For U.S. expats, managing reporting obligations for foreign registered businesses is challenging, especially as getting it wrong can result in unexpected tax bills and penalties.
Foreign corporate reporting
If you are a U.S. citizen or resident involved with a foreign corporation, you may need to file IRS Form 5471, even if the corporation has no U.S. source income or establishment. This form requires U.S. officers, directors, or shareholders in foreign corporations to report the corporation’s activities and comply with U.S. tax laws.
Form 5471 is an information return that lets the U.S. government tax foreign company profits before they are distributed as dividends. This form is complex, and expats with a foreign-registered corporation should always seek assistance from a seasoned expat tax professional.
Note that foreign registered LLCs and partnerships are also treated differently by the IRS compared to U.S. registered firms, so always seek advice if you have (or you thinking of setting up) a foreign registered business.
Foreign company bank accounts also need reporting on FBAR filings.
At Tax Samaritan, we can help
Fortunately, Tax Samaritan is one of the few specialty tax preparation firms with real expertise in this field and can assist you in accurately preparing and filing Form 5471, including minimizing your tax liability and claiming tax credits to avoid double taxation if your corporation is also taxed overseas in your country of residence.
What to expect from our expat tax solutions
Year-round
support
We pride ourselves on the business and personal relationships we have developed with our clients over the years. We provide you with effective year-round responsive support and the assurance of meeting all tax compliance responsibilities in an accurate and timely manner.
A client-centric approach
Our approach to providing tax services focuses on protecting our client’s financial interests. We recognize that you work hard for your money and should keep as much of it as possible. Our approach to tax preparation is not simply to enter your data into tax software programs, it’s to file in the most beneficial way possible based on your specific circumstances.
Tax-saving opportunities
As an overseas resident, there are many opportunities for tax savings but also risks. Tax Samaritan has the experience and knowledge to guide you through the complex expat tax preparation process. This includes identifying and employing opportunities to maximize your tax savings.
What Our Expat Clients Are Saying
Tax Samaritan did a great job for my most recent tax year, efficient and on time. I have used two other companies online before but Randall’s personal touch and advise outshines all others. You won’t be disappointed if you engage with Tax Samaritan!
— David W
JALPAIGURI, INDIA
Tax Samaritan is excellent to work with. They worked through some complicated issues and have been professional all the way. I highly recommend them to anyone, especially expats. They understand how complicated it can be.
— Paul K
COLORADO, USA
Talk To An Expert
Ready to start saving money on your taxes? Please click the button below to talk to one of our expat tax experts. We are also available to discuss any other tax or planning concerns you may have.
