As More Americans Make the Decision to Pull Up Stakes for Greener Pastures in Foreign Countries, Taxplannercpa.com, a CPA Firm, Gears Up for Biggest Expat Tax Season Ever
A record 6.6 million Americans currently live overseas, according to the US State Department, and lower costs of living and a less stressful lifestyle continue to be potent draws for a growing number of retirees and others.
WALTHAM, MA, January 12, 2011
Tax Planner CPA caters exclusively to the tax planning needs of US expats. This year the firm responded to the expat boom byenhancing its professional staff with the addition of an international tax attorney and two new CPAs with extensive experience in US Taxes.
Americans living overseas face their own unique set of tax challenges and Tax Planner CPA has carved a significant niche by exclusively serving the tax needs of US expats. A blog on the firm's web site provides a valuable archive of straight talk about tax subjects of interest to US expats, such as the physical presence test, starting a foreign corporation, IRS correspondence and filing requirements for dual citizens.
This year Tax Planner CPA launched a free service to help American expats with their tax planning called the Foreign Earned Income Exclusion Online Eligibility Tool found here:http://bit.ly/gsDktm This brief questionnaire enables Americans living overseas to quickly and accurately self-assess their eligibility to earn up to $91,500 tax free under IRS rules.
The firm's growing business comes mostly from client referrals, a reflection of both the growth in the US expat community and the specialized focus that Tax Planner CPA brings to its work. The company's talent pool got a boost this year with the addition of international tax attorney - Terry Moore Esq. as well as 2 Certified Public Accountants - Kathleen Singer CPA and Felix Cheng CPA. They join Christopher Jenkins CPA and Edward Parsons CPA, MSA, founders of Tax Planner CPA.
"One of the biggest mistakes that American expats make is assuming that they don't have to file a return with the IRS if they don't owe any US taxes," said founder Ed Parsons. "This is not the case. Regardless of liability, all Americans living overseas must file a return or be subject to civil, or even criminal, sanctions." Generally, criminal penalties can be imposed for not filing, or for filing a fraudulent return, and civil penalties apply for non-payment.
Another common misconception is that Americans living abroad whose income falls under the $91,500 IRS income exclusion threshold do not owe any US taxes. In reality, they may still be liable for the 15.3% tax on self-employment income; that is, unless they set up a foreign corporation, an expat tax strategy that is an area of expertise of Tax Planner CPA.
New for 2011 is the firm's offering of 1040NR tax returns - the tax returns that must be filed by foreign nationals that work temporarily in the US and wish to get a Tax Refund. They will be offering this service through their affiliated website specializing on 1040NR refunds found here http://bit.ly/dJrHqd.
All online client communication with Tax Planners CPA is encrypted, so inquiries to the firm from anywhere in the world are in the strictest confidence - and covered by attorney client privilege (Not something a regular CPA firm can offer). A free estimate for services is available through the Tax Planner CPA website at http://www.taxplannercpa.com