Although an odd term, designation as a U.S. person is a reference point for the Internal Revenue Service (IRS). A U.S. person can be a domestic partnership, corporation, non-foreign estate, a trust of a certain type, and the largest category—a “citizen or resident of the United States.”
Although they have U.S. citizenship, expats live all over the world. If you are an expat, you are required to file a tax return in the U.S. if you meet the minimum filing threshold. For a single person under 65, the earning threshold is $14,700 for year-end 2022.
As tax attorneys, our law firm works with businesses and individuals domestic or abroad. For high-wealth taxpayers or those just making their way in the world, getting accurate legal advice on taxes is important. There are deductions and tax credits that can take some of the pain out of paying U.S. taxes, so be sure you understand for which you qualify. Also, there are options to consider if you have significant assets in foreign bank accounts or offshore tax shelters.
Here are some basics to remember when preparing your taxes:
When you need help with taxes or offshore accounts, connect with the IRS, the TAS, or an experienced tax attorney to learn your options and ensure your taxes are accurate and timely filed—no matter where in the world you live.
From offices in Cleveland and Chicago, our tax group is focused on civil and criminal defense of those pursued by the IRS or who are already facing allegations. When you have tax questions, contact us or call 800-579-0997.