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US tax filing requirements for Americans living abroad

07 September 2021 • US Tax returns

Americans living and working in the UK, under the complex citizenship-based US tax system, must file income taxreturns as well as report their foreign bank accounts.  US-tax-720.jpg

September is now upon us so the six-month extended filing deadline is fast approaching.  “Ideally anyone liable to pay tax in America should start the process early,” notes Damian Talbot, himself a qualified Enrolled Agent and head of the US specialist tax team at Fulham based, Warrener Stewart. 

Many overseas US tax filers are unable to file their income tax returns prior to the April and June deadlines due to added complexities to their returns.  The IRS recognise this and allow individuals to apply for an extension by 15 June each year to extend their deadline to file to 15 October.  

Warrener Stewart now has facilities that allow most clients to be eligible for E Filing, thereby avoiding posting the returns. The IRS currently has a backlog in dealing with postal returns - estimated to be over 35 million returns! 

“We can process and sign IRS returns from our offices in Fulham,” confirms Damian. “We not only employ qualified Enrolled Agents, but also a CPA.  This allows us to handle all types of complexities that arise on behalf of clients.” 

“The most important consideration for anyone with a US tax liability is to seek help from a qualified dual tax advisor - leaving or ignoring deadlines has implications. At Warrener Stewart, as both UK and US tax advisors, we can assist both individuals and companies in remaining compliant.” 

With the 15 October deadline fast approaching it is strongly advised that US tax filers get in touch as soon as possible to allow adequate time to gather the required information and prepare the required filings.  

US economic stimulus payments for those affected by COVID-19

02 April 2020 • US Tax returns

We would like to advise all our US tax clients that the US Treasury Department and the Internal Revenue Service have announced the distribution of economic stimulus payments. US tax payers may be eligible for the following one off payments: 

  • Up to $1200 for individuals 
  • Up to $2400 married couples 
  • Parents also receive $500 for each qualifying child

No action is required for most people who have already filed their 2018 or 2019 tax returns and meet the qualifying criteria.

In order to qualify for this stimulus payment, single tax payers need to earn less than $75,000 per year and married couples filing jointly need to earn less than $150,000. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. 

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

If you have not filed either year then you need to bring you US tax affairs up to date as soon as possible and we are happy to help in the process.

The IRS has not yet established an application procedure for these payments, however further information and updates can be found at https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Whether you are working from home, self-isolating or going about your usual routine and would like to have a further discussion, please contact us at info@warrenerstewart.com or through our website at https://www.warrenerstewart.com/contact. One of our US tax team will contact you promptly.

Relief for US Taxpayers

19 March 2020 • US Tax returns

We at Warrener Stewart understand that this may be a difficult and worrying time for some, but please rest assured that it is still business as usual for us. Even in the current circumstances, tax deadlines exist and we are here to help you meet them.

US tax payments

We have been advised that the US Department of Treasury has released a statement in regards to tax payments given the recent state of affairs offering relief from tax deadlines, as this relevant excerpt outlines:

“Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.”

You can read the full notice here: irs.gov/pub/irs-drop/n-20-17.pdf

If you have any questions about this relief please do not hesitate to contact a member of our US Tax team on 02077316163.

Whilst April 15, 2020 may have extended, there are several other deadlines due over the coming months so we would urge US tax payers to send us their information as soon as possible to ensure we can complete their returns in a timely manner.

Making the right move

28 February 2020 • US Tax returns, Warrener Stewart News

When his parents brought him on holiday to England aged 11, American born Steven Wright declared then and there he would one day return and work in London. Over the past eighteen years Steven has been working and studying in America to make his dream come true!

Now as a qualified CPA (Certified Public Accountant), Steven has joined Warrener Stewart’s US tax department where he is looking forward to helping both British and American clients with their US tax filing requirements.

American CPA joins Warrener Stewart

“The very first time I came to the UK I begged my parents to leave me here – thankfully they encouraged me to return home and take a more conventional route so that I could return,” confesses Steven.

Back home in Nashville Steven studied for a degree in Business Administration, Accounting and Finance at Lipscomb University. Whilst studying for his degree he also worked as a bank teller for a local bank, Sun Trust before completing his Masters in Accounting. As part of his Masters Steven completed two internships; one as a tax advisor for a large independent accounting firm, KraftCPA. Whilst the second was spent learning about corporation tax working for the retail giant Genesco.

Commenting upon the appointment, head of US tax, Damian Talbot said; “Having an American CPA based with us in our London offices is a rarity, he can help and advice US expats with their US tax filings. Being able to offer this service face to face is a welcome addition to our busy and growing US tax department.”

A royal welcome to a possible US tax bill

08 May 2019 • US Tax returns

Damian-head-shot-2019.jpg

Amidst all the hype over the birth of a new royal baby, this latest addition could potentially be liable to pay American tax notes father of two, Damian Talbot, who specialises in UK and US tax.

“America has a complex tax system. At Warrener Stewart we specialise in helping those with US tax responsibilities. We are frequently asked about the tax implications of a child having dual US and UK citizenship. Many parents we see have a similar dilemma to Harry and Meghan that they have a child who is entitled to a US passport.”

Damian, along with several other experts on US tax recently spoke to Harriet Alexander, the New York correspondent for The Telegraph. Read the full article

A new specialist joins Warrener Stewart’s US tax department

13 August 2018 • US Tax returns, Warrener Stewart News

Under Damian Talbot’s leadership the US tax department at Warrener Stewart continues to grow as more private clients seek help with their US filing obligations.  

Following the appointment earlier this year of three new US tax recruits, Georgia Maher a qualified taxation technician, is the latest recruit to join Warrener Stewart's US Tax department. With seven years' experience already as an Enrolled Agent, Georgia is looking forward to helping many of the private clients who turn to Warrener Stewart for advice on US tax.

Prior to joining the Fulham based tax specialists, Georgia graduated in 2003 with a degree in Psychology and Neuroscience from Keele University. She started her tax career at Fisher Philips working in corporate tax, before joining Ingleton Partners to specialise in US Tax. For the past six years Georgia has worked with more corporate clients whilst in the US tax departments of Frank Hirth and most recently Buzzacott.

Commenting on her move to Warrener Stewart, she said; “I’m really looking forward to working more closely with private clients and helping them with their US tax responsibilities. Unlike UK tax, US tax laws can change quite quickly, by working on a one to one basis I will be able to help clients have a more targeted approach and ensure they meet all their US tax obligations.”

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