International Assignees to U.S. H-1B, L, O Visa Tax Return

Unique to a typical US tax filing & Commonly Disregarded:

All international Assignees, including but not limited to H, O, L visa holders are required to report all worldwide income. Like US expatriates, International Assignees are also entitled to, but not limited to following unique tax breaks under conditions:

• • Foreign income exclusion (IRS form 2555)

  • Housing allowance (IRS form 2555)

  • Foreign Tax Credits and other offsets (IRS form 1116)

Dual FBAR and Form 8938 Requirements:

For U.S nationals & Green Card holders and International Assignees(H,L,O visa holders), federal tax regulation stipulates "Report of Bank and Financial Accounts" owned outside of U.S. and its territories.   The broad scope of financial assets can range from

• • Offshore bank deposit accounts,

  • Offshore stock, mutual fund and bond holdings,

  • Financial interests in private overseas corporations and partnerships.  

A stiff penalty could be imposed for noncompliance.  Further federal regulations mandate its dual declaration requirement: On IRS form 8938 and separately a direct report at the Treasury department website.   

A Questionnaire is available to our expat clients upon request or for download below.  It will provide us with most information in need to complete tax filing.  In most cases, services offered to expats can be performed remotely. Your infomation will be kept confidential.   

You always have a second chance.  If any taxpayer failed to report offshore accounts in prior years.  IRS has an ongoing forgiveness program(OVDP) to help you come out from the cold.  Please check out OVDP Streamline Express, and we can help you as well.