US citizens, ex-pats, and corporates to share relevant and diversified, sustainable responsibility to pay the tax on time and adhering to the latest tax laws and reforms.
Easytax.com provides the latest information about the schemes that are introduced by the IRS that involves the benefit programs that enforce the Affordable Care Acts and tax exemption policy.
The clients get real-time updates about the immediate changes in the tax laws.
Clients have the liberty and freedom to choose the advisors and even pay the tax in a personal, remote comfort zone
Tax Return Preparation & filing (inclusive Individual and Business returns)
We make the tax compliance look easy, timed, adorable, and often affordable so that it suits your smart and quick response finance requirements. We can file all your taxes with the IRS.
We provide tax support to all the categories as mentioned below:
• US Citizens
• Ex-pat
• Non-US Citizens
• Old Age
• Individual business houses
• US Enterprises
• US Conglomerates
• Media Houses
• NRI
• Medical and Education Institutes
We can provide you information regarding the First and Second stimulus check by the Heroes Act, Cares Act, Heals Act, or any other previous act and benefit that you may want to know.
Tax Return Preparation & Filing:
Tax Return Preparation & Filing EasyTax Corp professionals provide assistance from tax planning to tax preparation and filing the return services. Our team also provide post filing services like updating refund status, assisting to Notice received from IRS, attending the IRS for hearings and audits. Our professionals interact with customers and collect information for return preparation. Then our team analyse the information and documents provided by the customer. After analysing, our team provides tax matrix to the customer for confirmation. Then return will be filed for Federal and State. The following are the return Forms Our professionals interact with customers and collect information for return preparation. Then our team analyse the information and documents provided by the customer. After analysing, our team provides tax matrix to the customer for confirmation. Then return will be filed for Federal and State.
1. Resident Tax Returns – 1040, 1040A and 1040 EZ
2. Non Resident Tax Returns – 1040 NR, 1040NR-EZ
3. Amendment Return -1040X
4. Partnership Return- 1065
5. Business Return- 1120,1120S & 1120C
6. Trust Return-1041
7. Tax return Preparation – State, City & Local
Tax Return Preparation & Filing Process:
Data will be processed with multiple reviews and Quality checks, which ensures that every return has been reviewed for deductions and refunds etc. Every return will be filed electronically by CPAs/EAs, which helps to get refund quickly.
Simple Steps for Filing:
1. Register with EasyTax Corp
2. Fill the customer Tax Organizer Form & Provide tax documents
3. Review the PDF copy of Tax Return
4. Make Payment
5. Confirm for E filing or paper filing
Tax Planning & Advisory
Real time and quick Tax planning are our unique strength. We do quick tax evaluation and also inform the necessary measures for the future compliance in accordance with the business expansion and capital investment plan.
Our tax planners are experienced and provide instant tax compliance solutions to the individuals who want to keep their tax account updated with all US tax law compliance.
Our experienced advisors train and provide full information to the young generation who start the US tax compliance journey.
We keep our good books open and use various contact technology platforms and thrive to stay in touch with them, throughout their career path.
We offer a special advisory cell for the elderly and serve the tax requirements if they have business or any other tax compliance query.
We give all guidance and support regarding various profession related tax enquiry as the tax calculation varies as per professional nature and business.
Contact us now and get your financial portfolio .It will serve as a permanent tax compliance document ,wherever you plan a business ,or become an expat professional.
Tax Return Evaluation
In case of any immediate information regarding the calculation and tax return evaluation, you can inform us of real-time. Access the latest evaluation chart and data that would solve the in-depth query that you may have. We enable you to file the tax return with the immediate calculation facility.
Expat Tax filing, return benefits, and depends upon various factors such as the foreign origin of business or period worked and income generated.
We assure you of maximum benefits through a timed tax refund update.
Even you have worked abroad for five years. You are eligible for the tax refund program, which can save a lot of money.
You will provide the documents. We will process it in real-time.
It will ensure the maximum benefit for your finance expectation.
ITIN Processing
If you do not have a Social Security Number (SSN) and need to file US expat taxes, you can apply for an ITIN. An ITIN is an Individual Taxpayer Identification Number, and it is only used for filing taxes.
Purpose & More about ITINs highlight below:
Individual Taxpayer Identification Number Basics
As stated, an ITIN is simply for the purpose of filing US taxes, and are for individuals who are not eligible or have a Social Security Number, but need to file US taxes. This goes for both resident and non-resident aliens (US foreigner) who have US tax filing requirements under the Internal Revenue Code.
Keep in mind, that having an ITIN does not grant you work access or legal status into the US. Nor it provides the opportunity to receive SSN benefits!
1. Individuals need to file US taxes with an ITIN for the following reasons:
2. If they are a student and need to report grant and scholarship receipts
3. Are a US resident foreigner and need to claim dependents
4. Filing a joint return if you have a spouse with a Social Security Number
5. Are dependent of a spouse who is a non-resident alien visa holder
6. Are claiming a tax treaty as a US non-resident
7. If they are working as a contractor or contractor for a foreign company and need to report US-sourced wages
If you find yourself in a situation where you need to become tax compliant with the IRS and are a US non-resident, you’ll have to apply for an ITIN as soon as possible.
Applying for an ITIN
If you want to apply for an ITIN, you’ll need to go on the https://www.irs.gov/credits-deductions/individuals/how-do-i-renew-my-itin . Then you will need to attach the completed form with:
1. Your US tax return (Form 1040, what an American expat also fills out)
2. Any required documentation needed to verify your identity
3. Documentation that confirms your foreign status (issued by a certified agency)
Then you can mail this to the W-7 office at:
Internal Revenue Service
ITIN Operation
Mail Stop 6090-AUSC
3651 S. Interregional Hwy 35
Austin, TX 78741-0000
You need to make sure you are submitting the W-7 Form with your tax return by April 15th. If you miss the deadline, for filing and/or paying US taxes, penalties and interests for lateness may be imposed onto you.
New Method to Receive ITIN
There is a new method recently added by the IRS when it comes to obtaining an ITIN. Taxpayers can visit a US-based Certified Acceptance Agent – or CAA – overseas. These people are authorized by the IRS to help foreign people who need a taxpayer identification number but are not eligible for a Social Security Number. This may be easier for people than completing their form manually.
https://www.irs.gov/individuals/international-taxpayers/acceptance-agent-program
Do ITINs Expire?
ITINs can only expire if you as a holder do not file your US taxes, or were not included for three consecutive years as a dependent on another person’s tax return.
This means, if over the past three years you have not been using your ITIN on a federal tax return at least once, it’s no longer valid. Otherwise, all ITINS that were issued before 2013 with 83, 84, 85, 86, or 87 as middle digits (like XXX-83-XXX) are expired.
Need to File US Taxes with Expired ITIN?
You’ll need to go through the https://www.irs.gov/credits-deductions/individuals/how-do-i-renew-my-itin if you need to file US taxes with an expired ITIN. Remember to submit your application with your tax return if you are residing outside of the US. Otherwise, you cannot renew in advance!
However if you filed a tax return and your ITIN is expired, the IRS won’t place failure-to-file penalties on you. Those penalties are more if a US citizen abroad fails to file or pay US taxes. However, you cannot process tax exemptions or be given tax refunds or credits claimed until your ITIN is renewed.
When your ITIN renewal application is accepted, the IRS will send a mailed notice to you. This confirms your Individual Taxpayer Identification Number is renewed.
For more important information regarding this point, please visit this IRS page here https://www.irs.gov/individuals/individual-taxpayer-identification-number
FBAR & FATCA Compliance
Taxpayers who have an access to foreign assets pay for FBRAR and FATCA tax compliance.
We provide end to end solutions and advice to fill the required documents on timely basis.
We help the projection through the professional Expat tax compliance report made for a US citizen working and earning outside the country.
FBRAR Filing:
Filing FBAR or Report of Foreign Bank and Financial Accounts is a most prioritized IRS set of rules and regulations that asks the Expat, US citizens to disclose the details of the foreign bank accounts for their immediate tax regulation and information compliance.
• We help fill the Form 114. It is filed with the (FinCEN) Financial Crimes Enforcement Network -A Bureau that works for Treasury Department
• Anyone whose foreign financial accounts is over $10,000
• The deadline for filling the FBAR is June 30
• It is important to know that FBRAR is not a tax return compliance.
We provide exact information about the FBRAR filing requirement and also organize a webinar or a video conference as per your enquiry.
FATCA Filing:
FATCA – filing is important and we stay up to the standards and provide facilities, reports, full information and analysis. FATCA and the acronym or Foreign Account Tax Compliance Act is a finance compliance reporting prerequisite for the Expat tax regulation and job stimulus report.
FATCA drafted in a complex manner. The Hiring Incentives to Restore Employment Act and thus demands immediate attention and smart advice, file for compliance.
FATCA applies to all US citizens who are working abroad.
FATCA related form 8938 is for taxpayers who are living abroad must be files within June 15.
FATCA related form 8938 is also for domestic citizens who have to file a return within April 15.
FATCA applies to foreign financial institutions and US Tax Payers with foreign accounts.
FATCA form 8938 is not similar, replace or otherwise affect a taxpayer’s obligation to file an FBRAR form 114.
Our expert tax advisory team provides you the full analysis and comparison report for an efficient tax payment compliance.
The eligibility criteria are as follows:
• The account birth detail is inside the US.
• The ex-pat has a US contact address.
• A US citizen who is an authorized signatory
• Bankers have the instructions to transfer the funds to an American account.
Filing your details is mandatory in June. We inform you of the latest changes.
You can discuss the filing measures and steps with our team. We would be guiding you through the whole process.
| Form 8938 | FinCEN Form 114 (FBAR) | |
|---|---|---|
| Who must file? | Specified individuals, which include US citizens, resident aliens, and certain non-resident aliens who have an interest in specified foreign financial assets and meet the reporting threshold. | US persons, which include US citizens, resident aliens, trusts, estates, and domestic entities that have an interest in foreign financial accounts and meet the reporting threshold. |
| Does the United States include US territories? | No | Yes, resident aliens of US territories and US territory entities are subject to FBAR reporting. |
| Reporting threshold (total value of assets) | For those living abroad, if the total is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or if filing a joint return and the value of your asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year (lower threshold amounts apply to individuals living in the US). | $10,000 at any time during the calendar year— this amount is aggregate (i.e., you have 2 accounts, one with $7000 and one with $4000 as its highest value, you will need to file). |
| When do you have an interest in an account or asset? | If any income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the account or asset are or need to be reported, included, or otherwise reflected on your income tax return. | Financial interest: you are the owner of record or holder of legal title, the owner of record or holder of legal title is your agent or representative, you have a sufficient interest in the entity that is the owner of record or holder of legal title Signature authority: you have authority to control the disposition of the assets in the account by direct communication with the financial institution maintaining the account. See instructions for further details. |
| What is reported? | Maximum value of specified foreign financial assets, which include financial accounts with foreign financial institutions and certain other foreign non-account investment assets. | Maximum value of financial accounts maintained by a financial institution physically located in a foreign country. |
| How are maximum account or asset values determined and reported? | Fair market value in US dollars in accord with the Form 8938 instructions for each account and asset reported; convert to US dollars using the end of the taxable year exchange rate and report in US dollars. | Use periodic account statements to determine the maximum value in the currency of the account; convert to US dollars using the end of the calendar year exchange rate and report in US dollars. |
| When is it due? | By income tax due date, including extension, if any. | Received by June 30 (no extensions granted). |
| Where to file? | File with income tax return pursuant to instructions for filing the return. | ALL individuals file electronically through BSA E-Filing System; it is not filed with your Federal Tax Return. |
| Penalties | Up to $10,000 for failure to disclose and an additional $10,000 for each 30 days of non-filing after IRS notice of a failure to disclose, for a potential maximum penalty of $60,000; criminal penalties may also apply. NOTE: If not filed by the due date, the statute is open forever and there is no limit as to when the IRS can perform an audit. | If non-willful, up to $10,000; if willful, up to the greater of $100,000 or 50 percent of account balances; criminal penalties may also apply. |
Extension & Amendment Filing
Call us or Chat for free advice on extension and amendment filing.
We are there for you at all times for tax, finance experience.
Our expert advice resources enable custom, personal live demonstrations for the procedural tax extension and amendment policies.
Filing with exact forms needs advice every time you want to file with tax resources and documents.
Tax updates reach you automatically.
You can rely on us as we can assist you in all business audits and documentation.
Recent Tax Rules
Recent Tax Rules and value-added information becomes important when you are likely to gain from a new Act, Bill, or a Bill amendment.
We inform the change in rules that happens over a while.
Our emphasis is on the benefits to the individual and business fraternity that may exist in a new system.
Contact us for a free consultation in case of a new tax scenario.