International Tax Services
Specialized U.S. tax services for individuals and businesses with international tax matters — wherever in the world your income, assets, tax residency, or business activities intersect with U.S. tax law.
What This Covers
U.S. international tax rules can be complex, particularly when income, financial accounts, assets, residency, or business activities span multiple countries.
TaxWise Advisors assists U.S. citizens and residents with foreign income or assets, foreign nationals with U.S. tax obligations, nonresident taxpayers with U.S.-source income, and business owners navigating cross-border tax and reporting requirements.
Whether you are a U.S. citizen living abroad, a Green Card holder, a nonresident with U.S. income, or a business owner with international activities, we provide practical guidance based on your individual circumstances.
We help clients identify applicable U.S. filing and reporting obligations, evaluate available exclusions, foreign tax credits and treaty provisions, and maintain compliance with U.S. tax requirements.
Our International Tax Services Include
Foreign Income Reporting
Preparation of U.S. tax returns involving income earned or received outside the United States.
Foreign Earned Income Exclusion (FEIE)
Evaluation and reporting of the Foreign Earned Income Exclusion using Form 2555 when applicable.
Foreign Tax Credit (FTC)
Evaluation and reporting of eligible foreign income taxes, including Form 1116 for individuals.
FBAR — FinCEN Form 114
Assistance with foreign bank and financial account reporting requirements.
FATCA — Form 8938
Reporting of specified foreign financial assets when applicable filing thresholds are met.
Nonresident Tax Returns — Form 1040-NR
U.S. federal tax return preparation for nonresident individuals with U.S. filing obligations.
Tax Residency Analysis
Assistance with determining U.S. tax residency, including the Substantial Presence Test, residency starting and ending dates, and dual-status tax considerations.
Tax Treaty Analysis
Review of applicable U.S. income tax treaty provisions and potential treaty benefits based on the taxpayer's circumstances.
International Information Reporting
Assistance identifying U.S. information-reporting requirements related to foreign assets, entities, ownership interests, and certain cross-border transactions.
Foreign-Owned U.S. Businesses
Assistance with U.S. tax and information-reporting requirements affecting foreign owners of U.S. businesses.
U.S. Businesses With International Activities
Assistance identifying U.S. tax and reporting obligations arising from foreign ownership, operations, income, assets, or transactions.
Foreign Gift & Inheritance Reporting
Assistance with U.S. reporting requirements for certain gifts and inheritances received from foreign persons, including evaluation and preparation of Form 3520 when required.
Foreign-Owned Single-Member LLCs: Form 5472 and Pro Forma Form 1120
A U.S. single-member LLC owned by a foreign person is usually a disregarded entity with no U.S. income tax return of its own. Under the section 6038A regulations it still has an annual IRS filing: a pro forma Form 1120 with Form 5472 attached.
Form 5472 reports transactions between the LLC and its foreign owner or other related parties, including amounts paid or received to form or dissolve the company and contributions to and distributions from it. The IRS penalty for not filing Form 5472 on time and in the required manner is $25,000, with further penalties if the failure continues after IRS notice.
TaxWise Advisors prepares these annual filings for foreign owners of U.S. single-member LLCs, with consultations available in English and Russian.
Pro Forma Form 1120 With Form 5472
Preparation of the pro forma Form 1120, where only the LLC's name, address and a few identifying items are completed, together with Form 5472 for each related party.
Due Dates and Form 7004 Extensions
The filing is due by the due date of Form 1120, including extensions. An automatic extension is requested on Form 7004 by the regular due date.
Filing by Fax or Mail
A foreign-owned disregarded entity cannot file Form 5472 electronically. The IRS accepts it by fax or by mail, and we prepare the package for submission.
Owner ITIN When Needed
If the foreign owner needs an ITIN for their own U.S. filings, we can help with the ITIN application as an IRS Certified Acceptance Agent.
Clear Guidance for Complex International Tax Matters
International tax obligations depend heavily on each taxpayer's individual circumstances, including citizenship, tax residency, income sources, foreign financial accounts and assets, business ownership, and the countries involved.
Our goal is to help clients understand their U.S. tax and reporting obligations, identify available exclusions, credits, and treaty benefits where applicable, and reduce the risk of missed filings and potentially significant international information-reporting penalties.