Understanding S Corporations: Tax Forms, Advantages, and Deadlines Written by: Josh Katz, CPA If you’re a small business owner considering your company’s structure, the S Corporation (S Corp) is likely to come up as an appealing option. S Corporations offer certain tax benefits and limited liability for their shareholders, making them a popular choice for many entrepreneurs. However, running an S corporation involves specific legal and financial responsibilities, particularly regarding tax compliance. If you’re seeking expert guidance in establishing an S corporation or comprehending th ..read more

IRS Form 8621: Passive Foreign Investment Company (PFIC) – Instructions, Threshold, and Penalties Written by: Josh Katz, CPA Investing globally can present lucrative opportunities, but it also comes with a set of regulatory considerations, particularly when dealing with Passive Foreign Investment Companies (PFICs). For U.S. taxpayers who hold investments in PFICs, reporting requirements are crucial and involve Form 8621. Here’s a comprehensive guide to understanding Form 8621, including its purpose, thresholds, reporting instructions, and associated penalties. If you need expert assista ..read more

Do I Need to Report my Superannuation on my FBAR? Written by: Josh Katz, CPA For Americans living in Australia, navigating the complexities of tax obligations can be challenging, particularly when understanding how to report foreign financial accounts such as superannuation funds on the FBAR (Report of Foreign Bank and Financial Accounts). Let’s delve into what superannuation is, what FBAR entails, and how this impacts U.S. taxpayers residing in Australia. What is Superannuation? Superannuation, often called “super,” is Australia’s equivalent of a retirement savings or pension syst ..read more

2024 Canadian Tax Deadline: Everything You Need to Know As the seasons transition from winter chill to the gentle warmth of spring, Canadians are reminded of one inevitable event looming on the horizon: the tax filing deadline. For many, tax season can induce a mixture of stress and uncertainty, but with proper preparation and understanding, it can be a manageable and even fruitful time of year. Who needs to file for a Canadian Tax Return? In Canada, the requirement to file a tax return depends on various factors, including your income, residency status, and specific circumstances. Gener ..read more

Buying and Selling Property Abroad as an American Written by: Josh Katz, CPA Have you ever considered owning a piece of paradise abroad? As an American, purchasing property overseas can be an exciting venture, offering opportunities for investment diversification, retirement planning, or simply fulfilling your wanderlust. However, it’s important to understand the tax implications and reporting obligations associated with buying and selling property abroad. This guide will explore everything you need to know to make informed decisions and ensure compliance with US tax laws when dealing w ..read more

US Expat Tax Service for Seniors and Retirees Written by: Josh Katz, CPA The transition from working life to retirement is a significant milestone, especially for those who choose to spend their golden years abroad. For US citizens living abroad, the tax filing responsibility does not vanish with retirement. Hence, it’s still important for Seniors and Retirees to be aware of their filing responsibilities including applicable deductions and credits. Universal Tax Professionals specializes in providing comprehensive assistance to seniors and retirees living abroad, ensuring they navigate ..read more

2024 US Expat Tax Deadline and Extensions Written by: Josh Katz, CPA It’s that time of year again when we dive into the world of forms, numbers, and deadlines. Navigating through the complexities of US taxes and preparing your 2023 US tax return doesn’t have to be daunting, even as a US expat. By understanding the important US expat tax deadlines, extensions, and correct forms to use, you can breeze through the process with ease and peace of mind. If you require assistance with filing for an extension, feel free to contact Universal Tax Professionals. Additionally, we offer a comprehen ..read more

US Expat Tax Service for Dual Citizens Written by: Josh Katz, CPA In today’s interconnected world, many individuals have the privilege of holding dual citizenship, which allows them to be citizens of two countries simultaneously. While this can bring numerous benefits, it can also present unique challenges, particularly regarding taxation. If you require assistance with your US tax filings as a dual citizen, Universal Tax Professionals is here to assist you. We provide a wide range of US expat tax services tailored to help Americans living abroad. In addition to tax preparation services ..read more

Form 14653: IRS Streamlined Certification Written by: Josh Katz, CPA Are you a US citizen or resident living abroad who hasn’t been reporting your foreign income and assets to the IRS? Maybe you’ve recently discovered your tax obligations, or perhaps you’ve been avoiding the matter due to the complexity of the US tax system. Whatever the reason, you’re not alone. Many Americans living overseas find themselves in this situation. Thankfully, the IRS offers a program called Streamlined Filing Compliance Procedures, also known as Streamlined Amnesty Program, to help individuals catch up on ..read more

US Expat Tax Service for Self-Employed Individuals Written by: Josh Katz, CPA Understanding self-employment tax is an important consideration for freelancers or self-employed individuals. As an independent contractor, you are responsible for managing your own taxes, which encompass Social Security and Medicare contributions. Whether you’re living in the US or have moved abroad, it’s crucial to grasp the ins and outs of self-employment tax to ensure compliance with the IRS. If you are a self-employed US expat and need expert assistance in understanding and managing your tax filing requir ..read more