CFO2GO provides extensive services to expats and their employers – in particular,
U.S. Individual tax returns: 1040, 1040NR, Foreign Bank Accounts Report (FBAR), 8938 Foreign Financial Assets
U.S. CFC 5471, 8858, 8065 Information returns
Czech Republic tax returns for employees, self-employed, partnerships
Visas: travel, long-term, permanent and immigration.
Business: LLC/s.r.o. director, sole-proprietor, EU family
International retirement products
Advisory
- Czech Republic Taxes
- United States Taxes
- U.S. CFC Reporting
- Czech Visas
CFO2GO has teamed up with Fairbrook Advisors to offer its clients premium International retirement services, including the establishment and management of the following products.
IRA Individual Retirement Plan
SEP IRA Self-Employed IRA
ROTH IRA Roth IRA
Super-Roth Roth IRA with expanded value
Employer-sponsored plans:
401(k) Private
402(b) Non-exempt trust
403(b) Public
- International retirement products are valuable primarily because though generally taxed at inception, cumulative earnings are tax-free to participants upon distribution – usually after age 59-1/2.
- Early withdrawals are be subject to penalties by most governments
- Investments can be made into a variety of assets with varying degree of control by the participant.
Expats frequently come to us to prepare their Czech individual tax returns. They are often unaware that the Czech Republic requires worldwide tax reporting of all tax residents, that is, expats here > 183 days in any tax year.
We prepare the following tax returns for individuals, be they employees, directors, self-employed, unemployed (but with passive income), as well as many others:
We prepare the following tax returns for individuals, be they employees, directors, self-employed, unemployed (but with passive income), as well as many others:
- Income tax
- Social security
- Health Insurance
- Gift tax
- Transfer tax (real estate)
- Real property tax
The following types of foreign-source income are generally reportable in a Czech Republic income tax return:
- Interest
- Self-employment (1099-MISC)
- Rental or sales of real estate
- Dividends and sales of securities
- S-corps, partnership distributions (for example, reported on a K-1)
CFO2GO provides the full range of US tax returns for US citizens, resident aliens throughout the world. Our clients are on every continent (except Antarctica).
Americans have an obligation to file a tax return on their worldwide income almost without exception each year or face significant penalties.
We support the following standard form types. If you are wondering about a specific form, please let me know.
Americans have an obligation to file a tax return on their worldwide income almost without exception each year or face significant penalties.
We support the following standard form types. If you are wondering about a specific form, please let me know.
- 1040 Individual return
- 1040X Amended returns
- 1040NR Non-resident alien return
- 1065 US partnership
- FBAR Foreign bank accounts reporting
- 8938 Foreign financial accounts reporting
We also help with:
- Prior-year accuracy reviews, current year tax modeling
- Support you on IRS audit queries
- Help you fight US State domicile proceedings
- File 1099-MISC with your US suppliers
- File back taxes
If you are an American and own more than 10% of a foreign legal entity, you may have filing obligations with the IRS. Failure to file can carry penalties starting at $10.000.
We routinely file the following forms (plus others) for our Expat clients in the US in respect of their foreign entities:
8858 Foreign disregarded entity
8865 Certain Foreign partnerships
5471 Certain Foreign Corporations
8621 Private Foreign Investment Corporation
8832 Change of tax classification
976 Transferor of assets to a foreign entity
SS4 Employer Identification Number
We routinely file the following forms (plus others) for our Expat clients in the US in respect of their foreign entities:
8858 Foreign disregarded entity
8865 Certain Foreign partnerships
5471 Certain Foreign Corporations
8621 Private Foreign Investment Corporation
8832 Change of tax classification
976 Transferor of assets to a foreign entity
SS4 Employer Identification Number
- IRS is increasingly aggressive in tracking these interests through new Foreign Account Tax Compliance Act (FATCA)
- Foreign company interests are now tracked on the FBAR and form 8938 and 1040 Schedule B
- Company interests held in name of foreign spouses may not be excluded from reporting
If you are coming to the Czech Republic to stay longer than 90 days, you will need a Czech/EU visa. We work directly with expat employees and self-employed to secure the documents they need to enter the country legally.
- Employee visa
- Business Visa:
- Director
- Self-Employed - EU Family Reunification visa
- Student visas
- Short-term visas
All first-time visas must be applied for from outside the company. We can prepare your application, but you must hand it in at a foreign consulate of the Czech Republic and return to that same consulate within 90 days to pick it up.
Employee visas are more and more difficult to get, and most persons coming to the Czech Republic do so as directors of companies or as self-employed persons.
