Does your accountant know US expatriate taxes?
One of the issues with US expatriate taxes is the lack of qualified professionals to prepare their clients’ US expatriate tax returns. Many times, individuals find themselves delinquent with their US taxes, or find the need to file years of back taxes for returns that may have been incorrectly filed.
Another issue with accountant relationships in the United States is the inability to share documents, keep up to date on the necessary returns, and often times being forgotten about as clients present in the country receive more attention. When it comes to US expatriate taxes, a lack of attention to detail is the last thing an individual wants.
Jim M., a resident of Australia since the 1970s, had just this situation happen to him while living abroad. His US CPA was elderly and, as a result, error-prone on his US expatriate taxes. After replacing this accountant with another CPA in New York, he found that his new accountant would often put him on the back burner. After years of delayed filings with the IRS, he began to receive letters from the IRS and knew he needed to seek action elsewhere in order to come up to date with his US expatriate taxes.
When Jim finally did seek out assistance, he needed to file three years of back taxes and a fourth year in order to get caught up with his US expatriate taxes.
“I have had 3 overdue (thanks to my previous CPA) returns completed, have a fourth, the current one, in the works. I expect that I will use Greenback for a long time to come. They have been quick to help me with tax issues and to volunteer assistance if I needed it.”
~ Jim M., Australia
If you have a US CPA preparing your US expatriate taxes, make sure that they are aware of the different IRS deadlines for expatriates, the necessary forms and schedules that must be attached, and the deductions and exclusions that must be applied in order to avoid double taxation and save you, the taxpayer, thousands of dollars.
Need Help With Your US Expatriate Taxes?
Have a look at our “US Expat Taxes Explained” series, a great resource for information about US expatriate taxes. If you need assistance with your US expatriate taxes, no matter how behind you may be, we are happy to offer the same assistance we provided to Jim M. If you have questions or would like to learn about our expat tax services, please contact us.