I will be happy to assist you with your US tax and business needs. I will ensure use of potential treaty benefits and filing elections to minimize your tax obligation and maximize your refund while keeping in full compliance with US tax laws. I am a US Certified Public Accountant (CPA) and have been assisting ‘overseas’ owners for over eighteen years. Protect your investment by only using licensed Certified Public Accountants. The designation represents extensive education and professional testing in all areas of accounting, auditing, business law and taxation. If you do not have a tax liability, you might be wondering what will happen if you do not file a tax return. The IRS will not impose penalties if no tax is due. However, the terms of your visa require you to comply with all laws of the US, including the requirement to file an income tax return. You might be required to show proof that you filed if you wish to change your visa status, obtain permanent residency, or regain entry into the US once you have left. Don’t risk your visa status by failing to comply with this requirement.
Rental Property Owners
Rental Property Owners
If you are a nonresident rental property owner, I will prepare your US Federal Tax Return using information you provide. Along with the federal return, some US states (for example South Carolina) require state filings as well that I will be happy to prepare for you. In addition, each Florida County requires a Tangible Personal Property Tax return, which I complete if requested at no additional charge. (Most states’ counties require a similar tax.) My fees are competitive and I can assist with ITIN application forms and instructions if necessary. Please contact me with any particular queries or questions you may have, or to simply “chat through’ the issues.
Business, Consulting and all other filers
Business, Consulting and all other filers
Please contact Jan Marie Doughty, CPA at Jan@JanDoughtyCPA.com for information regarding your filings. I will be happy to discuss your particular queries and issues. After I review your information, I will give you full disclosure of pricing before I begin work on your assignment.
Individual Taxpayer Identification Number (ITIN), Form W-7 Application
Individual Taxpayer Identification Number (ITIN), Form W-7 Application
Our office is an IRS approved Certifying Acceptance Agent which means we have been approved by the IRS to assist you in the ITIN process. This is your first step in complying with US tax laws as the IRS cannot process your tax return without an ITIN number.
US Nonresident Alien Income Tax Return, Form 1040NR
US Nonresident Alien Income Tax Return, Form 1040NR
Our office will report your rental income (please remember to forward a copy of Form 1042-S from your property manager to our office) and rental expenses to the IRS annually on this form for you. It is important to file this form as this will record loss carry forwards which can be applied should you sell your property and reduce or eliminate your capital gains taxes. Studies have shown that most nonresidents either do not file a return, or file incorrectly. In addition, it has been shown that there is massive overpayment of US taxes by nonresidents who do not file, rather than underpayment. The due date for filing this return is 15th June each year
County Tangible Personal Property Tax Return, Form DR-405
County Tangible Personal Property Tax Return, Form DR-405
This is basically a business tax on the tangible personal property in your holiday home (furniture, appliances etc). There is an exemption for properties with values under $25,000 but an initial filing is required to qualify for the exemption. Our office will file this form for you by the April 1st deadline.
Withholding Certificate for Dispositions by Foreign Persons of US Real Property Interest (FIRPTA), Form 8288-B
Withholding Certificate for Dispositions by Foreign Persons of US Real Property Interest (FIRPTA), Form 8288-B
Non-resident owners of property in the USA are subject to the Foreign Investment in Real Property Act (FIRPTA) which requires a 10% withholding against any tax that might be due to the IRS, often referred to as a FIRPTA withholding. It is not a direct tax, but a retention against possible tax due on revenue or capital gain to the IRS. It is withheld because the IRS has no jurisdiction to collect any tax that might be due once the seller has left the US with the proceeds from their sale. The withholding can be reclaimed by filing a Withholding Certificate application (Form 8288-B) to expedite a refund. Our office will apply for a withholding certificate prior to the sale closing to refund or eliminate the withholding on your sale. It is important that you contact us as soon as you have a buyer as this form must be filed prior to closing the sale. As with all of these forms, most owners hire a CPA to complete these forms due to their complexities.
Limited Power of Attorney Form, Form 2848
Limited Power of Attorney Form, Form 2848
The IRS does not currently allow electronic filing for nonresident alien returns. The Power of Attorney form allows me to sign your US tax returns in your absence and also allows me to contact the tax agencies to clarify any problems on a timely basis. If you would be so kind as to please fill out (one form for each owner) and return this Limited Power of Attorney Form.
