Services

FinCEN Form 114

We will file your FBARs, which are obligatory if you have a financial interest in one or more overseas financial accounts and the total value of all of the financial accounts combined was $10,000 or more during any point during the tax year.

Foreign Account Tax Compliance Act (FORM 8938)

We will prepare and file form 8938 with the IRS. Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:
Single filing:
– Either $200,000 on the last day of the year, or
– $300,000 at any point during the year
Married filing jointly:
– Either $400,000 on the last day of the year, or
– $600,000 at any point during the year

Specified foreign assets include (but are not limited to):

• Any financial account maintained by a foreign financial institution
• Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
• Stock or securities issued by someone other than a US person
• Any interest in a foreign entity
• Any financial instrument or contract that has as an issuer or counterparty that is other than a US person.

Specified foreign assets would include your foreign bank accounts, but not assets such as your home.

We can advise on tax matters with respect to small businesses such as  Partnerships, C Corporations, S Corporations and  Limited Liability Companies (LLC), and prepare and file the corresponding returns as appropriate (Forms 1065, 1120 or 1120S).