INDIVIDUAL SERVICES

Accuracy. Timeliness. Efficiency.

YEAR-ROUND TAX PLANNING AND TAX PREPARATION FOR INDIVIDUALS

The backbone of our practice is our winning combination of tax planning & preparation. We prepare Individual Income Tax returns from all sources of Income including Sole Proprietorships; Rentals; Partnerships; "S" Corporation income.
 

Retirees rely on a fixed income for their living. Planning for their income from Social Security; Required Minimum Distributions; ROTH IRA conversions; Pension Income; or “72t Distributions” in a timely manner is important.

 

Whether you are working, semi-retired or completely rely on your retirement income, we are available throughout the year for consultation regarding tax withholdings, retirement contributions adjustments, and payment of quarterly estimated taxes.

EXPAT TAX PREPARATION AND FILING

U.S. Citizens are subject to a Citizen Based Taxation {CBT} system. This subjects a U.S. Citizen’s world-wide income to U.S. tax compliance and reporting.

 

The global business world is increasingly becoming smaller, there are many U.S. Citizens who travel abroad & stay there for extended periods of time. If this is you: your tax filing, tax due dates & other financial requirements are different from those who live in the country.

 

You may also qualify for income tax exclusions on your earned income based on the length of your stay abroad, foreign tax credits and various other Tax Treaty clauses.

 

We assist expats from all over the world file their U.S tax returns and stay compliant. We liaison with accountants in their countries of residence to make sure we have the most favorable outcome possible.

 

If  you are planning on moving out of or into the U.S., we can assist you with pre-immigration planning.

FILING DELIQUENT YEARS AND UNDISCLOSED ACCOUNTS

You may have moved out of the United States many years ago, or you may be born to American citizens abroad and are an “Accidental American”, or you may have misunderstood the rules and thought you did not have to file US Tax returns. We can assist you in coming into tax compliance with the Internal Revenue Service and FATCA filing.

The Internal Revenue Service has many different ways with which you can come into tax compliance. The new Offshore Voluntary Disclosure Program {OVDP}/ Streamlined Domestic Offshore Procedures/ Streamlined Foreign Offshore Procedures/ Delinquent Information Return Filing/ Delinquent FBAR filing.

If you have not filed U.S. tax returns for many years and/ undeclared Foreign Bank Accounts, we can work on the most effective way to come into compliance via the OVDP or the Streamlined Procedures or any of the other options available for US Citizens living in the US or abroad whichever solution would best apply to you.  

OFFSHORE FINANCIAL ASSETS TAX COMPLIANCE

With the IRS cracking down on foreign bank accounts and increased regulations in a constant flux, we can help you determine if the FATCA rules apply to you and assist you to stay in compliance if they do.  

Foreign Account Tax Compliance Act (FATCA)

The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.

  • FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts.

  • FATCA focuses on reporting:

    • By U.S. taxpayers about certain foreign financial accounts and offshore assets

    • By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest

    • The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.

If you have undeclared Foreign Bank Accounts, we can work on the most effective way to come into compliance via the OVDP or the Streamlined Procedures for US Citizens living in the US or abroad whichever solution would best apply to you.  

Let us help you keep all your FATCA ducks in a row. 

What are specified foreign financial assets?

Examples of financial accounts listed by the Internal Revenue Service include:

Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.

And, to the extent held for investment and not held in a financial account, you must report stock or securities issued by someone who is not a U.S. person, any other interest in a foreign entity, and any financial instrument or contract held for investment with an issuer or counterpart that is not a U.S. person. 

Examples of these assets that must be reported if not held in an account include:

  • Stock or securities issued by a foreign corporation;

  • A note, bond or debenture issued by a foreign person;

  • An interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap or similar agreement with a foreign counterpart;

  • An option or other derivative instrument with respect to any of these examples or with respect to any currency or commodity that is entered into with a foreign counterpart or issuer;

  • A partnership interest in a foreign partnership;

  • An interest in a foreign retirement plan or deferred compensation plan;

  • An interest in a foreign estate;

  • Any interest in a foreign-issued insurance contract or annuity with a cash-surrender value.

 

The examples listed above do not comprise an exclusive list of assets required to be reported.

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Email: mnadig@mntaxbiz.com
Phone: 001-734-502-2062
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705 S Main Rd

Plymouth, MI 48170

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