Late Federal Tax Return Preparation for US Expats Behind on Taxes
Included in our flat fee:
Late tax filing for 1 year
All standard expat forms: Forms 1040, 1116, 2555
All standard schedules: Schedules A, B, C, D, E (one rental property), up to three Schedule K-1′s, and up to 20 bank and brokerage transactions are all included.
Why choose Greenback to help you get back on track with the IRS and US Treasury Department?
Expertise. True experts who have extensive experience in filing late tax returns. We file 100s of late tax returns each year.
Security. You upload your tax documents to a personal, secure data folder. We use 256-bit encrypted security, the same as most banks.
Dependability. Late filers often file at times other than tax time, and we are here for you year-round, whenever you need us.
Simplified. We don’t leave any financial calculations up to you — we do all the heavy lifting.
Sincerity. We pride ourselves on not just being tax experts, but easy to work with too! We know being behind with the IRS on your taxes can be daunting, and we try to allay your fears by explaining complex tax matters in layman’s terms (not jargon) so you understand your choices.
I have not filed my US tax return in years; where do I start?
This situation is more common than you might think. You should start by talking with an expat tax expert to identify how many years of back taxes you are going to need to file and what documentation you need in order to complete the necessary reports and returns to become compliant with the US tax authorities. You will need to prove expat status for each year. Be aware that you may owe penalties for filing late or failing to pay taxes on time. Generally speaking, this will only be the case if you owed money on your US taxes, which will cause interest and penalties to accrue on the underpayment. If you have not declared your foreign bank accounts, you may also need to file FBAR forms for the years you have missed. Our experience is that people who come forward have been given more leniency than people the IRS has found through their own means.
What are the penalties for filing late expat tax returns?
Prior to September 1, 2012, the IRS assessed penalties on late tax returns no matter how they were filed. With the changes to the Streamlined Procedures, an IRS amnesty program to help taxpayers get caught up on US taxes, they waived all penalties for expats! If you are behind and need to get caught up, the very best way to do so is by applying for the Streamlined Procedures and following the IRS program requirements carefully. While previously many Americans chose to do a quiet disclosure (simply filing back returns and hoping they don’t get flagged), we highly recommend going through this program and doing things properly – especially because there are no penalties to do so.
However, FBAR penalties can still be assessed. The US Department of the Treasury reserves the right to seize up to 50% of the assets in overseas bank accounts or $100,000 per account, whichever is higher. However, this is typically only done in cases where people are deliberately hiding assets overseas to avoid taxation. Expats are generally not penalized if they voluntarily come forward.
There is a new passport revocation law in place, which allows the government to seize your passport if you owe $50,000 or more in back taxes. This means keeping accurate records and staying on top of your expat taxes is more important than ever in order to prevent a situation like this from occurring.
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