DUBLIN, April 11, 2013 /PRNewswire/ -- There are now 31% more foreign students studying in the US than there were a decade ago and according to Taxback.com, the experts behind the new tax file tool Sprintax, while the majority of these students will be required by US law to file a tax return before Apr 15th – a significant percentage are unaware of the harsh penalties than can be incurred for failure to comply with US tax requirements.
Aoife Flynn, Vice President of Sprintax commented, "International students in the US have until April 15th to file any and all of their tax returns. If they fail to do so they run the risk of being punished by the IRS. There are various penalties for non-compliance such as fines for filing late and also a possibility of future visa refusals.
Wading through the myriad of admin & paperwork often associated with filing a tax return can be a daunting and tedious process – which is why we developed Sprintax. With foreign students now making up 3.7% of all enrolments in the US (up 6% on last year) the number of international students filing tax returns in the US is growing significantly. We found that there was very little in terms of service offerings for these students. Sprintax makes DIY tax prep quick and easy. Our software is tailor-made for international students and scholars in the US, taking the stress out of filing returns. We offer different levels of service based on individual student needs, from step-by-step Federal 1040NR filing to a Live Help feature."
Taxback.com launched Sprintax in January of this year & say that the success to date has been excellent and that they can see the product growing in popularity from week to week as more and more international students based in the US learn of its existence.
Sprintax is web-based, so international students can log in from anywhere. Students complete the simple step-by-step questionnaire which then enables the experts at Sprintax to complete the tax return. Students can either file their return or choose a full filing service, including state tax returns and even applying for their own ITIN.
Aoife went on to say, "And Sprintax is smart - our software recognizes specific income types, such as on- or off-campus work, grants, scholarships, or stipends. It knows the allowances non-residents and their families can use, as well as any residency or tax treaty issues that may affect students."
Taxback.com says that the deadline for filing all types of individual tax returns for the year 2012 is Monday the 15th of April, 2013. If you file your individual tax return for 2012 past 15th of April, 2013 and you owe taxes, the Internal Revenue Service will start collecting penalties and interest on the amount owed.
Name: Sinead Gill
Number: +353 (0) 1 6353740
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