Individual Services
Real Tax Ally is a premier provider of Tax Planning, Compliance, Reporting and Filing Services. As an ITIN Certified Acceptance Agent (CAA), we offer expert IRS and State Audit Representation, Individual Tax Planning, Income Tax Return Filing and FBAR/ FATCA Reporting. We can also streamline your filing procedure, and offer Gift Tax Filing Services.
ITIN Certified Acceptance Agent (CAA)
Generally, ITINs (Individual Taxpayer Identification Number) are required for the secondary taxpayer and dependents, who may not be eligible for a Social Security number. For applying an ITIN either taxpayers are required to mail application forms with original document such as passport to the IRS or they can certify the original documents through CAA and apply for an ITIN. Certifying the original documents saves taxpayers from mailing original documents to the IRS.
IRS & States Audit Representation
Taxpayers may receive audit notice from the IRS for various reasons such as under reporting income, claiming deductions, discrepancy in reporting, non-disclosure of required forms, claiming tax credit, etc. When you receive notice, firstly you need to understand the reason for an audit. It would be wise to hire a tax audit representative to defend yourself from the IRS.
Without tax audit representation, you may pay additional taxes in addition to interest and penalties. Moreover, tax representative may ease your pressure, avoid making further errors and increase your chances of favorable outcome.
Income Tax Planning
Individuals required to file their tax return in the US based on the residential status and income received. You may have to file resident tax return, non-resident return, dual status (part year resident) or expat tax returns based on your individual status. We analyze our client situations and advise them accordingly.
FBAR/FATCA Reporting
US taxpayers are required to disclose their foreign financial accounts with IRS and Treasury as part of compliance requirements. The violation may cause severe implications i.e., civil/criminal penalties. FATCA reporting requirements supplement the existing Foreign Bank Account Report (FBAR) that was long established under the provisions of the Bank Secrecy Act of 1970. Real Tax Ally can assist you with timely compliance.
Streamlined Filing Procedures
Peace of mind for taxpayers who were not compliant on foreign income reporting and filing of international disclosure forms such as FBAR/FATCA/PFIC/Form 5471/Form 8865 etc. Providing your violation was non-willful, you are eligible to participate in Streamlined Filing Procedures. We will assist you in correcting past non-compliances, maintaining accurate tax record, and ensuring a clean financial past.
Gift Tax Filing
The gift tax return is the IRS’ way of keeping track of who gifted what to whom — and how much it was worth — in the previous calendar year.
If you gave cash, property, or other valuable gifts to anyone during tax year, you may have an obligation to file a gift tax return. The gift given other than cash, must be valued at the fair market value for reporting. Third party appraisal report may be required to attach with Gift Tax return. The filing due date is same as your individual tax i.e., 15th April.
