International Tax Services — NYC
What We Cover
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FBAR Filing (FinCEN 114) — If your foreign financial accounts exceed $10,000 in aggregate at any point during the year, you’re required to file. The penalties for not filing — even unintentionally — start at $10,000 per account per year and go up from there.
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FATCA Reporting (Form 8938) — Separate from the FBAR, this IRS form reports specified foreign financial assets above certain thresholds. The thresholds differ depending on whether you file jointly, live in the US, or live abroad. We determine what applies and file accordingly.
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Foreign Earned Income Exclusion — US citizens and residents working abroad can exclude up to $126,500 (2024) of foreign earned income if they meet the physical presence or bona fide residence test. We evaluate eligibility and calculate the exclusion alongside the foreign housing deduction.
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Foreign Tax Credits — If you’re paying taxes to another country on income the US also taxes, you don’t have to pay twice — but the foreign tax credit calculation on Form 1116 is one of the more complicated parts of the tax code. We handle the sourcing, categorization, and carryover tracking.
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Treaty Benefits — The US has tax treaties with dozens of countries that can reduce withholding rates, exempt certain income, or change how retirement accounts are taxed. We determine which treaty provisions apply and claim them on your return.
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Streamlined Filing Compliance — If you’ve fallen behind on FBAR or FATCA filings, the IRS Streamlined Filing Compliance program lets you catch up with reduced penalties. We prepare the required three years of amended returns and six years of FBARs with the certification statement.
International Tax in New York
NYC has one of the largest foreign-born populations of any city in the world, and a huge number of residents maintain financial accounts, property, or business interests in their home countries. The compliance requirements are real: missing an FBAR can cost you more in penalties than the account balance itself, and the IRS has gotten significantly more aggressive about foreign asset enforcement since FATCA went into effect.
What surprises most people is how many forms are involved. A single foreign investment account can trigger Form 8938, FinCEN 114, and possibly Forms 3520, 8621, or 5471 depending on what the account holds. Each form has its own filing threshold, its own deadline, and its own penalty structure. We map out what’s required for your specific situation so nothing gets missed.
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Whether you need to catch up on missed filings or set up compliant reporting going forward, we’ll get it sorted.