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independent tax professionals
GLOBAL
ACCOUNTANT NETWORK
independent tax professionals
US TAXATION KNOWLEDGEBASE
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What Is IRS Letter CP508C? 2022 Update
What Is IRS Letter CP508C? The IRS sends Letter CP508C as a notice to taxpayers who have a seriously delinquent tax debt, advising them of
Solid Reasoning or Flimsy Excuse? When the Streamlined Filing Form 14653 / 14654 Narrative Makes Sense, and When it Means Trouble
In the right circumstances, joining the streamlined Filing Compliance program to report foreign financial accounts can be a quick and cost-effective way to become fully compliant with IRS requirements. But streamlined filings can be exceptionally risky. We take extra care to ensure that our clients understand the dangers that attend streamlined filings, and that both the letter and the spirt of the streamlined compliance program are fully honored. The key aspect being the form 14653 / 14654 narrative.
IRS Passport Revocation – Letter 6152 And What it Means for Your US Passport
While you may have an idea as to what this means based on the previous section, it is vitally important to understand what it actually means. Passport revocation is a tool created for the IRS that gives them the power to revoke or deny the passport of any taxpayer with delinquent tax debt. The legislation involved dictates that the debt must be defined as “seriously delinquent”.
IRS Passport Revocation: It Will Continue For Americans Who Owe More Than $52,000 In Overdue Taxes
The Internal Revenue Service (IRS) has made it clear: it will revoke U.S. passports for Americans who owe more than $52,000 in overdue taxes.
TAXATION OF US RENTAL FOR FOREIGN NATIONALS
Foreign Nationals with Rental Income in the USA must keep 3 Things in Mind:
1- FDAP Income, 2- Effectively Connected Income and most importantly 3- The 871(d) Election (Net Election)
Will my tax debt ever expire?
This code section stipulates that the IRS has 10 years from the time tax is assessed to collect it. If they are unable to collect those amounts within 10 years, through whatever means they have available – such as garnishing your wages, placing a levy on your bank accounts, or a lien on your assets – the balance would be erased.
Ignorance of the law should be considered a lesser offense
Why isn’t the IRS isn’t more understanding of the complex regulations they have set forth for Americans living and/or investing abroad and why isn’t there better information provided to understand compliance and reporting requirements? Expats are in a sense forced to fall out of compliance, as the time requirement to educate themselves and keep up with the changing regulations is too much of a burden, and often too complex to understand even if you have the time needed to attempt self study
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