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Do I need US tax specialist for filing tax returns?
We strongly advise that you have a specialized US tax advisor to do your tax reporting, as it is complex and very different from the system in your home country. Making a mistake in reporting because you are unfamiliar with the system, the forms required and the necessary route can lead to unnecessary difficulty, expenses, unjust penalties and tax that will need to be paid.
How Do I get a social security number?
The TIN (Tax Identification Number) is needed to be able to file taxes and the FBAR in the US. Often times this number is your SSN (social security number). Many people don’t have a social security number or a person might have one but simply doesn’t know. Below some helpful steps to get you started: (Click here if you live in Northern Italy) Step 1: There is a centralised office in…
Can the consulate help me?
Unfortunately, we have not found a lot of helpful information via the consulate. AOS is continuously striving to improve relations with the consulate and to motivate them to better inform and help their citizens overseas.
Should I just download the tax forms and submit them?
We believe that you should not file your US tax without assistance. The filing is complex and very different from what you or your local tax advisor is used to. There are currently so many programs with the IRS that you will also stand a chance of missing out on any benefits, especially designed for those coming forward. These aim to prevent unjust penalties for late filing.
Can my local bookkeeper or accountant file for me?
He or she might be able to help you, but our own experience has taught us that chances are, at the end of a long period of trying, you do end up getting help from a specialist on US tax systems. AOS opens the route to the right specialist.
Do I need a tax lawyer?
This depends strongly on your personal or business situation Most of our selected partners do provide law services when needed. Discussion with legal counsel would be protected by attorney-client privilege. This is particularly important if the taxpayer ultimately decides not to make the disclosure to the IRS. In contrast, a consultation with a non-attorney (for example, with the taxpayer’s …
Are there programs that the IRS employs for people who never knew about their tax duties until now?
Yes. There are several programs (e.g.,The Streamline Program / Voluntary Disclosure Program) for Americans overseas who have refrained from filing taxes in the US. Please be aware that when filling, you are NOT automatically filing under this program. Your US tax advisor knows how to correctly file through the program. The program provides important benefits and reductions (number of years you…
What is the “OVDP” and what does it mean if you use this option?
The IRS has now had several versions of what is called the Offshore Voluntary Disclosure Program (ODVP). Each version of the OVDP has required the filing of 8 years’ of back tax returns and 6 years of FBARs. In addition, volumes of supporting documentation are required. Choosing this option is very time-consuming and generally is very expensive, both in terms of professional fees and penalties…
What is the “Streamlined Procedure” and what does it mean if you use this option?
The IRS announced a new updated Streamlined Procedure in June 2014 – This procedure is a friendlier and less costly approach to bring non-compliant Americans back into the tax filing system. Here are the major points: Taxpayers will be required to file only 3 years of back tax returns and 6 years of FBARs, and if IRS agrees that the taxpayer is eligible for the Streamlined Procedure, no p…
When do I file?
You have to file on a yearly basis, on or before April 15th. Americans who live overseas will be granted a two month extension for filing. In that case, the latest filing date would be June 15th of each calendar year. Source