Warrener Stewart US Tax News

21 December 2015 • Tax Videos, US Tax returns

 

Now we are drawing to an end of the 2015 US tax year, here are a few updates worth noting going forward to 2016….

  • Change to the FBAR filing deadline
    Starting with the 2016 tax year, the FBAR filing deadline will change and is now be due on April 15th instead of June 30th. As with your Income Tax Returns, you can apply for a 6 month extension of time to file until October 15th. This should make things a bit simpler going forward as it means we actually have a bit more time and can file at the same time as the return.
  • Offshore Streamlined Filing Procedure is still open
    It remains the best time to get back into compliance with the IRS for individuals who have non-wilfully failed to file US tax returns and FBARs for some time whilst living overseas with the use of the Offshore Streamlined Filing Procedure. Using this procedure and subject to meeting the eligibility requirements  taxpayers can catch up on their affairs without incurring penalties for failure to fail and pay US taxes, however we don’t know how long this option will remain available or if any changes are likely to be made to make the terms less favourable.
  • WS are now Acceptance Agents!
    Damian Talbot has now qualified as a Certified Acceptance Agent which means that Warrener Stewart can now assist Non US citizens apply for US taxpayer ID numbers (ITIN’s) which is required for filing US returns who do not hold social security numbers. This saves individuals having to apply at the US Embassy or risk the IRS losing your original documentation.
  • New rates for Foreign Earned Income Exemption
    We can see a slight increase in the amount of Foreign Earned Income Exemptions available going forward to 2016 with $101,300 of foreign earnings being exemption from US tax, compared to $100,800 in 2015 and $99,200 in 2014.

 

Warrener Stewart joins the IRS Acceptance Agent Program

17 December 2015 • US Tax returns

Warrener Stewart’s head of Tax, Damian Talbot, has recently become an Authorized Acceptance Agent licensed by the American tax authority, the IRS, to help non-residents apply for their individual tax numbers. The US tax system can be complicated. Anyone who is not an American citizen, but is still required to file US tax returns as an ‘alien’, must have an Individual Taxpayer Identification Number (ITIN).

Damian, who is also an EA (Enrolled Agent), decided to undertake the necessary additional training to become an Acceptance Agent to be able to offer clients a more extensive US Tax Service.

Commenting on his latest qualification he said; “Warrener Stewart has a number of clients whose personal and business tax affairs come under either the UK or US tax systems.  As an Enrolled Agent I was able to represent taxpayers but only if they already had their ITIN. Now we can offer a complete service for individuals who are new to filing US tax returns.”

 

Two accountants choose Warrener Stewart to develop their careers

02 December 2015 • Warrener Stewart News

Warrener Stewart is delighted to have recruited two new people to join the accountancy team; Anita Desai ACCA and Alex Eagle ACA.  Both have already qualified as accountants and chose Warrener Stewart having worked in other practices since they wanted to become more involved with clients and help them achieve their business aims.

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Following a degree in Accounting and Finance Anita, decided to become a qualified accountant. Having worked with clients in the media and entertainment industry she was keen to expand her knowledge of business by moving to a practice where she could develop a more analytical and client facing role.

Similarly, Alex having completed his training as a Chartered Accountant with a medium sized firm wanted to take on a more hands on role. Alex has first hand experience of working with a broad range of clients dealing with audit and accounts assignments at all levels. His move to Warrener Stewart will allow him to build a portfolio of clients to work closely with, while assessing and analysing their needs to ensure they reach their business goals.

Commenting on their appointment, Colin Edney said; “We are delighted to welcome Anita and Alex to our ever growing team. Both have a wealth of experience that our clients will directly benefit from.

One of the key things that we pride ourselves upon at Warrener Stewart is our partnership with clients, providing a vital link between a set of financial accounts and their financial goals. To do this means adopting a more joined up approach to accounting and finding candidates who have a desire to look beyond the numbers! In Anita and Alex we have found two very capable accountants with great business skills.”

 

“Attention to detail, breathtaking practicality, demonstrable value and practical implementation has been a Warrener Stewart USP that we've enjoyed and now couldn't live without.”
James Beagrie - Meon Valley Travel Group