In the United States, American citizens who live abroad still have to file their taxes in the US and pay money to the US Treasury. This is because of the unique way the American-led system works. But outside of the details, it can be a source of stress for US citizens living abroad. It's not always easy to comply with taxes, especially if you know that you owe taxes and from previous years.
This is where Universal Tax Professionals (UTP) is so useful. We were pleased to see that there was a service that focuses on helping individuals in this situation. Not only can it file taxes today, but it can also deal with historical overpayments and underpayments from the past, sometimes without incurring any penalties for its clients.
The purpose of this review is to look at who Universal Tax Professionals is for, the things that we liked about the service, and some of the minor drawbacks that we found as we used it. By the end, you'll have a clearer picture whether this option is for you and how we rated it overall.
Who is Universal Tax Professionals for?
Universal Tax Professionals pitches itself as a service that's for customers with mid-sized businesses or entities living overseas. That's not to say that it can't be used by smaller parties, it's just that it has a range of services that goes beyond conventional software that most freelancers use. It's also far cheaper than going to one of the big four accounting firms which is a problem for many expats living overseas. They want to comply with their taxes but they don't want to spend a fortune in the process.
Pros of universal tax professionals
So what did we like most about Universal Tax Professional Service? How did it stand out from the competition?
Specialist expertise for expats living abroad
The biggest benefit of using Universal Tax Professionals is the firm's exclusive focus on Americans living abroad. Rules inside out across many countries, allowing business owners and freelancers to really gain confidence when doing their taxes overseas. It can also assist with Streamlined Filing Compliance Procedure, a procedure offered by the IRS to deal with historical back taxes quickly. It currently claims a 100% success rate with this program, which is something that we also experience during our use of the service.
Affordable compared to the Big Four
Another benefit of using universal tax professionals is its affordability compared to the Big Four. Most large accounting firms are very expensive and are only suitable if you have a large, complex operation. That's when you need them.
However, if you're an expat living overseas, and you describe your business or financial situation as mid-level, then Universal Tax Professionals are certainly the better option. They are far more versatile than conventional DIY tax software, but not as expensive as the Big Four firms, meaning that quality is available without sacrificing on price.
Worldwide operations
We also noticed that Universal Tax Professionals offered worldwide operations. Obviously, this is beneficial for expats who are living in multiple countries. Total coverage is around 100 territories overseas from the United States. So most areas of the world are covered. There are some patchiness in what the team can help with, but this is rare, and most Americans aren't traveling to countries that are in parts of the world that the service doesn't cover.
Comprehensive services
Another thing we liked about Universal Tax Professionals was their comprehensive services. We found options for:
- Back taxes
- Corporate taxes
- Filing preparation
- Reporting
- FATCA
- Tax planning
Naturally, all of these are extremely helpful while abroad. Most of these services are unavailable in local countries, but they are easy to access from UTP's Ohio location.
Client-focused support
You'll also find client-focused support at Universal Tax Professionals. The outfit is very useful when looking for a turnkey solution. All of the services are personalised, and the support is actionable, allowing you to make quick steps to secure your accounts and funds.
The accountants also focus on data security, which is useful if you're running a larger operation and want to keep your personal financial information safe.
Proven track record
Finally, Universal Tax Professionals has a proven track record. The service just works! It has experience with over 4,000 customers over 10 years, with a Trustpilot rating of 4.7 out of 5 stars. This makes it one of the premier players in the space.
The Cons of Universal Tax Professionals
Of course, there are some downsides to Universal Tax Professionals. Here's what we found.
Slower turnaround times
Slow turnaround times aren't an issue if you have all of your ducks in a row. It can become a problem if you need to meet a filing deadline. Universal Tax Professionals' turnaround time is usually two to three weeks. That's fine as far as accountants go, but if you're in an emergency situation, you'll need to call them up to tell them that your tax is filing faster than this.
US-based operations
The other factor is the US-based operations. Universal Tax Professionals is based in Ohio and has US phone numbers. This means that if you're overseas and in a different time zone, you might find it more challenging to get in touch with them. You may have to wake up early in the morning or go to bed late at night.
Final verdict
The issues we encountered with Universal Tax Professionals were minor, which is why we are giving them a 5-star review rating. We don't think there are many options out there that have more comprehensive services specifically designed around expats who have outgrown their DIY accounting software.
They are affordable and well worth exploring if you haven't done so already. Just check that they are operating in your country and can prepare your taxes accordingly.
