Amended Returns ( Expats )
October 10, 2012
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Often a large tax bill can be the result of a poorly done tax return. While many of those in the industry do an adequate
Tax Extension Deadline Approaches ( October 15 2012 )
September 19, 2012
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Taxpayers who filed an extension to file their 2011 tax returns in April 2012 should file their returns by October 15 2012 to avoid the following penalties:
What should you do if you have unfiled FBAR Forms?
September 12, 2012
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An opinion for you to evaluate amongst the plethora of technical articles.
I speak with “criminals” on a daily basis regarding their unfiled FBAR forms and the potential penalties. As a result, I’ve heard as many different “strategies” on how to deal with them, and since jail would have been a likely result had they carried on with them, I feel like I should share some important information with all the other “criminals” out there.
Una cacería de impuestos en Estados Unidos
September 3, 2012
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El desconocimiento de las obligaciones tributarias con USA por parte de ciudadanos con doble nacionalidad, ha generado problemas a cientos de personas, quienes súbitamente ven amenazado su patrimonio
Why does the US tax its citizens on worldwide income?
August 30, 2012
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The U.S. is the only country that taxes its citizens on their worldwide income, no matter where they live and regardless of how long they have been overseas. Well, actually the U.S. is almost the only country. Eritrea has what is known as a “diaspora tax” on its citizens.
Why do clients change tax professionals?
August 30, 2012
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Changing tax professionals is a big decision; one that certainly shouldn’t be taken lightly, especially if you are a U.S. resident or taxpayer that lives and works overseas. Nevertheless, many taxpayers are relatively nonchalant about changing to a new professional when they are genuinely dissatisfied. Many of us have had conversations with friends about sub-par service from a professional (whether tax or in other personal service areas) and when asked the question “why don’t you just change professionals”, we’ve all heard the response “well, I’ve been with Fred for years”
Some Reasons for filing your past returns
August 27, 2012
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U.S. taxpayers are taxed on their worldwide income. Nevertheless, if you are a U.S. taxpayer who earned income while abroad during the tax year, special taxation rules apply in order for you to avoid double taxation (by both the U.S. and the foreign government). In many cases you may owe the IRS nothing for this income. Nevertheless, your income tax filing requirements are the same as for U.S. taxpayers who earned no income abroad.
No way my FOREIGN company has to file a US tax return!!!
August 23, 2012
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US citizens with ownership interest in a FOREIGN company must file the equivalent of a US tax return for that corporation through form 5471 – EVEN THOUGH THE US HAS NO JURISDICTION OVER THAT ENTITY!!!
Will my tax debt ever expire?
August 23, 2012
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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.
Owe Taxes and Live Overseas – What You Need to Know
July 17, 2012
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As a taxpayer who resides outside the United States, you may not be aware of outstanding federal tax liabilities or a tax lien – especially if the address on record for you is outdated or otherwise incorrect. Heck, you may not even have filed a tax return, but the IRS filed one on your behalf (known as a substitute tax return that is filed based on information reported by third parties, such as employers, banks, brokers, etc).
