FBAR/FATCA Processing
FBAR (Foreign Bank Account Report):
FATCA ( Foreign Account Tax Compliance Act ):
Specified foreign financial assets include foreign financial accounts and foreign non-account assets held for investment (as opposed to held for use in a trade or business), such as foreign stock and securities, foreign financial instruments, contracts with non-U.S. persons, and interests in foreign entities.
Representation Services:
Retirement Account withdrawl
An individual retirement account is an investing tool used by individuals to earn and earmark funds for retirement savings. There are several types of IRAs as of 2016: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs. Sometimes referred to as individual retirement arrangements, IRAs can consist of a range of financial products such as stocks, bonds or mutual funds.
TRADITIONAL IRA
ROTH IRA
Avoid the early withdrawal penalty.
If you withdraw money from your traditional IRA before age 59 1/2, there's a 10 percent early withdrawal penalty, and that's in addition to the income tax due on each withdrawal. However, you can take penalty-free 401(k) withdrawals beginning at age 55, if you leave the job associated with that 401(k) account at age 55 or later.Roll over your 401(k) without tax withholding.
If you withdraw money from your 401(k) when you change jobs, 20 percent will be withheld for income tax. However, you can avoid the tax withholding, and the potential to trigger penalties and fees, if you transfer the money directly from your 401(k) to the trustee of another 401(k) or IRA.
Due Date:
If you want an extension of time to file your tax return file Form 4868, application for extension of time for 6 months. Then file form 1040, 1040A, or 1040EZ by OCTOBER 15th.