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Expat Tax

 

Expat CPA offers services for Form 2555 and Form 5471

Gary Bode, CPA: Expatriates commonly file Form 2555, Form 5471, Form 1116 and FBAR. (910) 399-2705.

Hi, I’m Gary Bode, CPA. One surprise result from running this website? The calls for help on international expat tax issues. Which is why we developed a Virtual CPA office to serve you or your company no matter where you live. Here are the issues we deal with most often.

  • Form 2555, the Foreign Earned Income Exclusion. This affects US citizens living and working abroad. The IRS demand s you report worldwide income but then allows you to exclude over $100,000 of it (this figure includes the standard deduction and exemption on Form 1040).
  • Form 5471. If you have an interest in a foreign corporation, you must report your dealings with it to the IRS. With the recent IRS emphasis on foreign financial transactions, the $10,000 late fee is now enforced. There are currency exchange issues and accounting conversion issues.
  • OVDI: Offshore Voluntary Disclosure Initiative. We prepare the required back tax returns, like Form 5471, FBAR and 1040, and the actual application.
  • Form 1116. You get a tax credit, not just a deduction, on Form 1040 for foreign taxes paid. Sounds simple, but Form 1116 snarls things up nicely – go figure.
  • Form 8938, Statement of Foreign Financial Assets.
  • FBAR: reports foreign bank accounts that pass certain thresholds to the IRS.

This website has dozens of posts on the above expat issues. Of course we offer a free initial phone consult. (910) 399-2705.

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