USA Self Assessment Tax Return

Who should fileUS personal tax returns?

USA personal tax returns should disclose your income worldwide and be submitted by:

• USA citizens residing in America
• USA citizens living abroad
• Greencard holders
• Tax residents
• Non-residents who are in the US more than 183 days a year

The tax return procedures for USA residents living in the country or abroad are similar. Tax filing for non-residents, however, is more complicated. If a foreign national does not have a social security number, they will need to obtain an individual taxpayer identification number to use for their tax return. There are also some groups such as low-income earners, and children do not have to submit tax returns.

Charges for late tax return filing

Following the above dates, if you fail to file and pay, you will face a surcharge which will be added to the total tax due as follows:

Length of Delay and Amount Payable

2 Months = 5% of the tax due or €12,695, whichever is the lesser amount

Over 2 Months = 10% of the tax due or €63,485, whichever is the lesser amount

Tax law also provides for both civil penalties and criminal sanctions for the failure to make a return, the making of a false return, facilitating the making of a false return or claiming tax credits or allowances which are noTax law also provides for both civil penalties and criminal sanctions for the failure to make a return, the making of a false return, facilitating the making of a false return or claiming tax credits or allowances which are not due.

Interest & penalties for late tax return filing

If you do not pay the tax you owe for the previous tax year on time, the more you delay, the more you will be required to pay.

How we can help you

We understand that managing your tax affairs and keeping on top of all the latest tax rules can be challenging. Being an international accountancy firm, we have a dedicated team of self assessment tax accountants, who can support you in all aspects of managing your tax affairs, including self-assessment.

As part of our on-going management of your self-assessment tax returns, we will provide you with a proactive and personal service to develop a tailored tax planning solution that complies with regulations, maximises your wealth and ensures that you are fully prepared to meet all self-assessment deadlines.