Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 16.10.2020, 21:44
Newbie 1st class
 
Join Date: Mar 2012
Location: zürich
Posts: 15
Groaned at 0 Times in 0 Posts
Thanked 13 Times in 7 Posts
furblemurp has no particular reputation at present
Looking for help with getting US Taxes in Order so I can renounce Citizenship

edit: I managed to delete my original post. yikes.


I haven't filed any sort of US tax return for something like 20 years, and doing this myself seems completely overwhelming. There appears to be this 'Streamlined Filing` business which allows one to catch up with unfiled taxes from years past, but the language used in the instructions for that is something that resembles english but to me at least is not comprehensible.

Without getting taxes in oder it seems from what I've read that the renouncing bit would be much more difficult. Maybe I'm wrong, who knows. This stuff is not easy to figure out. I'm pretty set on Expatriating, there's no reason for me to keep my US citizenship at this point.


I only make about 45k/year, so I'm looking for some sort of tax advisor that wouldn't cost an arm and a leg to help me out getting this stuff in order. Does anyone have any ideas?


Hoo boy bureaucracy is fun.


thanks

Last edited by furblemurp; 16.10.2020 at 22:56.
Reply With Quote
  #2  
Old 16.10.2020, 22:43
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 28,987
Groaned at 1,989 Times in 1,506 Posts
Thanked 34,417 Times in 16,368 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

I always did my taxes myself, and had no problems renouncing.

Tom
Reply With Quote
  #3  
Old 16.10.2020, 23:02
Senior Member
 
Join Date: Feb 2020
Location: Kt Zurich
Posts: 369
Groaned at 15 Times in 10 Posts
Thanked 1,142 Times in 425 Posts
ennui has a reputation beyond reputeennui has a reputation beyond reputeennui has a reputation beyond reputeennui has a reputation beyond reputeennui has a reputation beyond repute
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

I’ve heard, but am not entirely sure that these are two separate processes. Renouncing is one step, and taxes are another. So you can renounce, and then deal with the tax aspect. There is a group on FB called “American expatriates”. They might be able to provide a referral.
Reply With Quote
The following 2 users would like to thank ennui for this useful post:
  #4  
Old 17.10.2020, 18:56
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 10,605
Groaned at 77 Times in 74 Posts
Thanked 17,455 Times in 7,860 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

OP - There are a number of threads here asking for recommendations for U.S. tax professionals. Have a look through those.

You probably have two issues to deal with:
1 - filing back taxes, which I think only needs to be done for the most recent 5 years, and
2 - filing back FBARs if you've had any bank account with a balance at or over the equivalent of 10k USD

Two links that may help as you start your research:
https://onlinetaxman.com/us-citizenship-renunciation/

https://www.irs.gov/individuals/inte...ormer-citizens
Reply With Quote
  #5  
Old 17.10.2020, 19:30
robBob's Avatar
Forum Veteran
 
Join Date: Mar 2012
Location: Zurich
Posts: 2,398
Groaned at 45 Times in 32 Posts
Thanked 2,114 Times in 1,152 Posts
robBob has a reputation beyond reputerobBob has a reputation beyond reputerobBob has a reputation beyond reputerobBob has a reputation beyond reputerobBob has a reputation beyond repute
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

Probably the best thing at this point is to stay low for another 20 years and keep your US citizenship. Trump has seen to it that the Feds will probably never find you out.
But seriously, if you feel like coming clean then try https://www.greenbacktaxservices.com/

By the way. more important is to declare your non US accounts, more then anything else.
Reply With Quote
  #6  
Old 17.10.2020, 19:46
Forum Legend
 
Join Date: Oct 2014
Location: Nyon
Posts: 3,180
Groaned at 149 Times in 109 Posts
Thanked 3,917 Times in 1,931 Posts
bowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond repute
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

You do have another passport, don’t you?
Reply With Quote
  #7  
Old 17.10.2020, 20:26
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 10,605
Groaned at 77 Times in 74 Posts
Thanked 17,455 Times in 7,860 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

Quote:
View Post
You do have another passport, don’t you?
It was in the original post, which the OP managed to accidentally delete. OP is also a Swiss citizen.
Reply With Quote
This user would like to thank 3Wishes for this useful post:
  #8  
Old 19.10.2020, 09:56
Junior Member
 
Join Date: Feb 2008
Location: zurich
Posts: 53
Groaned at 0 Times in 0 Posts
Thanked 32 Times in 20 Posts
kari. has no particular reputation at present
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

Quote:
View Post
OP -
You probably have two issues to deal with:
1 - filing back taxes, which I think only needs to be done for the most recent 5 years, and
2 - filing back FBARs if you've had any bank account with a balance at or over the equivalent of 10k USD



last week I read: one has to do FBARs of all accounts if the total of accounts is equal to 10k. (I read it on a site of "common FBAR mistakes")

Last edited by 3Wishes; 19.10.2020 at 13:11. Reason: fixed quote
Reply With Quote
  #9  
Old 19.10.2020, 18:46
Newbie 1st class
 
Join Date: Mar 2012
Location: zürich
Posts: 15
Groaned at 0 Times in 0 Posts
Thanked 13 Times in 7 Posts
furblemurp has no particular reputation at present
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

yea, I'm a Swiss citizen too, so losing US citizenship wouldn't be disastrous, at all, really.



The whole reason I want out, which I originally wrote out, but probably got deleted in my misguided edit of the original post, is that as long as I am associated with the good ole US of A I cannot open an investment account of any sort here. I'd need to look into more 'Dritte Säule' stuff, but my impression from the few that I had looked at was that they preferred their customers not be be US citizens (I remember looking at VIAC, and reading something along those lines.)



I definately can't just put money into index funds, stocks, or anything like that. Not using a Swiss or Europe based firm (TrueWealth or DeGiro or similar). For that, I'd have to go through a US firm, which I suppose is what others in my situation would do in order not to give up that good old passport.



It just feels so wrong to send my hard earned swiss franks back into the maw of the US financial system, which I am so happy not to be a part of, and then wind up paying whatever taxes on it to a nation with which I barely have a connection (legal notwithstanding.)





Anyway, so no, I don't really want to languish for years in this nomansland of un-bankedness.



I suppose I could look into what an FBAR is, although I currently definately don't have over 10k anywhere, I might have had that or a bit more a few years ago.


The whole reason I actually started back up this path of renouciation (again, this isn't the first time I've tried.. sigh) is I might come into 10-15k this coming year and want to put it someplace sensible. And that seems kinda hard in my current situation.
Reply With Quote
The following 2 users would like to thank furblemurp for this useful post:
  #10  
Old 19.10.2020, 19:25
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 21,366
Groaned at 369 Times in 284 Posts
Thanked 16,164 Times in 9,184 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Looking for help with getting US Taxes in Order so I can renounce Citizenship

The actual FBAR figure is an aggregate of all your foreign, i.e. not US, bank accounts if that aggregate comes to more than $10k at any time of the year. What this entails is detailing each and every one of these accounts on the electronic FBAR form.

https://www.irs.gov/businesses/small...-accounts-fbar
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
US taxes and renouncing citizenship Miu Finance/banking/taxation 0 17.08.2020 23:12
US-CH citizen: tax compliance and renounce vs. relinquish US citizenship SuisseMissy Finance/banking/taxation 100 09.03.2017 11:45
New US taxes likely coming for those who give up US Citizenship dakman International affairs/politics 30 19.05.2012 21:20
Taxes - Advisors/Accountants / Cantonal Offices / ZH Tax forms / Expat US Taxes Longbyt Finance/banking/taxation 1 15.08.2011 15:48
EU / US Dual Citizenship and Taxes gusilu Finance/banking/taxation 28 16.08.2009 00:00


All times are GMT +2. The time now is 23:54.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0