Income Tax & Other Returns: Features

Providing your data for the preparation of your tax returns

Below is a list of information items we typically need to prepare a U.S. income tax or information return such as Form 5471, Form 3520, etc.

Yours, your spouse's (if filing jointly or separately) and your dependents' social security number, or ITIN (individual taxpayer identity number).
If your marital status changed during the tax years for which returns are to be prepared, please provided details.
If the number of your dependents changed, please provide details
Japanese income tax return, or other foreign country income tax return - for each year a U.S. income tax return is to be prepared. The foreign income tax return is usually our main source of data for taxpayers resident outside the U.S.
Prior year U.S. federal and State income tax returns (we would like to see the last U.S. income tax return you filed if available).
Wage/Salary statements including Forms W-2, Gensenchoshuhyo (Japanese wage/salary statement).
Self-Employment income and expenses details (this is in addition to your related Japanese tax return schedules).
Investment income statements such as Form 1099-INT/DIV/B, Form 1042-S, Form K-1, etc. or Japanese/foreign equivalent.
Details of virtual (crypto) currency income/earnings, whether actually paid out to you or reinvested, etc. Please refer to the following IRS guide for further information on determining what to provide and how such income is taxed. We also request that clients complete our online Virtual Currency & DeFi Questionnaire (see below too) to help ensure compliance.
Miscellaneous income statements, e.g. Form 1099-MISC .
Details of income and expenses for your rental activity (worldwide) if any.
Details of any government benefits you received, such as, social security benefits/pensions, unemployment pay, maternity benefits, etc.
Sometimes we need your U.S. travel information during the tax year. Please keep note of this, including the number of business days and any states you worked in, if applicable.
Bank name, address, and account information including highest balance in the year for your FinCEN Form 114 and Form 8938 (refer to section on the FBAR and 8938 for further details on what information is required).
Details of any gifts (or inheritance) you received from a non-U.S. person including the date of gifting/inheritance, a description and the fair market value of the gift/bequest.
If you owned entirely or even a minority share of a foreign corporation, we may need the annual financial statements to prepare Form 5471.
If you were a partner in a foreign partnership, we may need the partnership's annual financial statements to prepare Form 8865.
If you expatriated, we will need details of your assets and certain values for the preparation of your Form 8854.

Virtual Currency/Cryptocurrency/Digital Assets and IRS Operation Hidden Treasures

The IRS has been actively pursuing taxpayers who own digital assets (DAs) to ensure tax compliance. They have established a team that analyzes blockchain to find taxpayers who do not report income from their DAs. Digital assets is ‘any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology. They include (but are not limited to): convertible virtual currency and cryptocurrency, stablecoins, non-fungible tokens (NFTs)’. Income from DAs come in various forms and therefore it has become necessary to check the kinds of transactions clients have been involved in to ensure compliance. We require that clients complete our online questionnaire provided below to help us determine whether they have taxable income from DAs and we request that clients provide all necessary information to ensure correct reporting.

US Tax Solutions Virtual Currency & DeFi Online Questionnaire can be also found by clicking here.

Alternatively, scan the QR Code below with your smart phone to directly access the online form:

We will receive your completed questionnaire directly after you press the 'submit button'. Be sure to include your full name in the form. Thank you for your cooperation.

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