Los Angeles Tax Services | Orange County Tax Returns | Directs

Time 2020-10-02 13:06:13

Web Name: Los Angeles Tax Services | Orange County Tax Returns | Directs

WebSite: http://directsllp.com

ID:67610

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Tax,Services,Los,Call(626)684-0428-Directsisdedicatedtoprovidingourclientswithle

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Los Angeles Tax Services | Orange County Tax Returns | Directs Contact Us Now: (626) 684-0428 Tap Here To Call Us Directs Home Contact Directs Home Who We Are ITIN s NON-US Seller Real Estate Tax Withholding Withholding Tax Refunds / 8288-B's Rental Income Blog Contact Us Withholding Tax Refunds for Non-US Person Real Estate Sales, For This Year and Prior Years The most recent information on tax returns and early refunds for US and Non-US Citizens 8288-B's / Withholding Certificates- Quick Withholding Tax Refunds! For Americans and Non-Americans. Click Here! ITIN's (Individual Taxpayer ID Numbers) Need help setting up your US Taxpayer ID? Click this slide to see how we can help! What We do at DirectsWe Assist Non-US Persons Obtain the Quickest Possible Refund of the IRS Withholding Tax on US Real Estate SalesThe central function of DIRECTS (Domestic and International Real Estate Closing Tax Services, Inc.) is to help non-US persons recover their withheld funds (tax) controlled by the IRS in connection with a US real estate transaction. The IRS requires non-US parties who sell US real estate to have 15% of the gross sales price withheld at the time of sale, regardless of whether the seller made any profit on the sale (and regardless of whether the seller actually owes any income tax to the IRS). This is the current rule required under FIRPTA (the Foreign Investment in Real Property Tax Act of 1980). For example, assume a Canadian national who buys a Los Angeles home in 2014 for $1,400,000, and sells it in 2019 for $1,500,000 (a $100,000 profit), might owe $15,000 to the IRS in income tax (using a 15% capital gains rate), but because the Canadian seller is not a US person, the IRS requires $225,000 to be withheld from the sale proceeds at closing. At DIRECTS, we help this non-US person recover their $210,000 (excess tax) controlled by the IRS. It will take many foreign sellers well over a year, or even years, to obtain the $210,000 refund (if they ever receive their refund at all). At DIRECTS, we help the non-US person obtain a refund either quickly, via the 8288-B application (which might return the $210,000 to the non-US person in around four months after sale); or we can help the non-US person obtain the $210,000 refund in the regular tax refund cycle in the next calendar year. This problem exists even if the non-US person sells the real estate for a loss. Say a Chinese national purchased real estate in Irvine, California, for $1,300,000 a few years ago, and later sells it for $1,200,000. The IRS still requires the Irvine escrow company to withhold $180,000 on the sale (a net loss on the transaction does not change the withholding requirement), but DIRECTS can help the Chinese investor obtain the $180,000 refund, and receive it quickly. By working with DIRECTS, foreign investors will almost certainly avoid the biggest problem faced in selling the US real estate- never obtaining the refund. So many foreign sellers never receive any refund of the 15% withholding tax, because retrieving the IRS withholding tax refund is not easy. But at DIRECTS, we simplify and expedite the refund process.DIRECTS DIRECTS ( ) 1980 (FIRPTA) 15% 2014 140 2018 150 ( 10 ) 1.5 22.5 DIRECTS 8288-B ( 21 ) 21 130 120 18 ( 10 ) DIRECTS 18 DIRECTS 15% DIRECTS, We Assist Foreign Sellers in Obtaining Withholding Tax Refunds From Prior Year SalesSo many foreign investors fail to receive a refund of the 15% withholding tax, even years after the sale. They consider this large tax withheld by the IRS gone for good- a lost cause. But the tax belongs to them, and it can very likely still be recovered. Recovery of the withholding tax held deep in the bowels of the IRS (from prior year sales) is not easy. At DIRECTS, we have an intimate knowledge of the IRS non-US seller withholding tax refund process, and we can assist foreign investors obtain refunds from prior year sales, where the tax has long been considered gone for good. DIRECTS We Assist Foreign Individuals in Procuring ITIN sAt DIRECTS, we help non-US investors of US real estate procure ITIN s (Individual Taxpayer ID Numbers). A non-US person selling US real estate will never obtain a refund of their withholding tax without first procuring an ITIN (or a US social security number). And procuring ITIN s in conjunction with a US real estate sale is not simple or easy. The timing of the submission of the ITIN application to the IRS is critical to the overall refund process. At DIRECTS, we assist hundreds of foreign individuals obtain ITIN s each year, and we apply for the foreign individuals ITIN s at the correct time to ensure the most efficient tax withholding refund process. ITIN s ( ) ITIN ( ) DIRECTS, We Prepare Rental Tax Returns for Non-US Owners of US Real EstateNon-US persons who own US real estate and receive rental income from renting out their US real estate are subject to a 30% (of the gross rents received) mandatory IRS withholding tax (30% of the gross rents, right off the top). But this mandatory 30% withholding requirement can be removed by following a specific process dictated by the IRS. At DIRECTS, we help non-US persons who rent out their US real estate properly report their income so they can net their expenses against the rental income earned, and therefore avoid the mandatory 30% of the gross rents withholding tax requirement.Led by CEO and California tax attorney Michael W. Brooks, DIRECTS is staffed by a team of highly experienced tax professionals who's sole focus and expertise is assisting non-US real estate investors recoup their real estate withholding tax and complete their US tax filing obligations. At DIRECTS, we help non-US parties rescue their money trapped by the IRS! 30% DIRECTS Michael W. Brooks DIRECTS, !Learn More Contact Us (626) 684-0428 We Speak Mandarin Name (Required) Email (Required) Phone (Required) Message Arcadia Office 440 E. Huntington Dr. #300 Arcadia, CA 91006 Phone: (626) 684-0428 Palm Desert Office 41945 Boardwalk #A Palm Desert, CA 92211 Phone: (760) 346-6140 Irvine Business Center 7545 Irvine Center Dr #200 Irvine, CA 92618 Phone: (949) 572-8919 DIRECTS' clients are non-US investors from countries throughout the world (China and Canada top of the list) with US real estate throughout the United States. The majority of DIRECTS' clients are non-US investors with real estate in Southern California (with many clients in particular with real estate in Los Angeles County, Orange County, San Diego County and the Palm Springs area). In these counties, some "hotbeds" for foreign investor activity are cities such as Los Angeles (including Beverly Hills), Arcadia, Newport Beach, Irvine (Irvine is very popular with Chinese investors), San Diego, and of course Palm Springs (which is very popular with Canadian investors). We also typically see a fair number of clients with real estate sales from Northern California (a lot from San Francisco), Arizona and Nevada (usually Las Vegas) as well. And each year we see clients with US real estate from states and areas which are not our usual (Florida, Pennsylvania, Idaho and Washington, D.C. of late), and we welcome them as well. Home Disclaimer Privacy Policy Site Map Contact Us Los Angeles Tax Services | Orange County Tax Returns | Directs

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