Did you know that all US citizens and green card holders are required to file a US income tax return annually, regardless of where they reside? The Internal Revenue Service in the United States takes tax compliance very seriously, and there are significant penalties for non-compliance.
All US citizens and green card holders are required to submit an annual tax return disclosing:
- Worldwide income
- Foreign bank accounts
- Foreign assets
- Interests in foreign companies and trusts.
Avoiding double taxation
US citizens residing in Australia face double taxation reporting, as they must include worldwide income in both their US and Australian tax returns.
There are steep penalties for non-compliance, so it pays to have specialist assistance to ensure you are meeting your US tax filing requirements, and avoiding double taxation.
Helping Americans living in Australia
Accru has been helping US citizens and US green card holders living in Australia to manage their US tax affairs for over 20 years. We have accumulated a vast amount of knowledge of US tax issues.
While Accru’s main specialisation in US tax matters relates to US individuals, our extensive experience spans a variety of cross-border US tax assignments, including issues that arise with grantor trusts.
Our US taxation services
Accru can provide a range of specialist USA taxation services including:
- Preparing US tax returns, state returns and non-resident tax returns
- Reviewing US returns, whether prepared by others or self-prepared, for accuracy
- Helping US citizens bring their US tax returns up to date when they have not been filed for several years
- Voluntary disclosures for clients who were not aware that they were required to file tax returns or reports of foreign bank accounts
- Tax planning – structuring, self-employment tax, and pension withdrawals – to minimise tax effects
- Preparing disclosure forms for US citizens with financial interests in foreign companies and trusts
- Advising US citizens with foreign spouses of tax implications, such as the implications of holding a green card
- Assisting with renunciation of US citizenship
- Advising on double taxation relief by claiming foreign tax credits.
Our membership of CPAAI International, a leading global accounting association, gives us access to tax professionals in 64 countries. This brings major benefits to US citizens residing in Australia.
Contact us to discuss how we can assist with your US tax affairs, or see our US tax fact sheet for more information.