Tax preparation, advice and asset disclosure

for U.S.  Citizens and Lawful Permanent Residents working outside the USA.


  1. 1. Taxation of U.S. Citizens or Lawful Permanent Resident     

     working abroad


U.S. Citizens and Lawful Permanent Residents are not free of tax obligations just because they are working outside the U.S. However, you can avail yourself of the Foreign Income Tax Credit and Foreign Income Exclusion to reduce or eliminate your U.S. tax.  If you are paid as a subcontractor, then you will in most circumstances be responsible to pay FICA tax on your earnings abroad.  Every case is different and the rules regarding FICA vary by country. 


Depending on the value of your assets, you may also be subject to specific asset disclosure laws for assets held abroad.


You receive an automatic extension to file your return until June 15 if you are living outside the U.S. on April 15 and your main place of duty is outside the United States. 


We will analyze your situation and complete your return(s) in a manner that is legal and cost effective. 


IRS Foreign Tax Credit Page


Claim for Foreign Tax Credit, IRS Form 1116


IRS Foreign Income Exclusion Page


IRS Pub. 54, Tax Guide for US Citizens and Residents Abroad

 

  1. 2.   Abandoning U.S. Citizenship or Lawful Permanent  

       Residency


Abandoning the status as U.S. Citizen or Lawful Permanent Residents can have very serious tax consequences under the HEART ACT.  You could trigger a taxable event and subject yourself to other obligations by relinquishing your Citizenship or residency.  We can help you understand the risks, costs and obligations.   Lawful permanent residents should be cautious to properly plan their tax declarations to avoid abandoning their U.S. lawful permanent residency.


IRS Expatriation Page   

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Disclosure, Privacy and Privilege


You cannot rely on any information on this website for legal advice.  The tax preparer privilege is limited.   Generally the IRS considers information provided to a preparer, even if the preparer is a lawyer or CPA,  for the purpose of preparing a tax return, as information that is not privileged for the purpose of responding to a criminal, IRS or other government proceeding.  Information that you provide to us or any tax preparer for the purpose of preparing your tax return cannot be divulged to a third party without your express consent. 


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Copyright, Atlas Tax Service, DBA Rock & Hardin, 2011