Ph:(925)289-0332. Fax:(877) 497-6005
Luis E. Ramirez CPA. Costa Rica, Central & South America.
Tax Services for U.S. Persons Living Abroad & Foreign Nationals
CPA tax auditor solutions
U.S. citizens living abroad. (Tax on worldwide income)
US citizens
Annual Tax Filing
- Must file Form 1040 annually, just like residents.
- Worldwide income—including wages, interest, dividends, rental income, and business profits—must be reported.
- Filing thresholds depend on income, age, and filing status.
Foreign Bank Account Reporting (FBAR)
- File FinCEN Form 114 if aggregate value of foreign accounts exceeds $10,000 at any time during the year. Must be filed electronically via the BSA e-file system.
FATCA Reporting
- File Form 8938 if specified foreign financial assets exceed:
$200,000 (single) or $400,000 (married filing jointly) at year-end $300,000 (single) or $600,000 (joint) at any time during the year.
Substantial Presence Test Cases (Non- Resident Aliens and Resident Alien Determination)
(The above information may not be current law, thus cannot be relied upon.)
CPA Tax Advisory Services and tax preparation services US. Citizens living abroad.
Foreign National: Nonresident aliens for tax purposes. (tax only on U.S. source income).
Residency is determined by the Substantial Presence Test or Green Card Test
- If a foreign national is engaged in a trade or business in the U.S., they must file:
- Form 1040-NR (U.S. Nonresident Alien Income Tax Return)
- Report effectively connected income (ECI) with U.S. business operations
- Passive income (e.g., dividends, rents) may be taxed at a flat 30% withholding rate, unless reduced by a tax treaty.
CPA Tax Advisory Services and tax preparation services Nonresident aliens.