The Canadian based tax consultancy is stepping up its efforts to assist US expats who wish to renounce their citizenships following the backlog at US consulates caused by Covid-19 closures.
“The renunciation of US citizenship is a life-changing decision. It has significant implications for the expat in question, including for your tax compliancy,” explains Olivier Wagner, founder and CEO at 1040 Abroad.
“The backlog of appointments at US consulates following the pandemic has made an already complicated process even more daunting. The backlog is caused by US consulates being closed between March and August 2020. As a result, expats can expect to wait about six months for an appointment in Canada and Western Europe, possibly less for US consulates located in more remote countries,” adds Olivier.
“We understand people may not want to wait so long to resolve their citizenship status and ultimately their US tax obligations.”
1040 Abroad can help expats take the final step in renouncing their US citizenship and move forward without being burdened with tax responsibilities.
“A conventional accountant may not be familiar with the rules governing how US expats are required to report income, corporations, bank accounts, deductions, or how to legally reduce your tax obligations,” continues Olivier.
“To make matters worse, even if you have gotten away without filing your taxes for some time, there’s no telling when you might find yourself facing the full scrutiny of the IRS.”
“Renouncing your US citizenship is a complicated and complex thing to do. You ideally need an accountant who understands the nuances of the tax laws and how they impact you. At 1040 Abroad, we have years of experience dealing with such cases and the expertise to guide you through the entire process.”
The US expat tax services offered by 1040 Abroad are comprehensive and include everything from the tax saving analysis and US tax preparation to compliance requirements and final filing.
“There’s no reason to be intimidated by the US tax rules or the renunciation process. We’ll advise you on the best solution for your case and ensure you have the information you need to save money, reduce your workload, and stay out of legal trouble.”
“We know that renouncing your US citizenship is not a decision you take lightly. Whether you are a US citizen by birth, accidental American, or digital nomad you’ve come to the right place. 1040 Abroad can help you handle your tax burdens and the renunciation of your US citizenship successfully and with minimum hassle,” concludes Olivier.
1040 Abroad is a Canadian based tax consultancy focused on assisting US expats remain tax compliant while minimizing their tax burden. The firm was founded in 2012 by self-declared world citizen and US tax specialist Olivier Wagner. He is supported by a unique international team of US expat tax specialists.