Expat Tax Services

Simple, Affordable Help with Your Expat Taxes Based in Bloomfield Hills

After making the ultimate sacrifice by serving your country, the last thing you should worry about is how to file your expat taxes.

At E1040 Corporation, we pride ourselves on helping expats just like you make the tax process as simple as possible. Our experienced team of CPAs and IRS-enrolled agents know the ins and outs of filing expat taxes, no matter where in the world you currently reside. With our CEO being an expatriate as well as many of our CPAs, we’re familiar with the uncertainty and questions you may have about filing taxes and can alleviate any worries you may have!

Foreign Bank Account Reporting for US Expats

The FBAR is only required if you have a financial interest in one or more overseas financial accounts. It’s also important to note if the total value of all of the financial accounts combined was $10,000 or more during any point during the tax year. The FBAR (FinCEN Form 114) must be filed electronically with the US Treasury Department (not the IRS) by April 15th. There is an automatic extension of two months for US citizens living abroad to June 15th. This year, an additional automatic extension is also available, which extends the due date to October 15th.

Cost: $95 for up to five accounts and $50 for each additional five accounts.

Foreign Account Tax Compliance Act Reporting for US Expats

FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:

Single filing:

  • $200,000 on the last day of the year
  • Or $300,000 at any point during the year

Married filing jointly:

  • $400,000 on the last day of the year
  • Or $600,000 at any point during the year

Specified foreign assets include (but are not limited to):

  • Any financial account maintained by a foreign financial institution
  • Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
  • Stock or securities issued by someone other than a US person
  • Any interest in a foreign entity
  • Any financial instrument or contract that has as an issuer or counterparty that is other than a US person
  • Specified foreign assets would include your foreign bank accounts, but not assets such as your home.

Cost: The fee to file Form 8938 includes reporting of up to 10 accounts. If there are more than 10 accounts to report, there is an additional fee of $25 for each additional five accounts

For expert help with your expat taxes, contact E1040 Corporation today!