Services Handled
US tax preparation and cross-border consulting for Americans living in Asia. All preparers are US-credentialed (CPA or Enrolled Agent), all filings come from a team that works exclusively with overseas filers.
US federal and state tax preparation
Annual Form 1040 preparation for US citizens and green-card holders abroad, with the Foreign Earned Income Exclusion (Form 2555) or Foreign Tax Credit (Form 1116) applied depending on which produces the better result. State return coverage where relevant. Capital Tax Limited evaluates whether a state return is actually required based on your domicile facts, rather than defaulting to "file everywhere just in case."
Includes all standard schedules: Schedule B (interest & dividends, including foreign), Schedule D (capital gains), Form 8949 (brokerage detail), Schedule E (rental, royalty, partnership income), Schedule C (self-employment).
FBAR + FATCA reporting
FinCEN Form 114 (the FBAR) for anyone with aggregate foreign financial accounts over $10,000 at any point in the year. Filed annually, separate from the 1040. Form 8938 (FATCA) gets attached to the 1040 if your foreign financial assets exceed the higher FATCA thresholds ($200k/$300k single-foreign-resident, higher for married).
If you missed FBARs in prior years and your returns are up to date, you can still file the late FBARs through FinCEN's BSA E-Filing System with a reasonable-cause statement. The IRS removed its standalone Delinquent FBAR Submission Procedures page in July 2026. The statutory reasonable-cause exception at 31 U.S.C. 5321(a)(5)(B)(ii) remains, and IRM 4.26.16.3.11 still directs examiners not to assert a penalty where they determine the violation was non-willful, resulted from reasonable cause, and the account is accurately reported on the delinquent FBAR. Relief is therefore conditional on the facts; filing a statement does not itself establish reasonable cause.
Streamlined Amnesty (catch-up filing)
If you haven't filed US returns in years, the IRS Streamlined Filing Compliance Procedures are the usual path back into compliance. Three federal years, six FBAR years, and a certification that the failure was non-willful. Tax owed and late-payment interest are due. For someone who never filed, the foreign procedures are the route in question and they carry no offshore penalty; the domestic ones, which carry a 5% penalty, work by amending returns already on file and so are not an alternative here. Qualifying turns on the non-residency test, and the IRS decides whether a submission qualifies rather than issuing an acceptance notice.
Capital Tax Limited handles Streamlined cases regularly. For the full mechanics, see the sister site at streamlinedamnesty.com. It's dedicated to this program specifically.
Tax treaty analysis
The US has income tax treaties with Japan, South Korea, Thailand, China, the Philippines, Indonesia, the UK, and many other countries. It has none with Singapore or Hong Kong. Each treaty has specific provisions on pensions, dividends, business income, social security, and student/researcher fellowships.
The catch: US citizens are subject to the "savings clause" in most treaties, which limits how many benefits actually apply to citizens versus resident non-citizens. A detailed analysis models which treaty provisions are actually available in your fact pattern, and uses them, where applicable, on your return.
Form 5471 for foreign corporations
If you own 10% or more of a non-US corporation (Japan K.K., Hong Kong limited, Singapore Pte Ltd, etc.), you generally owe Form 5471 each year, with multiple schedules depending on your ownership and the corporation's activity. Failure-to-file penalty is $10,000 per year even if no US tax is due.
For controlled foreign corporations (more than 50% US-owned), GILTI calculations may apply: US tax on the corporation's earnings even without distribution. Planning moves include Section 962 elections, GILTI high-tax exclusion elections, and re-organization; Capital Tax Limited models the scenarios before an option is selected.
Tax equalization / hypo-tax modeling
For expats on employer assignment with tax-equalization clauses in their contracts, Capital Tax Limited builds hypo-tax models comparing US reference-tax to actual local-plus-US liability. Deliverable is usually a spreadsheet and a memo, useful for both your own understanding and for employer negotiations on tax-equalization true-ups.
Expatriation planning (Form 8854)
If you're considering renouncing US citizenship or giving up a green card, the pre-renunciation planning matters. Five years of clean compliance is required; the Exit Tax applies to "covered expatriates" (net worth over $2M or a certain income-tax-liability threshold); and Form 8854 is filed in the year of renunciation plus sometimes annually thereafter.
Capital Tax Limited handles the compliance steps and coordinates with immigration counsel when the legal mechanics of renunciation overlap with tax mechanics.
Consulting
Specific decisions that aren't a full tax-return engagement:
- Is my current broker account PFIC-exposed? If so, what are the cleanup options?
- Should I file as Married Filing Jointly with my non-US-citizen spouse, or Married Filing Separately? What does Section 6013(g) election do?
- My company wants to pay my salary through a foreign entity. What does that mean for US tax?
- I'm moving from Japan to Singapore. What changes for US tax purposes?
Hourly consulting on specific questions is available without signing on for a full annual filing.
Out of Scope Services
Capital Tax Limited professionals are not tax attorneys. They handle compliance and planning, not litigation, controversy representation (audit defense), or criminal tax matters. If a situation has willfulness exposure, ongoing IRS examination, or legal dispute, clients will be referred to specialist counsel rather than engaging outside the firm's scope.
Structured Engagement Process
The partner firm, Capital Tax Limited, follows the same five-step engagement process for every client:
- Intake & Scope: You provide details of your tax history, current residency, and financial assets. Capital Tax Limited reviews the facts and delivers a fixed-fee engagement letter within two business days.
- Secure Document Gathering: You upload your tax forms (W-2s, gensen-chōshū-hyō, IR8A, foreign tax returns, and bank statements) to a fully encrypted, secure client portal. Capital Tax Limited provides a customized checklist to make this step straightforward.
- Preparation & Analysis: A credentialed CPA or Enrolled Agent prepares your returns and FBARs, analyzing the most beneficial treatments (such as FEIE vs. Foreign Tax Credit stacking, and pension reporting rules).
- Draft Review & QA: You receive drafts of your returns for review. The preparer goes over the numbers with you, explains any treaty or credit positions taken, and answers your questions.
- Filing & Confirmation: Once authorization forms are signed, Capital Tax Limited files the returns electronically with the IRS (or compiles paper packages for Streamlined mailings) and files the FBARs with FinCEN, providing official receipt confirmations.
Services & Scope: Common Questions
Who will prepare my US expat tax return?
All returns are prepared and reviewed by qualified US tax professionals (CPAs or Enrolled Agents) at Capital Tax Limited who specialize exclusively in cross-border tax compliance and expat issues.
How do you calculate your pricing for tax preparation?
Pricing is based on the complexity of your return (e.g., number of foreign accounts, presence of foreign corporations, passive investments). Capital Tax Limited provides a transparent, fixed-fee quote upfront before any work begins.
Can you help me file multiple years of back taxes?
Yes. The usual route is the IRS Streamlined Filing Compliance Procedures: 3 years of tax returns and 6 years of FBARs, with a certification that the failure to file was non-willful. For someone who never filed, the foreign track is the one in question, and it requires meeting the non-residency test. The domestic track is not an alternative here, because it amends returns that were already filed. Tax owed and interest are payable, and the IRS decides whether a submission qualifies.
How do I securely share my financial documents?
Capital Tax Limited uses a fully encrypted, secure client portal for all document uploads and communications, ensuring your sensitive financial data remains protected.
Do you handle state tax returns for expats?
Yes. Capital Tax Limited prepares state returns for expats who have state-source income or who are required to maintain a state filing status (such as California, Virginia, or New York, which have strict residency rules).
How long does the entire tax preparation process take?
For a standard return with clean records, the process typically takes 2 to 4 weeks. Streamlined packages and corporate filings (Form 5471) may take 4 to 6 weeks.
Provenance: Tax figures on this page are drawn from our internal TAX-FACTS constants for tax year 2025. Each constant records the IRS or FinCEN authority it came from and the date it was checked, and an automated test fails the build if a superseded figure appears in any published page. Capital Tax Limited's CPAs and Enrolled Agents are subject to Circular 230, which governs practice before the IRS. Nothing here is legal or tax advice on your situation.
Next step
Send a short description of your situation. The partner firm, Capital Tax Limited, responds within two business days with a scope and fee estimate for your specific case.