Foreign Nationals want a proven FIRPTA expert they can rely on to be there for the long haul.
FIRPTA withholding is often a big financial amount, 10-15% of the entire selling price. Your FIRPTA expert is the only party in a transaction servingto get money back to the Foreign National Seller(s). Everyone else is taking their money.
FIRPTA withholding, taxation, ITIN origination, reduced withholding requests, IRS remittance making sure proper credit goes to the Seller(s) and getting the most money allowed by law to be refunded, are all big important jobs. The process is far from simple forms.
The entire process, from beginning to end when utilizing all services can be lengthy. The IRS moves very slowly. If its important to have a real expert that's been around for decades to shepherd and lead your efforts to a successful refund, contact us.
Consultations are always free.
FIRPTA Remittance Filing Package
a/k/a Buyer's Closing Package
For FIRPTA transactions that have not yet closed or funded.
This is the MOST critical part of a FIRPTA transaction.
Our FIRPTA expert will take the reins right from the beginning to insure Buyer and Seller's agents are providing the information needed to properly comply. But it's not just information. We register our participation on the documentation and can interact with the IRS in this process when and if needed. We also can act as the recipient of IRS correspondence and answer it as well as speak to the IRS on client's behalf when necessary. There are so many areas problems can occur in this stage, it is imperative to have a tried and true experienced pro working on all aspects of this stage.
And surprisingly, this stage is very reasonably priced. Failure to act in this manner can add months if not years to a refund. Or worse, penalties up to 25% plus interest on the FIRPTA withholding amounts. Do yourself a favor, speak to an expert. You'll know one when you do and you'll be happy you did. Consults here are always free.
We obtain new or renew IRS Individual Taxpayer Identification Numbers (ITINs) and Employer Identification Numbers (EINs) for our clients.
FIRPTA Refunds is an IRS Certified Acceptance Agent (CAA's) qualified and certified by the IRS
To facilitate the ITIN application process;
To review documents like passports, visas and certified copies, and authenticate identity to the IRS;
We certify our client's passports and other documentation. Our clients keep their original passports during the process.
The ITIN application process speeds up dramatically and clients obtain ITINs in a hassle free environment.
We Request & File Reduced IRS
Withholding Certificate at Closing
These complex tax filings are used when a Foreign Seller requests a Buyer to have the Foreign Seller's FIRPTA withholding retained by the settlement agent or title company for a period of up to 90 days while the Foreign Seller waits for an IRS written reply and directions.
This scenario can make sense depending on the time of year and Foreign Seller situation, the complete package has to be ready to go on the closing date of the transaction to utilize this option. This means becoming involved early on in the transaction to allow time for the complexities and filing requisites to be achieved.
We Can File Early Tax Return and Refund Filings In Same Year as Sale
Early tax return filing. Full refund request in the same year as transaction.
If you qualify and you don't want to wait until the next year tax filing period opens up for this year's income and tax events, this process requests an early tax return filing and refund in the same year as the transaction.
Specific supporting tax filings are required.
We Prepare and File Client's Year-End Non Resident Tax Filing
We perform tax accounting to file final year end IRS Form 1040-NR Tax Return Filings.
Includes all calculations, forms, schedules and filings required.
Basic: Calculates and uses basic purchase costs, sale costs.
Itemized: We assist in helping you to detail allowable expenses, based on your input of qualifying expenses over the years.
Forensic: Going back years and reviewing public records of tax basis and expenses
Our experienced tax and accounting division offers all types of accounting services.
3 year IRS Audit Protection Plans
This is like a 3 year insurance policy, when needed.
Our Tax Preparers and/or CPAs can represent Clients at the IRS if needed, in varying roles.
In selective cases, we can offer a 3 year commitment that covers the IRS statute of limitations on tax filings plus 6 months.
Difficult Case Resolution
IRS Problem Resolution, Audit &Collection Cases
This service pertains to case where there are or will be difficulties that translate into added time and effort involved in the process. We do not lay blame and are not accusatory. In this instance we are "fixers". FIRPTArefunds managing expert and TaxPro handle these cases personally.
Inaccurate or incorrect initial FIRPTA filing documents, complicated ownership issues, no receipt for IRS payment received, FIRPTA sent in when FIRPTA did not apply, late or improper FIRPTA withholding remittance, IRS cannot locate the payment(s), IRS levying penalties and interest against Clients or Buyers, Settlement Agents or both; and a whole host of other possibilities.
All of these can result in the Client experiencing delay or denial of tax refunds and in many instances IRS demands for penalties and interest.
And this doesn't just apply to the Client, it often includes IRS claims against the Buyer and Settlement Agent, even the Realtor if they gave any agent style advice in the process. Learn more.
Costs vary depending on time involved and are priced individually by case.
FIRPTA services on income OTHER than real estate transactions
FIRPTArefunds provides our foreign clients services when they have had FIRPTA withheld from taxable dispositions of holdings or income and would like to file for a refund because the withholding was significantly greater than the actual tax due.
The FDAP income is from sources other than gains from sale of real property where deductions from the operation of the business or property may be deducted. FDAP does not afford those types of deductions.
To learn more visit FDAP in our Client FAQs section.