Bowery Expatriate Tax Group
About the Business
Foreign expatriates, US citizens and Green Card holders are obliged to report all global income to the IRS. There are specific tax benefits available to these expats, which include but are not limited to:
- The foreign income exclusion (IRS Form 2555)
- A housing allowance (Form 2555)
- Tax treaty exemptions and exclusions (eg. 1040NR for F-1 and J-1 visas)
- Foreign tax credits and other offsets (Form 1116)
Additionally, federal regulations require that US nationals and Green Card holders submit a Report of Bank and Financial Accounts (FBAR) if they possess any financial assets outside of the US. These can range from overseas bank accounts, stocks, bonds and mutual funds, to interests in foreign private companies and partnerships. Non-compliance with this reporting will be penalized heavily. Dual filing is also required, on IRS Form 8938 and separately to the US Treasury Department.
At Bowery Expatriate Tax Group, we provide questionnaires to our expat clients on request or on our website. In many cases, our services can be provided remotely. We offer a wide range of services, such as cloud based bookkeeping and payroll, leveraging foreign tax credits for corporations and international assignees, applying income tax treaties and ensuring they are claimed correctly, refunding withholding payments and social security taxes to qualified expats, tax extensions and projections, and incorporation.
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Foreign expatriates, US citizens and Green Card holders are obliged to report all global income to the IRS. There are specific tax benefits available to these expats, which include but are not limited to: - The foreign income exclusion (IRS Form 2555) - A housing allowance (Form 2555) - Tax treaty exemptions and exclusions (eg. 1040NR for F-1 and J-1 visas) - Foreign tax credits and other offsets (Form 1116) Additionally, federal regulations require that US nationals and Green Card holders submit a Report of Bank and Financial Accounts (FBAR) if they possess any financial assets outside of the US. These can range from overseas bank accounts, stocks, bonds and mutual funds, to interests in foreign private companies and partnerships. Non-compliance with this reporting will be penalized heavily. Dual filing is also required, on IRS Form 8938 and separately to the US Treasury Department. At Bowery Expatriate Tax Group, we provide questionnaires to our expat clients on request or on our website. In many cases, our services can be provided remotely. We offer a wide range of services, such as cloud based bookkeeping and payroll, leveraging foreign tax credits for corporations and international assignees, applying income tax treaties and ensuring they are claimed correctly, refunding withholding payments and social security taxes to qualified expats, tax extensions and projections, and incorporation.
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