Cost of Expat Tax Return Preparation & ITINs

U.S. Expat Tax Preparation Fees

Expat Federal Returns Flat Fee $350. 

State return (Non-Resident or Part Year Resident) flat fee per state $75*.

FBARs $70 per year. 

Genesis Tax Consultants, LLC is registered with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) to submit FBARs on behalf of Taxpayer's worldwide.  Add +$10 per additional bank account.

As a client you will be sent an invite to have the option to create your own secure encrypted file sharing account to securely upload and share your tax documents with us.

You are not going to beat this price for the value you are receiving!

*Up to 1 Schedule C & 1 Rental Property, State Flat Rate $75 per state when also paying for Federal Return Preparation, $70 FBAR per year for 1 account, each additional item $10 each.

ITIN Applications

€250 per ITIN Application. This includes phone calls to the ITIN Unit to check on the status of your ITIN and resolve any potential issues.

Additional Forms, Schedules and Services:

Schedule C – One is included in our base price; each additional is charged at $100 USD for each additional source of self-employment income/loss

Schedule D – 20 capital gain transactions are included, and each additional 20 will be charged at $100 USD

Schedule E – One rental property is included and each additional Sch E will be charged $75 USD (this is used to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs)

Schedule F – This form is used to report profit or loss from farming activities, and we charge $115 USD for this form.

Schedule K-1 – Up to 3 K-1s are included in our base price; each additional will be charged at $60 USD

Form 709 – This is the US Gift and Generation Skipping Transfer Tax Return and is used to report transfers subject to the federal gift tax, generation skipping transfers (“GST”) and to allocate the lifetime GST exemption to property transferred during the transferor’s lifetime. We charge $400 USD to complete this form.

Form 926 – This is the US Transferors of Property to a Foreign Corporation and is used by a US citizen or resident, a domestic corporation or a domestic estate or trust to report transfers of property to a foreign corporation. We charge $115 USD to complete this form.

Form 962 Election on 1120 Forms, this allows owners for an entity registered in a low tax jurisdiction to choose to have their allocation of the corporate profits taxed at the US corporate tax rate with a 50% deduction applied. We charge $885 USD for this form.

Form 965 – Is the Inclusion of Deferred Foreign Income form and is used to report and pay the repatriation tax due under the Tax Cuts and Jobs Act which required deferred earnings from foreign corporations to be reported. We charge $600 USD for this form.

Form 990-EZ – This is the Short Form Return of Organization Exempt from Income Tax and is an informational return required from tax exempt organizations, nonexempt charitable trusts and section 527 political organizations. We charge $400 USD for this form.

Form 1040-X – This form is used to amend or correct a previously filed form 1040, make certain elections after the prescribed deadline, change amounts adjusted by the IRS or make a claim for a carryback due to a loss or unused credit. We charge $485 USD for this form.

Form 3115 – Is the Application for Change in Accounting Method and is used when you change either the overall method of accounting or the accounting treatment of any item. We charge $435 USD to complete this form.

Form 3520 – This form the Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts and is used to disclose transactions with foreign trusts, ownership fo foreign trusts and receipt of certain large gifts or bequests from foreign persons. We charge $400 USD for this form.

Form 3520a – This form is the Annual Information Return of Foreign Trust With a U.S. Owner and is used to disclose a foreign trust with a US owner or beneficiary. We charge $400 USD for this form.

Form 5471 – This is the Return of US Persons With Respect to Certain Foreign Corporations and is used by officers, directors or shareholders to report their interest in foreign corporations. We charge $600 USD to complete this form for active foreign companies and we charge $250 USD for Dormant foreign companies.

Form 5472 – This is the Information Return of a 25% Foreign-Owned US Corp and is used to provide the required information when a foreign entity owns 25% or more of a US entity or a foreign corporation is engaged in a US trade or business. We charge $215 USD to complete this form for a corporation and we charge $350 if this return is for a US LLC with Foreign Owners.

Form 8621 with distributions – This is an Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund informational return and is filed by a shareholder of a passive foreign investment company (“PFIC”) an example would be a foreign mutual fund. We charge $250 USD to complete this form when their have been distributions and $165 USD if there have been no distributions.

Form 8832 – Is the Entity Classification Election and is used by an eligible entity to choose how it will be taxed for federal tax purposes, as a corporation, a partnership or as a entity disregarded as a separate entity from its owner. We charge $150 USD to complete this form.

Form 8833 – This form is used to disclose a Treaty Based Return Position and we charge $85 USD for this form.

Form 8854 – This is the Annual Expatriation Statement and is used by US citizens or long-term residents who have ended their residency or expatriated on or after June 4th 2004. We charge $385 USD to complete this form.

Form 8858 – This is the Report of Foreign Disregarded Entities and is used to report a foreign owned disregarded entity such as a foreign LLC . We charge $300 USD to complete this form.

Form 8865 – This is the Return of US Persons With Respect to Certain Foreign Partnerships and is used to report ownership of, transfers to and acquisitions, disposals and changes in foreign partnership interests. We charge $400 USD to complete this form.

Form 8992 – Is the US Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI) form and is used by US shareholders of controlled foreign corporations (CFCs) to figure their GILTI inclusions as per section 951a. We charge $600 USD to complete this form.

Form W-7 is the form used to apply for an ITIN or Individual Taxpayer Identification Number. We charge $295 for this form and $150 for each additional W-7 by the same family.

Examples of Tax Return Preparation Fees 

Supporting Documents Needed to Prepare Your U.S. Income Tax Return

• Forms W-2 for wages, salaries and tips

• Foreign wage statements (if applicable)

• All Forms 1099 for interest, dividends, retirement, miscellaneous income, Social Security, state or local refunds, gambling winnings, etc.

• Brokerage statements showing investment transactions for stocks, bonds, etc.

• Schedules K-1 from partnerships, S corporations, estates and trusts

• Statements supporting deductions for mortgage interest, taxes, and charitable contributions (including any Form 1098-C)

• Any tax notices sent to you by the IRS or other taxing authority

• A copy of your U.S. income tax return from last year

• A copy of your foreign country tax return (if applicable)

• A list of travel dates to the US and any foreign country

• Maximum values of all foreign bank or financial accounts held during the year

If you do not have copies of these documents I can order them directly from the IRS by having you sign either a Form 8821, Tax Authorization Form or Form 2848 IRS Power of Attorney for a small fee. 

Do I have to file an income tax return if I am living and working overseas?

Although it may be tempting, you must not ignore your U.S. taxes.  Nearly every U.S. citizen and Green Card holder - regardless of whether they are living in the U.S. or abroad - is generally required to file a U.S. income tax return each year to report their worldwide income. Even some states require that you file a tax return when living abroad.

Filing taxes does not need to be a burden.

Preparing tax returns is always a hassle. US Expat taxes add even more frustration because of the special tax rules for expats, the complexity of the ever-changing US tax code, Income Tax Treaties and totalization agreements. There are many tax risks with filing a return for American expatriates but there are also many opportunities! That is why it is important to have your tax return prepared by U.S. Expat tax professionals who understand the complex tax laws and dedicate themselves to Americans working abroad.

Genesis Tax Consultants, LLC is a year-round tax firm specializing in meeting the tax needs of Americans living overseas, US resident aliens and non-resident aliens. We know the tax situation for expatriates is often complicated and frustrating. Whether it is filing a current year tax return, preparing years of unfiled tax returns or resolving an IRS problem, we assist our satisfied clients (the only A+ BBB rated tax firm dealing with Expats) with every aspect of tax preparation. 

There's no need for U.S. Expats to pay more than required - or suffer the avoidable penalties and interest - just because the process is more confusing for them. Leave the hassle of preparing your tax returns to Genesis Tax Consultants.

Do you have years of unfiled tax returns? 

Do you have years of unfiled FBARs? 

IRS Amnesty Programs are Available 

The IRS currently has a variety of special amnesty programs that can be taken advantage of by taxpayers with unreported foreign income and/or assets who are looking for a path to compliance.  These include the offshore voluntary disclosure program, the streamlined filing procedures, the delinquent FBAR submission procedure, and delinquent international information return submission procedure.  Many of these programs allow taxpayers to come into compliance by filing or amending a few years of tax returns and/or FBARs.  They will often be able to take advantage of reduced penalties, no penalties and the protection from criminal prosecution.  It is important to first fully understand a client's situation and history before recommending any specific program.  Thesese amnesty programs are not permanent and may be changed or canceled at any time; therefore, it is wise to take advantage of them while they still exist.  

Allow us to navigate the tricky waters of U.S. Expat taxation so you can use more of your time and money on enjoying your life abroad. 

Expatriate 2018 Tax Filing Due Dates

-For 2017 returns-

April 17, 2018 - Due date for US federal income tax returns (if you are living abroad on 04/17 your return gets an automatic extension until 6/15) and FBARs (you can get an automatic extension until 10/15) US Treasury Form of Report of Foreign Bank Accounts.                                                                 

April 17, 2018 - Due date for payment of any taxes due for 2017 (if you are living abroad on 04/17/18 your tax return gets an automatic extension until 6/15/18 - however, you will have to pay interest on any tax not paid by the regular due date (04/17/18) of your return).

June 15, 2018 - Due date to file income tax returns for United States citizens or residents whose tax homes and abodes, in a real and substantial sense, are outside the United States and Puerto Rico. Last day to file for an extension.    

October 15, 2018 - Extended due date for Form 1040 and FBARs.

December 17, 2018 - Extended Due Date for Form 1040 with additional extension request submitted.

➤ locations served

Available for all taxpayers in every state and all Expatriates living abroad. 

☎ CONTACT NICHOLAS HARTNEY, EA

nick@genesistaxconsultants.com
for appointment.

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