Expat Tax Services
Living abroad as a U.S. citizen doesn’t end your obligation to file with the IRS — it complicates it. From FBAR reporting to foreign income exclusions to Streamlined Filing Procedures, expat tax law is one of the most complex areas of the U.S. tax code.
At AV Taxes & Accounting Services Inc., expat tax is our specialty. As an IRS Enrolled Agent who personally lives between Miami and Medellín, Colombia, I understand what it means to navigate U.S. tax obligations while building a life abroad. I’m not reading about it from a textbook — I’m living it.
We work with U.S. expats in Latin America, Europe, Asia, the Middle East, and beyond — 100% virtually, on your schedule.
FBAR Filing (FinCEN 114)
If you have foreign bank or financial accounts totaling over $10,000 at any point during the year, you are required to file a Foreign Bank Account Report (FBAR). Penalties for non-filing can be severe — up to $10,000 per violation even for non-willful failures. We handle your FBAR filing accurately and on time, every year.
Foreign Earned Income Exclusion (Form 2555)
If you live and work outside the U.S., you may qualify to exclude up to $126,500 (2024) of your foreign earned income from U.S. federal tax. We analyze your situation, determine your eligibility under the Physical Presence or Bona Fide Residence test, and file Form 2555 to minimize your U.S. tax liability.
Foreign Tax Credit (Form 1116)
Paying taxes in a foreign country? You may be able to offset your U.S. tax bill dollar-for-dollar with a Foreign Tax Credit. We help you choose between the exclusion and the credit — or use a combination of both — to get the best possible outcome.
FATCA Reporting (Form 8938)
U.S. taxpayers with foreign financial assets above certain thresholds must report them to the IRS under FATCA using Form 8938. Filing requirements are separate from the FBAR and penalties for non-compliance are significant. We ensure your FATCA reporting is complete and accurate.
Streamlined Filing Compliance Procedures
Are you behind on your U.S. tax returns or FBARs? You’re not alone — millions of Americans abroad don’t realize they’re required to file. The IRS Streamlined Filing Compliance Procedures allow qualifying expats to catch up on up to three years of tax returns and six years of FBARs with reduced or eliminated penalties.
This is one of the most valuable programs available to expats, and as an IRS Enrolled Agent, I guide you through the entire process from start to finish.
Foreign Business Ownership (Forms 5471 & 8865)
If you own or have an interest in a foreign corporation or partnership, you likely have significant U.S. reporting obligations. These are complex filings with steep penalties for non-compliance. We handle Form 5471 and Form 8865 filings for business owners operating abroad.
U.S. Tax Treaty Analysis
The U.S. has tax treaties with dozens of countries. We review applicable treaties to determine if treaty provisions can reduce your U.S. tax liability or affect your filing requirements — including the U.S.-Colombia tax treaty for those based in Colombia.
Pre-Departure Tax Planning
Thinking about moving abroad? The decisions you make before you leave can have significant long-term tax consequences. We provide pre-departure consultations to help you plan your move in the most tax-efficient way possible.
Renunciation & Exit Tax Planning (Form 8854)
Considering renouncing U.S. citizenship? This is one of the most consequential financial decisions a person can make. We help you understand the exit tax rules, covered expatriate status, and the Form 8854 filing requirements before you make any irreversible decisions.
WHO WE SERVE
- Digital nomads and remote workers living abroad
- Retirees in Latin America, Europe, and Southeast Asia
- U.S. expats in Colombia, Mexico, Panama, Spain, Portugal, and beyond
- Business owners operating companies in foreign countries
- Expats who are behind on IRS filings and need to come into compliance
- Dual citizens with complex cross-border financial lives
FREQUENTLY ASKED QUESTIONS
Do I have to file U.S. taxes if I live abroad?
- Yes. The United States taxes its citizens and permanent residents on worldwide income, regardless of where you live. If your income exceeds the filing threshold, you must file a U.S. federal tax return every year.
What happens if I haven’t filed in several years?
- You may qualify for the Streamlined Filing Compliance Procedures, which allow non-willful non-filers to catch up with minimal penalties. The sooner you address this, the better your options. Contact us for a confidential consultation.
What is the FBAR and who needs to file it?
- The FBAR (FinCEN 114) must be filed by any U.S. person who had a financial interest in, or signature authority over, one or more foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year. It is due April 15 with an automatic extension to October 15.
Do you work with clients in Colombia specifically?
- Yes, and it’s a specialty of ours. As someone who spends part of the year in Medellín, I work with many Americans living in Colombia and understand the local banking, business, and lifestyle considerations that affect your U.S. tax picture.
Get Started with Individual Tax Services Today
Ready to get your U.S. taxes in order no matter where in the world you are?
Book a free 30-minute consultation and let’s talk through your situation.
Contact Us now to begin.