Once Albert Einstein marked a statement, “the hardest thing in the world to understand is the income tax”.
If the brilliant mind like Einstein, who was a genius in physics, found US income taxes complicated to understand, then there’s no doubt that ordinary minds like us stand nowhere when it comes to understanding tax. But not anymore, for every complicated subject, one brilliant mind always shines and when the topic of discussion is ‘late filing of US tax” then it is professional US taxation services which stands out when you need the most.
Also, the IRS has declared the filing of three years back taxes is adequate for most US taxpayers who are convicted as a US tax defaulter and there will be no penalties for late FBARs from those who were unaware of the requirement to file taxes. Still, getting the compensation as an unaware tax holder doesn’t appear as a responsible person, if you’re one of them and don’t know how to tackle the situation, choosing the US expat tax services Singapore is the best option to protect your rights.
Guide For Non-Compliant US Taxpayers
Interestingly, filing late US tax is very common and 7 out of 10 US expats bear its harsh consequences. Although, IRS and US tax authorities have straight income tax guidelines, instructing all the eligible taxpayers the process to file the tax return after the due date. However, penalties and interest associated with the late filing of tax are still mandatory, but approaching for its compliance is possible in this scenario.
Hiring the professional tax services will bring clarity and provide relief to many expatriates who in the past struggling with the tax filing complication.
Eligibility to file US tax
If you are a US citizen or an alien (green card holder), you are required to take the US expat tax services Singapore to file a US tax return annually as your worldwide income is computed under the US income tax regardless of your citizenship.
If you have a property or any other form of income from a US state with the relevance to income tax, you may have to file a state income tax return.
No matter which of the following you are deemed to fall under, but the process limited by time. It is essential that if you need to avoid the late filing of US tax, you just need to hire the tax specialist services to get back into compliance. Otherwise, sooner or later, the day will come when the IRS will come knocking on your door via tax payment notices. At this point, it will be too late to send the amnesty letter to the authority and unfortunately, you will be charged with hefty penalties and fees for the late filing of US tax.
In order to prevent this scenario, hiring a well-knowledgeable US tax accountant in Singapore who has gained years of expertise to help US expats get back into compliance. These tax professionals will assist the taxpayers with their delinquent tax filings and everything in between. If you want the whole tax filing process to be stress-free, it is a taxation professional who can help you throughout.