International Tax Accountant in Chicago

We handle the U.S. side of anything that crosses a border: foreign wages or business income, accounts at overseas banks, ownership in foreign companies, and transactions with people or entities outside the U.S. That means working out which returns and information reports you owe, gathering the foreign documents that back them up, preparing the filings, and planning ahead. For businesses, we also look at entity structure, cash movement between countries, and reporting in more than one jurisdiction.

Often, yes. If the combined maximum value of your foreign financial accounts went over $10,000 at any point in the year, you generally need to file an FBAR, even if each account was small on its own. Separately, Form 8938 under FATCA may be required with your tax return once your foreign assets pass higher thresholds that depend on filing status and where you live. Keep a list of each institution, account number, and the highest balance for the year.

The FBAR is FinCEN Form 114. It goes to the Treasury's Financial Crimes Enforcement Network, not the IRS, and it's filed electronically on its own. FATCA reporting usually means Form 8938, which is attached to your federal income tax return. The two have different thresholds and cover slightly different assets. Plenty of people owe both, and filing one doesn't excuse the other.

Yes. The U.S. taxes citizens on worldwide income no matter where they live, and many resident aliens are in the same position. The foreign earned income exclusion and the foreign tax credit can reduce or eliminate double taxation if you qualify, but they only work if you file and claim them. Foreign account and asset reporting may still apply even when the final tax bill is zero.

Pull together your recent U.S. and foreign tax returns, pay slips or business income records, foreign bank and brokerage statements, the highest balance in each account, ownership documents for any foreign entities, and proof of foreign taxes paid. If you have foreign trusts, pensions, real estate, or received a gift or inheritance from someone outside the U.S., bring those records too. English translations save time.

Yes. Our founder is an IRS Enrolled Agent, licensed by the Treasury to represent taxpayers before the IRS on any tax matter. With a signed Form 2848 in place, we can answer notices, handle audits and appeals, and work out resolution options if an international issue has turned into a balance due or penalty assessment.

Earlier than most people think. The best time is before the move, the foreign investment, the new entity, or the year end deal, not after. That leaves room to sort out documentation, estimated payments, deadlines, and structure. Chicago business owners with operations abroad do best when tax planning runs alongside their financial reporting and cash decisions all year.

Don't ignore it, but don't panic either. Penalties for late international information returns can be steep, and the right fix depends on which form was missed, whether the income itself was reported, why it happened, and your track record. The IRS has specific programs for catching up, including the Streamlined Filing Compliance Procedures for people whose failure was non willful and the Delinquent FBAR Submission Procedures. We review every affected year first, then choose the route.