Need a US tax accountant for previous tax returns!!!

Hi guys,

Would anyone have any recommendations for a decent US tax accountant?

We bought an investment property in the US a few years ago, held it a couple of years, sold it last year, but we never completed any US tax returns. So we thought we should get around to doing them now.

Thanks in advance.

 

Whereabouts in the US? Their state income tax regime varies.

 

I believe @MTR might be able to suggest someone...

 

pm me

 

An interesting problem.

Have you done your comparable Oz tax returns? Are you intending to travel to the USA any time in the future or invest over there ever again?

The penalties for not doing your USA tax return are astronomical. I was late for nearly a year with 3 entities and they tried to apply a penalty of $4000.

So if you have done your Oz tax and have paid any cgt here then I would be inclined to leave the IRS situation as is. I am sure that they with held some monies from the sale in the USA and you m probably aren't up for any further tax but that will not stop the penalties.

If you haven't done your Oz returns then you are in for a world of pain.

 

It was in Atlanta Georgia.
I believe that we did our OZ tax returns, but just didn't do the US ones yet.

BTW it was in our SMSF that we bought this property.

Does that mean if we ever travel to the US again, we might be refused entry?

 

Makes no difference where the property was located. You do your federal return and as an adjunct to that the state return.

How could you be up to date with the Oz returns when you haven't done the USA ones.What did you report in the Oz ones as far as income n the USA and also with held /paid tax in the USA? Sounds like your SMSF returns may not be correct.

 

Yes. +1
Those US penalties can be severe.

 

Dont agree. They wont even be similar.

The US return is based on buy / sell outcomes.
The SMSF here is based on the $AUD equivalent. Much of the profit / loss may even be in the currency change. Its not uncommon to find a CGT loss in the local currency and a gain in AUD. Normally US withholding applies and may even be 100% creditable and refunded. That doesnt affect AUD tax.

The hard part to the US return will be that its a trust and US law doesnt recognise a SMSF or a super fund. In fact it treats them like a tax scheme. But its not that hard for those I have encountered.

Nobody will be refused entry if you comply with US tax laws. The property wouldnt be in personal names if its a SMSF owner anyway.

 

Hi Paul

I am referring to the rental income that was generated whilst the property was held.

I suspect that with the timing of this property there will be a CGT in USD and also a further taxale income due to the exchange rate movements considering that if the OP could have bought when the USD-AUD was 1:1.1 and now it is 1:0.75

It is the penalties which are a real consideration and the are in USD and not tax deductible in the USA.

 

also need to account for forex translation events.

CGT made when price was 1:1 and then remit USD back when it is 1:075 an assessable forex gain on top of the capital gain.

 

Hi I have a great accountant in Florida and he does tax returns for foreign nationals. His name is Eccleston.

 

Bernie gone into tax. Interesting.

 

I knew a guy who did loads of international tax for foreigners. He name is Egglishaw. Well known for leaving a laptop in a hotel room triggering Wickenby. Hard to know where to find him these days. Last I heard he was laying low in Italy and Interpol warrants had him in a cell.

 

I have a great accountant in Florida if someone needs. I actually take care of my US returns there myself and have been using them for years. PM me if you would like details.

 

what interesting is they go after guys like him but happily accept corrupt and laundered money from other countries where tax hasn't been paid to purchase property and business assets in Australia.

having lived in SE Asia for over 5 years I can tell you the amount of tax evasion in SE Asia is phenomenal. No wonder many can save enormous amounts. they just dont pay tax or run second books or have many offshore entities.

say you earn $200k AUD in SE Asia and dont pay tax. that puts you $60K AUD ahead of the average aussie. over 10 years thats $600k

and its happening all over the place. Aussies dont stand a chance against them.

 

Wait until we all have a digital ID and all facial images from a myriad of sources (eg licenses, passports to start) are on a Commonwealth database with digital facial ids. Databases used to use a name - The new ones will use faces just like the USA uses fingerprints and faces. I wonder how many people will be found to have multiple identities. Centrelink benefits and all sorts of issues.

It will be a game changer for all agencies incl tax. Forfeiture of property is a real threat for some too.

 

and that will merely stop the australians. indonesians, chinese, filipinos, thais will be the last to implement such as system.

take Philippines which actually has the tighest bank secrecy laws in the world. yes look it up and see for yourself.

so while you pay your 30% to 35% those in SE asia will continue to evade and purchase local property. since it isn't an australia tax issue they wont forfeit anything.

local country issues. judges can be paid in significant sums in many SE asians nations.

it will only be a game changer for Australian tax residents. it wont have any impact on the massive tax evasion in SE asia.

 

Hi,

His name is Kevin Eccleston, based in Orlando FL. He is well versed in tax issues for expats.