Expatriation Tax (EXPAT)
In some cases, an individual may need to renounce their United States citizenship and end the tax filing requirements to the United States government. Our team can assist you in all aspects of this process.
- Trusts & Estates
- Gift Tax
- International Taxes
- Business Personal Property Renditions (BPP Renditions)
Foreign Bank Account Report (FBAR)
Signature authority over foreign bank accounts requires an annual filing of an information only report to the Department of Treasury. We can assist you in filing this report and offer advice on any other requirements in order to ensure compliance with both the Department of Treasury and the IRS.
Foreign Earned Income
We offer the expertise to ensure you are paying the appropriate taxes annually due to the United States government.
We offer tax form preparation for both 3520 and 3520A forms for individuals who either own a foreign trust or are the beneficiary of a foreign trust. We can also prepare the appropriate tax forms for United States citizens who have received a gift from a foreign source.
The IRS has become very aggressive in pursuing individuals and businesses to ensure tax compliance as it relates to matters outside our borders. If you have found yourself out of compliance, give us a call for a consultation and allow us to answer your questions and review your options.
Trusts & Estates
Trust & Estate Tax Preparation
You may find yourself unprepared to be thrust into the role of trustee or executor, especially during a difficult or stressful life event, like the death of a loved one. When you find yourself in this situation, our team is here to support you. We will walk you through the process of how tax laws apply to your situation. Our goal is to give you peace of mind as you handle the affairs of the trust or estate. Having an experienced professional on your side is vital in these situations because any errors that are made in preparing trust and estate tax returns can have a lasting impact on future generations.
Estate Tax Preparation
Typically, you will only be the executor or personal representative of an estate once or twice throughout your lifetime. Determining which tax filings are needed in this situation can be overwhelming as the way the estate is handled will greatly impact the heirs. We will help you through this tax filing process and support you as you handle the affairs of the estate or trust.
Large estates require a tax return to be filed listing all assets associated with the estate. These assets can include stocks, bank accounts, IRAs, real estate, pensions, annuities, and more. This is called Form 706 – Estate Tax Return. In some cases, the estate may also need to file a tax return that reports the income earned from the date of death to the date that the assets are distributed to the heirs of the estate. This is called Form 1041 – Income Tax Returns for Estates and Trusts. In some cases, the estate or trust will pay any taxes that are due. In other cases, the beneficiaries of the estate will be responsible for paying these taxes.
The estate is also required to prepare a final individual income tax return. This tax return reports any income earned from January 1st until the date of death. This process can be challenging as it is difficult to determine how exactly you should handle certain types of income on the final 1040 and 1041 tax forms. Our team will evaluate your unique situation and help you determine which filings apply to you, and accurately prepare your tax returns.
Working with Your Advisors
Teamwork is a critical component during this time. Beneficiaries, executors, attorneys and investment advisors all look to your tax advisor for fiduciary income tax and estate tax preparation and planning. We will work in collaboration with them to make this process as easy and painless as possible. Trusts and estates often come with complex tax issues, and there is no substitute for having an experienced professional on your side.
Ready to make an appointment?
Contact our office at (469) 567-3017 or fill out an appointment request form to speak with a member of our team and discuss our trusts and estates services, today!
If you have recently given a gift, it is critical to be aware of how this can affect your finances when tax season comes. The gift tax is imposed on property that is transferred from one party to another for nothing, or less than the full fair market value in return. This tax is paid by the party giving the gift, not the recipient. The gift recipient is not required to claim the gift as income on their taxes.
Most gifts are taxable, with the exclusion of the following gifts:
- gifts not exceeding $15,000
- medical expenses or tuition paid on behalf of another
- gifts that you give to your spouse
- gifts that are given to a political organization
Ready to Request an Appointment?
Contact our office at (469) 567-3017 or fill out an appointment request form to speak with a member of our team and discuss our gift tax services, today!
International business brings incredible opportunity to grow your company, but it also comes with complex tax issues and processes. Our team of experts can help you decrease your tax liability and increase your chances of growing a thriving business.
Whether you’re operating global distribution channels, expanding into developing markets, or simply trading in the global economy, working with a professional who is familiar with international tax laws can increase your returns and help develop future business plans.
Our team will support you in all aspects of your international tax needs. We are familiar with the tax laws that apply to businesses operating on a multi-national level, and while complex issues sometimes arise, we will work hard to reduce your tax burden and drive you toward greater business success.
Contact our office at (469) 567-3017 or fill out an appointment request form to speak with a member of our team and discuss our international tax services, today!
Business Personal Property Renditions
If you own a business, filing personal property taxes is a legal requirement that often requires a lot of time and due diligence. Each state has its own set of rules and regulations, making it helpful to retain a professional consultant who is familiar with local tax laws. It can be extremely time consuming and costly to use internal sources for these services. Outsourcing your business personal property taxes is the perfect solution as it will save you time and money in the long run.
Business personal property is considered any item owned and used for your business. Examples of this include:
Why should you outsource?
Many jurisdictions require you to report and account for fixed assets and inventory on an annual basis for taxation. Compliance with this reporting can be time-intensive and it requires a full understanding of which assets are taxable and which are not, helping to prevent the over or under-reporting of assets. With the overwhelming amount of forms, exemption applications, abatements, depreciation schedules, tax codes, and deadlines, compliance can become a heavy burden on many business owners.
Ready to Make an Appointment?
Contact our office at (469) 567-3017 or fill out an appointment request form to speak with a member of our team and discuss our business personal property renditions services, today!