US Tax Returns
US Tax Returns for Individuals
US Citizens and Greencard holders
The US is one of the only countries in the world that taxes its citizens on their worldwide income, no matter where they live. Under the US tax system, US persons are required to file annual US income tax returns detailing their worldwide income and gains.
Non-US Persons with US Investments
Non-US persons must also comply with the US tax rules, and file US Returns, if they have investments or income/gains arising in the United States.
US Citizens with Foreign Corporation Return Declarations
If you are a shareholder in a non-US corporation, there may be additional filing obligations when preparing your US Tax return.
Form 5471 must be completed for any US citizen or Greencard holder who owns 10% or more of the shares in a non-US company at any point during the tax year. A separate form is required for each non-US company you are a shareholder in. The Form reports your shareholding at the beginning and end of the year, as well as the balance sheet and profit and loss account of the company.
The completed Form 5471 must be filed with your annual US Federal Return. If the form is filed late or contains incomplete or inaccurate information, the IRS can charge penalties to taxpayers of up to $10,000 per form.
The right tax advice for you
We are experts in US tax compliance for US persons residing abroad, and those who simply hold US investments
- Federal, State and City Tax Returns
- Foreign Bank Account Reports (FBAR), FinCEN Form 114 preparation
- Advice on foreign tax credits
- UK/US Tax planning advice
- Double Taxation treaty advice
- UK Tax Returns
Need some advice?
To speak to an adviser about your US/UK Tax affairs, please call Rachel Finch, Director, on 01934 620011. Alternatively, you can send us a message to the team now.