At US Global Tax Ltd., we are specialists in individual US Taxation. Most US citizens residing outside the United States have a tax filing requirement to the IRS, regardless of where in the world you may be situated.
The filing requirements for individuals will vary dependent on your specific circumstances, however getting it right first time is essential. The US operates a strict, and detailed reporting system. This means that virtually all income, from all sources must be reported annually on a US tax return.
For any US citizen residing anywhere globally, filing an annual US tax return is likely required.
This also includes lawful permanent residents, and non-residents (non-US citizens) with US sourced income or assets.
As part of the filings required of US citizens, certain disclosures to the United States government may also be required to be made. This usually includes reporting the income, or existence of entities such as trusts, corporations, partnerships, or any other foreign entity in which a US person has an interest. The Internal Revenue Code creates complex requirements for foreign entities, which in some cases require income from foreign trusts or corporations to be attributed to a US citizen.
In addition to filing a tax return, many US citizens are also required to file an FBAR.
Complex rules exist under the Internal Revenue Code requiring, in some cases, income from foreign corporations and foreign trusts to be attributed to a United States citizen or lawful permanent resident.
Here at US Global Tax, we are Federally Authorised Tax Practitioners, and use our expert knowledge of New Zealand – US Tax Treaty to ensure correct, accurate and tax efficient return preparation.