Us Expat Tax Services

[mmaggi]

Is there a reliable US tax preparer in Thailand that will help get me straight with the IRS?

Need totally legit returns for 2002 onward.

Direct contact to //email removed//

[lanny]

Yes, I am a CPA and do returns for expats here in Thailand. If the mods don't delete it, my web site is //email removed//

[Thaiquila]

Hello Lanny,

There is certainly a need for your services in Thailand.

I am wondering, what is your opinion about the need for Americans who have Thai bank accounts over 10KUSD to file the Report of Foreign Bank and Financial Accounts (FBAR).

I understand the fines for noncompliance are severe.

What do you advise your clients?

[qualtrough]

I am in the same boat as the OP, being about 4 years behind in filing. I worked in Manila 2000-2002 and there was an HR Block Rep there who did my returns for $140 per filing. A year or two back I spoke with someone here and they wanted something like $500 plus so I just put it on the back burner. If anybody qualified is willing to do a pretty basic return for less than that I would love to hear about it.

[chownah]

At the IRS website they give you the option of using an online tax preparation service. There are several privately run online tax services which have interfaced with the IRS via internet connections and if you request on the IRS site they will link you to one of those right there. I did this this tax year and am well satisfied with the results. It sounds like some of you have lots of back filing to do and I don't know if these on line people can help with this but it is free to get referred to one from the IRS website so you might like to check it out.

[barryofthailand]

The U>S> Embassy has a list of American companies that file U.S. Returns. One that I have used is Tax Plan limited on Ploenchit in Bangkok.

Barry

[Diablo Bob]

Can't go to jail for not filing, gentlemen!

You go to jail for filing and lying on your return! Illegal to send you to jail for not paying your taxes! As a matter of fact, you don't even have to give the IRS your records if they audit you! Why, well you are not compelled to testify against yourself, this is one of your rights.......

Screw the IRS!

[PeaceBlondie]

The Fifth Amendment, about self-incrimination, applies to crimes. An IRS audit is not a criminal investigation until some criminal investigator ('special agent") reads your Miranda rights to you. Normally, failure to submit your records in a non-criminal audit will cause your deductions, credits, exclusions, etc., to be denied or disallowed.

It's not wise to let your hatred toward the IRS blind you to facts.

It's also not wise to think that being outside the USA for an indefinite period means you need not file returns.

But, I'm prejudiced in these matters.

[barryofthailand]

If you don't pay your taxes after a period of time of about five years you will find your U>S> assets attatched and your U.S. Pension withheld.

Barry

[Tywais]

It's not wise to let your hatred toward the IRS blind you to facts.

It's also not wise to think that being outside the USA for an indefinite period means you need not file returns.

But, I'm prejudiced in these matters.

No truer words. Also Diablo Bob, rather dangerous statements. If they can't arrest you they sure can make your financial situation dificult if you have accounts in the US. It happened to me when I got sloppy putting off for a few years filing my returns. They locked all my US accounts until back payment of taxes was made. I downloaded all the necessary forms for the years necessary and filled them out myself and submitted. I'm finally free of that very uncomfortable situation and keep current.

[lanny]

Hello Lanny,

There is certainly a need for your services in Thailand.

I am wondering, what is your opinion about the need for Americans who have Thai bank accounts over 10KUSD to file the Report of Foreign Bank and Financial Accounts (FBAR).

I understand the fines for noncompliance are severe.

What do you advise your clients?

You are correct, the penalty for not reporting is pretty severe. On the other hand, I have never seen a penalty assessed. So, what should I say? I really have no option but to say, "File the report." However, I generally advise clients to file the current report but wait until asked to do earlier years. No one has ever been asked for an earlier year, either -- at least not to my knowledge.

One thing most people don't realize is that the report is more comprehensive that just your bank accounts. If you have an account with a stock broker, etc. who holds securities for you, you must include that account with your bank accounts.

Also, if you have signature authority over any company accounts, those accounts must be reported, too. I once helped a client with a report that included 74 accounts, 2 of his own and 72 company accounts!

Finally, it is the total of all accounts, at any time during the year; not just the balance in each account or at the end of the year that determine whether or not a report is required.

[popshirt]

thanks Lanny.......and we have until June to file account info. for the previous year, right?

[Beavis and Butthead]

Come on guys, get with it and file every year. I mean how hard is it to download turbo tax and file? Diablo Bob, that was one messed up tirade. Peace, great post

[hereforgood]

Can some one tell me if My income is from only interest and about 7000 US do i need to file or is that under the Minimum ??

[Thaiquila]

Can some one tell me if My income is from only interest and about 7000 US do i need to file or is that under the Minimum ??

This thread addresses that directly:

http://www.retireaway.com/forum/viewtopic.php?t=181

[Scott]

Hey, some of you smart a*ses, it's not all that easy to file. I finally decided to file this year, even though I haven't filed for some previous years. First, I couldn't get time off to make the arduous trip to the Embassy. So, I decided to use the internet to do it. I had more trouble than it was worth. I filed. Got some notice back that I hadn't done something right, so do it again., and again., and again. Finally got it to send, but never did get verifcation that it was received.

It was a nightmare. I don't owe any taxes and don't for any back years, but now I have no idea if this electronic filing was actually received.

(Unfortunately the computer went on the blink and I don't have my old records--just a copy that I printed out of the actual tax form that was submitted).

[Tywais]

First, I couldn't get time off to make the arduous trip to the Embassy.

Not sure why you have to go to the Embassy. I've always downloaded the forms from the IRS site and they are in pdf format. I just fill the information in on the pdf form and print it. This way I have a copy for archive (the filled out pdf form) and mail the printed version to them. Never had a problem this way. I don't file electronically due to some complications in my taxes (distributions, capital gains/losses, etc.).

[lomatopo]

I used TaxAct for my 2005 returns. I was amazed at how simple, easy-to-use and straight-forward the product was. I printed out all the forms and then mailed them. I plan to use this product for 2006.

I think it's always a good idea to file, even if you do not owe any taxes. I am pretty sure that when you renew your passport now they check with the IRS to see if there are any open issues. (Same for any government-funded college loans.)

[Thaiquila]

The only issue I have with not filing for years and then filing is that they might wonder about what you were up to during those non filing years. I still wouldn't file if I didn't have to do though. The IRS says as much on their documentation. It wastes your time and money and it wastes taxpayers time and money. However, it can be tricky sometimes to really determine whether you are exempt from filing or not.

Another question for the tax guru, if you do a totally clean ROLLOVER from a corporate 401K to a rollover IRA, do you need to file that year even if there is no other reason to file (if the amount of the rollover is for example over 50K)?

By clean, I mean you never touched the money. The check from the corporate 401K cut to the IRA investment company, FBO the account owner.

Edited September 6, 2006 by Thaiquila

[qualtrough]

When I was in the Philippines I got 3 years behind and had the H.R. Block rep do my taxes. He recommended sending them separately somewhat spaced apart in the hopes of avoiding creating any suspicion at the IRS. How that would work or even if it would work I have no idea, but he seemed to think it was a good idea.

Lomatopo--Is TaxAct set up to deal with those of us resident overseas, e.g. need the exclusion docs, etc.? I just looked at their site and didn't see anything dealing with that. Otherwise looks interesting. If it is, which version did you use?

[lopburi3]

I used TaxAct for my 2005 returns. I was amazed at how simple, easy-to-use and straight-forward the product was. I printed out all the forms and then mailed them. I plan to use this product for 2006.

I think it's always a good idea to file, even if you do not owe any taxes. I am pretty sure that when you renew your passport now they check with the IRS to see if there are any open issues. (Same for any government-funded college loans.)

I have also been using TaxAct for the last seven years. First two years the free print/mail and since then the $9.95 electronic file. This is one case where I was impressed enough to want to pay them something back. Not sure how good it would be with complex issues but for me it works well and consider the fee very nominal.

[hereforgood]

Can some one tell me if My income is from only interest and about 7000 US do i need to file or is that under the Minimum ??

This thread addresses that directly:

http://www.retireaway.com/forum/viewtopic.php?t=181

Thanks so much Sir !

[lanny]

Can some one tell me if My income is from only interest and about 7000 US do i need to file or is that under the Minimum ??

The actual amount changes every year as the amounts are adjusted for inflation. However, you do not have to file if your income, regardless of source, is less than the total of your exemptions (and your spouses, if married filing jointly) and standard deduction for your filing status. However, if you had taxes withheld, you might want to file to get them refunded but you will not get in trouble if you do not.

[lanny]

Yes, I am a CPA and do returns for expats here in Thailand. If the mods don't delete it, my web site is //email removed//

Well, since the mods deleted the email, maybe you can PM me.

[Beavis and Butthead]

Hey, some of you smart a*ses, it's not all that easy to file. I finally decided to file this year, even though I haven't filed for some previous years. First, I couldn't get time off to make the arduous trip to the Embassy. So, I decided to use the internet to do it. I had more trouble than it was worth. I filed. Got some notice back that I hadn't done something right, so do it again., and again., and again. Finally got it to send, but never did get verifcation that it was received.

It was a nightmare. I don't owe any taxes and don't for any back years, but now I have no idea if this electronic filing was actually received.

(Unfortunately the computer went on the blink and I don't have my old records--just a copy that I printed out of the actual tax form that was submitted).

Not easy to file? You're kidding me right? I have found it to be easier than ever. TurboTax does everything; they download all your information from your broker, and I'm talking over 1000 stock transactions. I've never done taxes as easily as I have since my time in Thailand and doing the switch from Taxact to TurboTax 4 years ago. I used Taxact for 6 years in the US and it was good but from Thailand gimme TurboTax anyday. I file electronically and never even have to go to the post office. I love TurboTax

Edited September 6, 2006 by Beavis and Butthead

[Beavis and Butthead]

Can some one tell me if My income is from only interest and about 7000 US do i need to file or is that under the Minimum ??

Why wonder about it? get the software and file the thing. as far as the IRS is concerned, they will get the info that you received the interest.

[Head Snake]

hahaha. I am sooooo glad to hear I am not in the boat alone!!!

I just filed for 3 years about 1-2 months ago. Luckily, I didn't owe that much. I went back and had an american tax service do the calcs for me. We had to have some conferences to make sure all my taxation was correct. (IRS estimated I owed $40k for 1 year - The tax service came up with $4k. - Huge difference and great peace of mind).

I don't know if foreign american tax experts are better than in america. Quite honestly, I trust American tax specialist who have done MANY overseas taxes.

Lastly, DO NOT ever NOT pay your taxes!!! That is plain stupidity!!!

The reason I did not file on time. Because my job requires immediate travel and 20/30.2 days travel per month on average.

I've been late before because of a divorce.

The worries and pain in the ass are really nothing with just dealing with the reality and being able to talk/negotiate with the IRS.

Edited September 6, 2006 by Head Snake

[VanZam]

Earning money even outside america means you have to pay tax to the IRS?

That's so corrupt it's not funny.

[migrant]

I'm a CPA with a practice in California. Each year I file 4-5 peoples returns who have not been up to date.

Almost every one is relieved, and surprised, at the results. Peple tend to think they owe thousands and thousands.

Taxes are a pain, and no one wants to pay, but it is not worth losing sleep, and stressing out about (IMHO).

The IRS will work with people to make the payments over time, and there are programs (if you fit) to actually pay less than you owe (difficult, but not impossible to qualify).

If you are 'on the radar', get pensions, interest, dividends etc, where forms are filed with the IRS, you will eventually be contacted.

The computer the IRS has is getting better at tieing together different information to people, so even if you have been missed in the past, you may not be in the future.

[Thaiquila]

Can some one tell me if My income is from only interest and about 7000 US do i need to file or is that under the Minimum ??

The actual amount changes every year as the amounts are adjusted for inflation. However, you do not have to file if your income, regardless of source, is less than the total of your exemptions (and your spouses, if married filing jointly) and standard deduction for your filing status. However, if you had taxes withheld, you might want to file to get them refunded but you will not get in trouble if you do not.

Yes, that is true, the actual amount changes every year and also based on filing status.

However, I think the spirit of the question is that if your income is all unearned income like interest and dividends, and that income is under the annual threshold, do you need to file?