Federal Income Tax Return
In the case of unlimited income tax liability, tax return Form 1040 must be filed. Nonresident taxpayers with limited tax liability must file the tax return using Form 1040NR.
The streamlined filing compliance procedures are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part. For eligible U.S. taxpayers residing outside the United States, all penalties will be waived.
Corporate Income Tax Return
A domestic entity electing to be classified as an association taxable as a corporation must generally file Form 1120, U.S. Corporation Income Tax Return, to report its income, gains, losses, deductions, credits, and to figure its income tax liability.
State Tax Return
Tax returns must be prepared for various types of taxes in each state.
Foreign Bank Account Report – FBAR
A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report a financial interest in or signature or other authority over at least one financial account located outside the United States if the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
Foreign Corporations – Form 5471
Certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign (i.e. non-U.S.) corporations may be required to file Form 5471 to report certain information with regards to those foreign corporations to the IRS. Individual taxpayers file Form 5471 as part of their U.S. income tax return (Form 1040).
Foreign owned U.S. LLCs (disregarded entities) – Form 5472
In case of a 25% foreign-owned U.S. corporation (including a foreign-owned U.S. disregarded entity), or a foreign corporation engaged in a trade or business within the United States, Form 5472 must be filed if the corporation had a reportable transaction with a foreign or domestic related party.
Estate & Gift Tax Return
For decedents who died in 2021, Form 706 must be filed by the executor of the estate of every U.S. citizen or resident:
a. Whose gross estate, plus adjusted taxable gifts and specific exemption, is more than $11,700,000; or
b. Whose executor elects to transfer the deceased spousal unused exclusion (DSUE) amount to the surviving spouse, regardless of the size of the decedent’s gross estate.The estate tax is a tax on the transfer of property at death.
In certain cases, citizens or residents of the United States must file a gift tax return on Form 709 (whether or not any tax is ultimately due). The most common case where a Form 709 probably has to be filed is the giving of gifts to someone in totaling more than $15,000 (other than to your spouse).
Individual Taxpayer Identification Number – ITIN
The Individual Taxpayer Identification Number (ITIN) is a unique identifier for taxpayers who do not have a Social Security Number (SSN).
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