FIRPTA Remittance Filing Package (a/k/a Buyers Closing Package - Obtaining ITINS - Withholding Certificates - Year End Tax Filings - Difficult Case Resolutions - FIRPTA on other than real estate.
FIRPTA Services
Foreign Nationals Subject to FIRPTA Withholding
Foreign National individuals and corporations are subject to withholding at closing of real estate and real property sales in an amount up to 15% of the entire selling price. This law was enacted by the U.S. Congress in 1980 and modified by the P.A.T.H. Act in 2015. It is mandatory, with certain limited exceptions.
The BUYER is responsible for withholding and that is their entire responsibility. This means they do not normally look out for the best interests of the foreign seller(s) in this process. There are many things that can go wrong and cause potentially tremendous delays.
For this reason, savvy sellers, closing agents, realtors, attorneys and related parties look to find an experienced responsible FIRPTA services provider.
Surprisingly, the fees to involve a seasoned expert are reasonable and affordable.
Consultations are always free.
FIRPTA Remittance Filing Package
a/k/a Buyer's Closing Package
This is the MOST critical part of a FIRPTA transaction that has not yet closed. Foreign Sellers who want to make sure that everything is done correctly, with their interests in mind, can do so for reasonable fees and prompt reliable services by a seasoned FIRPTA service provider.
Errors in this stage, which are commonplace, can add months to the refund and ITIN process as well as complicate foreign seller's documentation and paperwork confirmation in the process.
Having a FIRPTA pro representing in the transaction is similar in protection to having a home inspection, it's the "ounce of prevention is worth a pound of cure" scenario. You'll get that feeling as soon as you are speaking with a seasoned pro.
Consultations are always free.
We obtain new or renew IRS Individual Taxpayer Identification Numbers (ITINs) and Employer Identification Numbers (EINs) for our clients.
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FIRPTA Refunds is an IRS Certified Acceptance Agent (CAA's) qualified and certified by the IRS
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To facilitate the ITIN application process;
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To review documents like passports, visas and certified copies, and authenticate identity to the IRS;
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This means:
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We certify our client's passports and other documentation. Our clients keep their original passports during the process.
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The ITIN application process speeds up dramatically and clients obtain ITINs in a hassle free environment.
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Consultations are always free.
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.
Difficult Case Resolution
IRS Problem Resolution, Audit & Collection Cases
Have problems with a FIRPTA withholding transaction and remittance? It is common when a FIRPTA services provider pro was not involved from the beginning.
No worries, we have experience in facilitating solving these issues. Contact us to go over your problem receive prompt knowledgeable response.
Year End Tax Filings
Final Year End IRS Non Resident Alien 1040-NR (individual and other entity) Tax Return Filings.
Using a seasoned Certified Public Accounting firm to file your tax returns either electronically (for fastest refunds) or in paper form if required, is sensible and affordable.
If things aren't complicated, that's great but when the transaction is complicated, clients may want or need bookkeeping (to detail allowable expenses based on the history of your ownership) or forensic (going back years looking for lawful deductions) accounting help.
Consultations are always free.
FIRPTA services on income OTHER than real estate transactions
FDAP: FIXED, DETERMINABLE, ANNUAL OR PERIODIC INCOME
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. Consultations are always free.