Being a U.S. citizen and a citizen of another country has its benefits and pitfalls. Understanding the tax implications of your dual citizenship can help you avoid the financial (and other) consequences that come from not understanding your U.S. tax and other reporting obligations. As a U.S. citizen, you are required to timely file annual Federal income tax returns, regardless of whether you are residing in the U.S. or residing abroad, and you are required to report your worldwide income on that return—even if it has been taxed by another country. In addition, if you have offshore financial accounts with an aggregate value that exceeds $10,000 in a given year, then you must file a Form TD F 90-22.1, the Report of Foreign Bank and Financial Accounts (commonly known as the FBAR). Other reporting obligations also can come into play depending on your personal circumstances.
The Law Office of Deborah J. Jacobs has significant experience in the tax implications of dual citizenships. We can assist you if you are a dual citizen of the United States and another country and have failed to timely file your Federal income tax returns or failed to file the FBAR.
We also can assist you in understanding and managing your U.S. tax and other reporting obligations, and help you minimize your overall effective tax rate by utilizing tax treaty benefits, foreign tax credits and other deductions and income exclusions.
We look forward to working with you to resolve your international tax matters.
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The Law Office of Deborah J. Jacobs, located in New York City, represents clients worldwide on international tax matters under the tax laws of the United States. Our practices areas consist of International Tax Compliance (including, but not limited to, Offshore Voluntary Disclosure Programs, Streamlined Offshore Compliance Procedures ((both Domestic and Foreign)), Dual Citizenships, FBAR Compliance and FATCA Compliance) and International Tax Planning (including, but not limited to, Cross-Border Transactions, Tax Treaty Planning, Foreign Tax Credit Planning, Repatriation Planning and Deferral Planning). Our clients are individuals, foreign companies and entities, and financial institutions doing business or residing in the United States, or individuals, U.S. companies and entities, and financial institutions doing business or residing abroad. We look forward to working with you to resolve your international tax matters. Attorney Advertising.