Ex-Pat Tax Services

perkily As a tax preparation business, we understand and follow tax changes for individual tax return preparation and filing. Our mission is to help our clients by applying legally available deductions and credits, thereby minimizing federal (IRS) and state tax liabilities or payments. Our tax practice offers the following individual tax services:

• US federal income tax preparation – US citizens and green card holders are required to file a federal income tax return annually regardless of their country of residence and the source of their income. Our experts can prepare your federal return for you while taking into account critical factors such as the foreign earned income exclusion and any foreign tax credit you may be entitled to.
• State income tax preparation – As a resident of a particular state, you are generally required to file a return in that state. Due to the fact that state residency rules are fairly broad, the mere fact that you are now living overseas does not necessarily extinguish your residency in your former state for tax purposes. Our professionals can help determine your residency status and file your income tax return.
• Foreign Bank Account Reporting (FBAR) Compliance – If you are a US citizen with a bank account in a foreign country (including signatory rights alone) with a balance at any point during the year of $10,000 or more, you are required to report this balance annually to the US Treasury Department by filing Form 114 with the IRS by June 15. We are able to assist you with your FBAR filing and can also help correct prior year delinquencies pursuant to the relevant offshore voluntary disclosure program (OVDP).
• Individual Canadian tax return preparation – The complexity of working with the regulations found in the Canadian Income Tax Act and the US Internal Revenue Code combined with the US–Canada tax Treaty can make it very difficult to know if you have completed your Form T1 General correctly. Ask us about our Canadian tax preparation services.

• FACTA (Form 8938) Compliance – Since 2011, certain US persons, including US ex-patriates,  are required to report details of holding in Foreign Financial Assets as part of their tax return. Our experts can help determine which type of assets are required to be reported.
• Information Return of US Persons With Respect To Certain Foreign Corporations (Form 5471) – Certain US persons are required to report information with respect to foreign corporations in which they own more than 10%.
• Non-resident federal income tax return preparation – Non-resident aliens may also have an obligation to file a US tax return. This typically occurs when a non-resident alien owns real estate (directly or indirectly through an LLC) in the US or when a non-resident has recently left the US and still has investment income from a stock portfolio in the US. Millennial Tax can assist you in determining whether you have a US tax filing obligation and can prepare all necessary returns and schedules related to your investments in the US.
• Expat tax return review services – Our tax professionals can review prior years’ tax filings and provide an assessment of accuracy and overlooked deductions or credits.
• Delinquent taxpayer package – The IRS is currently offering delinquent taxpayers living overseas several offshore voluntary disclosure programs where penalties for delinquent reporting can be reduced. For “low-risk” taxpayers, the IRS offers a simple process known as “streamlined” pursuant to which a taxpayer may rectify their past by filing 6 years of FBARs and 3 years of tax returns. Millennial Tax can help you file this package.