Frequently Asked Questions
US Expat Tax Services and Pricing
Greenback is the expert in providing expat tax services at competitive pricing. Discover our US expat tax filing fees and what they entail!
- Does Greenback add sales tax or VAT?
- Can you file Form 1120S (for my S-corp) and how much would it cost?
- How do you treat employer contributions to the Australian superannuation plan?
- After I have referred a friend to Greenback, when do I receive my referral gift certificate?
- When do I have to pay for my Greenback services?
- Will Greenback help in the event of an IRS audit?
- Do you offer American expat tax consultation or tax planning services?
- Are there flat fees for the US expat tax forms and schedules that are not commonly used?
- Can you help me renounce my US citizenship?
- What are your US expat tax fees?
Does Greenback add sales tax or VAT?
Here at Greenback, we work very hard to keep our prices as low as possible for our clients. In addition to our flat fees, one of the bonuses of working with Greenback is that we do NOT charge sales tax or VAT.
This means you automatically save about 20% just by choosing Greenback compared to a firm in Europe, Australia or Canada![back to top]
Can you file Form 1120S (for my S-corp) and how much would it cost?
We can file the tax documents for all types of small businesses including an S-corp. Specifically for an S-corp, you would file using Form 1120S (and then report the income on a K-1 along with your personal tax return). In this case, we would charge $485 to complete Small Business Tax Returns (Forms 1065, 1120, 1120-F, 1120-S) and $485 to complete your 1040 and the associated forms, including the K-1.[back to top]
How do you treat employer contributions to the Australian superannuation plan?
The Australian superannuation fund often causes confusion for American expats residing in Australia. Especially when it comes time to report it on your US returns! One of the biggest questions we receive is how the employer contributions are treated.
Employer contributions should be treated like compensation. So, for foreign tax credit purposes, it will fall in the general income category. These contributions would need to be included in the return (as income). If you are considered a highly compensated employee, some additional rules apply.
A highly compensated employee is currently an individual receiving salary of $110,000 or more. In this case, you should also look to include the growth in the fund (so earnings minus expenses) in addition to the contributions. Fortunately, a foreign tax credit can be claimed for the 15% contributions tax. Neither the employer contributions nor growth can be considered “earned income” when calculating the foreign eaned income exclusion.[back to top]
After I have referred a friend to Greenback, when do I receive my referral gift certificate?
Once your friend completes a Federal return with us, you will receive your $25 gift card within the first few days of the following month. So, if your friend completes his return in April, you will receive your gift card in early May.[back to top]
When do I have to pay for my Greenback services?
When we prepare your returns, we want you to be 100% satisfied before you pay anything! As such, there is nothing due upfront. Instead, your invoice will be sent after your return has been drafted. This gives you the chance to work with our system, our process and your accountant (and be completely satisfied with all these things) before you have to address your invoice. We generate the invoice when the draft return has been uploaded to your secure file, and we ask that you pay the invoice within 5 business days. Once you have approved your draft return and paid the invoice, your final tax return will be uploaded to your secure file. If we are able to e-file your return, we will do so, but if we are unable to e-file, you will need to print, sign and mail in your tax return.
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Will Greenback help in the event of an IRS audit?
Between 1-2% of tax returns are audited each year by the IRS. Usually, there is absolutely nothing to be concerned about if you receive a letter from the IRS, and we are happy to help review the letter and assist in responding to the IRS. If you have a full-scale audit, we are also happy to assist you in preparing for the audit and representing you before the IRS; however, this would require an additional charge.[back to top]
Do you offer American expat tax consultation or tax planning services?
Expat tax advice can be hard to come by, and for those living abroad, it is important to get solid advice to make sure you can plan appropriately. We offer tax planning and advice services in order to help answer your questions and help you make smart tax planning decisions while living abroad.
If you have a specific question on personal or business tax returns, our accountants are on hand to offer consultations on these matters. The fee for these services is $150 for 30 minutes.[back to top]
Are there flat fees for the US expat tax forms and schedules that are not commonly used?
Yes. Because our goal is to be as upfront as we can be with our customers about our pricing, we make it a priority to establish flat fees whenever possible. Our pricing includes the most common forms and schedules that most expats need to file including:
– All standard expat forms: Forms 1040, 1116, 2555
– One of each of the following schedules: Schedules A, B, C, D, E (one rental property),
– Up to three Schedule K-1s,
– Up to 20 bank and brokerage transactions
If you need any additional forms or schedules, we are happy to prepare those for you as well, and a list of the fees we charge for each can be found (https://www.greenbacktaxservices.com/expatriate-tax-services/) here under Additional Schedules.
As you can imagine, in most instances, our customers do not need additional forms or schedules filed on their behalf. But for those customers with more complex tax situations, we do our best to make the pricing as clear as possible.[back to top]
Can you help me renounce my US citizenship?
The decision to renounce your US citizenship is a big one, and if you have decided that it is the right choice for you, we can certainly help!
The renouncing process requires you to be caught up on your US tax obligation, which may mean filing up to 8 tax returns at one time as well as the Foreign Bank Account Reports. We can prepare all of these documents for you and help you file them with the IRS. The actual steps to renounce your citizenship and the number of returns required can vary based on the rules in your local US embassy, so we recommend speaking with someone there first, then contacting us to do the actual tax return preparation for you.[back to top]
What are your US expat tax fees?
Greenback Expat Tax Services believes in flat, upfront pricing that includes the additional schedules or forms that are required for an expat tax return.
- US Federal Income Tax Return – The fee for expatriate tax return preparation is $485. This fee includes the common schedules and forms that are required to be filed with your expatriate tax return.
- Are you behind on your US expatriate tax return? Don’t worry! We have a great deal of experience with this situation! We also offer a discounted rate for each delinquent federal tax return, which will be billed at $350.
- State Tax Return – Your accountant will identify whether or not you need to file a state tax return. The fee for these preparations is $155 per state return.
- Small Business Tax Return – If you have a small business in the US or abroad or you own more than three rental properties, we can prepare the appropriate paperwork for you and your business. We charge $485 for small business expatriate tax returns, including the common forms and schedules.
- Amended Tax Returns – If you have filed a previous year’s tax return incorrectly and need to amend any mistakes, we can prepare your amended return for a fee of $350.
- Foreign Bank Account Reporting – If you are a current Greenback customer and have one or several financial accounts in foreign banks whose value was $10,000 or more during any point of the tax year, we can prepare your Form FinCen 114, commonly referred to as the FBAR form. Our rates are $95 for up to 5 accounts, and $50 for each additional 5 accounts.
- Consultation Services – If you have a specific tax question or need tax planning advice, you can speak live with one of our accountants. The fee for this service is $150 per 30-minute consultation.