US tax returns and compliance in Hong Kong

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As a US citizen, you are subject to US tax on your worldwide income, wherever in the world you reside. If you’ve moved out of the US, the need to be tax compliant is more important than ever. Or perhaps you’ve just discovered that you’re an ‘Accidental American’, and you’ve previously been unaware that you need to comply with the US tax regime. Our experts have an intricate understanding of the US tax system so tell us your story and together we’ll assess your liabilities and tackle any issues before they become a problem. 

Domicile and residence

The concepts of domicile and residence can be daunting, and with US States varying how adhesively their particular domicile rules are applied, we can advise you on these issues and prepare the correct US Federal and State forms as appropriate to your circumstances. Also, given the varying domestic tax regimes across Southeast Asia, we will use our expertise in both high-tax and low-tax jurisdictions.

US tax for Non-Resident Aliens

If you are not a US citizen but you own US assets, such as real estate or equity in a US Limited Liability Company or partnership, you may need to report your income on a non-resident US tax return. This may be an annual compliance obligation if you have a regular ongoing source of income, or it may be a one-off filing if you are selling an asset in the US. Either way, we can help.

Non-US financial accounts or other overseas assets

It is not always the tax return itself that is the most important form to file. If you are a US citizen or Green Card Holder who lives outside the US or owns non-US financial accounts/other overseas assets, you may be required to report those assets to the IRS or the Treasury Department on separately filed Information Reporting forms. The penalties for non-compliance can be very severe. If you fail to file the necessary forms, you could face minimum ‘per-failure’ penalties or even a penalty based on the value of your assets.

How we can help

• Preparing and filing US tax returns on your behalf
• Ensuring US tax forms are prepared correctly and in accordance with the jurisdiction where you are resident
• Providing bespoke US tax advice designed around your specific circumstances
• Supporting with filing Information Reporting forms
• Bringing your US tax filings up to date

Why work with us?

We specialise in providing US tax services and are a leading provider for cost-effective solutions to individuals, companies, partnerships and trusts. Our team in Hong Kong provides timely and bespoke US tax services to individuals living in Southeast Asia, backed by a team of 55 US tax specialists based in London, England who support US expatriates in the UK. We are flexible in the way we work, like to get to know our clients well and are passionate about looking after them.

If you have moved outside the US and retained your US adviser, you should check that your advisor understands your requirements. In our experience, many US advisers fail to file Information Reporting forms because they do not know about them or they forget to consider assets outside of the US. If this applies to you, then you will need to regularise your tax affairs as soon as possible, and we can help.

In 2022, we prepared over 1,700 US tax returns, each with different needs and circumstances. Our clients comment on our ability to deliver an exceptional service with empathy and authenticity. We believe the size of our team and regular communication allows the unparalleled opportunity to specialise, while maintaining close personal attention that is vital for you.

Our network

If you also need local tax return preparation or accounting services in the jurisdiction where you live or where you have sources of income, please let us know. We have access to an extensive network of service providers so if we can’t provide all of the services you need, we will likely be able to connect you with others who can assist.

For professional advice tailored to your unique circumstances, please fill out the form below and one of our UK tax experts will be in touch to discuss your requirements and how we can help.