expat tax preparation : paying your debt to irs from abroad
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The US is known for pursuing taxes and debt worldwide. Thus, American Expats can't avoidpaying debt to IRS at any cost even if they shift abroad. US citizens living abroad are subject tothe same responsibilities and duties they would have been subjected to had they been in the US.It can't be forgotten that the IRS is immensely powerful and has all the means to make sure youcollect your expat debt, which is why it is in the best interests of US expats to duly pay off theirdebt to the IRS.
There are various ways through which US resident aliens can pay their US taxes in a foreign
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country. If you face problems in paying your debtaltogether, you can request the IRS for an installmentagreement.
Installment Agreements :
A US bank account is a prerequisite for any installmentagreement that expats tend to work out with the IRS.Hence, if you don't have one, you should get one beforerequesting the IRS for an installment agreement.
Moreover, there is another requirement stating that in order to request an installment plan, youmust have duly filed all your tax returns required by the IRS.
US expats owing an amount equal to or less than $50,000 in interest, penalties, or income tax,can apply for an installment agreement online. They can also consult a professional to help themin this case. Those who have a debt greater than $50,000 and do not feel comfortable with onlinedebt payment systems have to fill the Form 9465. This form deals with Installment AgreementRequest, and it can be sent to the IRS in mail, along with the Form 433-F regarding CollectionInformation Statement.
However, you mustn't forget that there are further fees associated with debt installmentagreements. An agreement for direct debit costs $52, whereas a standard agreement costs $105,and in case your income falls below a defined threshold, you might be charged $43.
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Expats with US Bank Accounts :
If you don't need an installment agreement, and just need to pay your debt to the IRS, then thereare various means by which you can do so :
1. Credit or debit card : Card payment solutions offer convenience but at a price specified by serviceproviders of card payment that depends on the amount of your debt.
2. Electronic Funds Withdrawal : At the time of filing your return, you can sanction for a withdrawal fromone of your savings or checking accounts.
3. Money order/Check : In order to pay by this method, you need to make a check for the total amount youowe in debt and make it in the name of 'United States Treasury'. It is recommended not to send directcash at all.
Expats without US Bank accounts :
In case you don't have a US Bank account, you can use the following options:
1. Credit or debit card : These are provided by service providers and come with a cost.
2. Same Day Wire Transfer : If the foreign institution in which you have a bank account has an Americanaffiliate, then you can request your affiliate to arrange a wire transfer at the same date. There will be a feeinvolved, however.
3. Trusted third parties : You can also arrange for a third party that you trust, or a tax professional, tomake a deposit to the Treasury on your behalf via a master account.
Online Payment Agreement :
These agreements require a US bank account a prerequisite. There are four payment plans thatcan be utilized by US expats :
1. Pay now : Under this, the payment has to be made within 10 days.
2. Short-term payment extension : Under this option, you can choose to pay the full balance in 30, 60,90, or 120 days. However, you need to make sure you pay by the due date, i.e. April 15. Otherwise,penalties will apply.
3. Monthly Agreements : These last for more than 120 days in total. Payments can be made directlythrough credit, debit, or other viable proposed methods, but at a onetime cost of $52.
4. Direct Debit : IF your debt is of an amount between $25000 and $50000, you can authorize the monthlypayments to be automatically withdrawn from your account.
You can share your experiences regarding paying US debt from overseas. If you have any queries,feel free to contact us.
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You can also Read Our Monthly Expat Tax Newsletter and Top Frequently Asked TaxationQuestions (FAQ) for U.S. Aliens and Citizens Living Abroad at always available to answer your questions, advise and provide guidance as needed. Please feelfree to contact us for a prompt response.
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