claiming a credit for taxes paid to foreign countries you are able to reduce your tax liability to the US on a dollar for dollar basis
Form 8938 — Statement of Foreign Financial Assets (FATCA). Anyone who possesses foreign accounts or assets with an aggregate value of over $50,000 are required to file a FATCA. This applies to investments in foreign hedge funds and private equity funds as well as bank accounts and stocks or bonds.
Form TD F 90-22.1 — Report of Foreign Bank and Financial Accounts (FBAR). All US Persons with financial interest in, or signature authority over foreign financial accounts if the balance of all those accounts exceeds $10,000 at any point during the calendar year.
Form 5471 — Information Return of US Persons with Respect to Certain Foreign Corporations. US Persons who own more than 10% of the shares of a foreign corporation must file this form with their income tax.
Below are some of the additional forms we provide for both individuals and corporations in need of tax services: For additional information regarding any of these forms or the services we provide please call:
926 — Return by a US Transferrer of Property to a Foreign Corporation
1042 — Annual Withholding Tax Return for US Source Income of Foreign Persons
1042 — Foreign Persons US Source Income Subject to Withholding
8828 — US Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests
3520 — Annual Return to Report Transactions with Foreign Trusts and Receipt of Foreign Gifts
3520-A — Annual Information Return of Foreign Trust with a US Owner
8833 — Treaty-Based Return Position Disclosure
1118 — Foreign Tax Credit (Corporations)
8858 — Information Return of US Persons with Respect to Foreign Disregarded Entities
8865 — Return of US Persons with Respect to Certain Foreign Partnerships
8621 — Passive Foreign Investment Company
CPA For International Tax Filing Services
Call Acosta Tax & Advisory, PA, to schedule your consultation regarding your international tax preparation needs.