Foreign person Income Tax Returns

TAX OBLIGATIONS FOR U.S. CITIZENS

There are also tax implications for U.S. citizens with foreign financial interests. Americans who have foreign assets with an aggregate value of $10,000 or more must file a Report of Foreign Bank and Financial Accounts form or FBAR. Failure to do so can increase their risk for steep penalties from the IRS which can be as high as 50% of the value of the non-reported asset.

TAX RESPONSIBILITIES FOR FOREIGN NATIONALS WORKING IN THE U.S

If you’re a foreign national currently earning income within the U.S.,SichTaxService is an ideal resource for you. Our accounting professionals have years of experience helping foreign nationals working here as well as American citizens working abroad.

If you are a foreign national working within the U.S. and planning to relocate to another country, you need to file an annual income tax return and let the IRS know that you’ll no longer be living in the U.S. Current federal regulations also stipulate that any individual with financial interests held in the United States is required to pay U.S. income taxes.

Factors impacting your tax obligations include your marital status and tax treaties as well as any investments and earnings you’ve made. At SichTaxService we’ll help you limit your tax liabilities as much as possible while staying compliant with the law.