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Tax Articles

Lessons Learned Preparing & Defending IRS Form 8938 – FATCA

Foreign Financial Asset Reporting (FATCA) – Form 8938 was enacted March 18, 2010 and requires filing of Form 8938. The FATCA requirement does not replace or otherwise affect a taxpayer’s obligation to file an FinCEN Form 114. Basically if you are a US taxpayer holding foreign financial assets you must file IRS Form 8938 if you have an…


Foreign Earned Income for U.S. Overseas Taxpayers

The following was prepared by IRS Employees Bethany Barclay, Technical Specialist LB&I Division & Tracy McFee, CPA Technical Specialist LB&I Division regarding Foreign Earned Income Exclusion (FEIE). Tracy and I met as guest panelists on the hit TV Show Tax Talk Today – Aliens, Immigration, and Taxes – Navigating the Shoals and I’ve grown to truly appreciate…


Foreign Tax Credit (FTC) A Drill Down into IRS Form 1116

With all the political rhetoric about borders and boundaries circulating these days by ‘news media’ outlets the fact of the matter is US Taxpayers are increasingly working and living abroad everyday. With that trend comes the fact that taxpayers and tax practitioners alike find it difficult navigating the shoals of Foreign Earned Income Exclusions (FEIE) reported on Form…


Foreign Earned Income Exclusion (FEIE): Drill Down into IRS Form 2555

We get all sorts of fascinating questions from established US Taxpayers as well as those experiencing internationalism for the first time. It seems regardless of the degree of sophistication in US income tax filing obligations most people are out to lunch when it comes to arcane acronyms and filing requirements. Complicating matters is the fact…


AVOID PENALTIES – Get Income Tax Extension Requests Filed & Estimated Income Taxes Paid

Remember your US Income Tax extension request is ONLY for additional TIME to FILE your tax forms, your income tax payments, estimated or otherwise, are still due April 18th 2016. Most US Taxpayers forget that income tax payments are due in April, even if an extension request for more time to file the forms has been accepted.  Resist the urge…


Colorado Tax Update & Top 10 Hacks To Streamline the Filing Process

My friends at the Colorado Department of Revenue Tax Division have been hard at work amending and repealing several different personal and corporate income tax regulations with a handful of notable mentions for non-residents and part year residents alike. The absolute biggest change to the CO 104 form are lines 29 – 33 with regards to…


Deliberate Tax Free Compounding is the Secret of the Golden Flower

I am getting to be an old man now and so profoundly thankful that the lessons of tax-free compounding were impressed upon me at an early age. It has made a huge difference in my financial well being and subsequent happiness. You too can use the power of tax-free compounding to increase retirement savings. We…


Protecting Americans from Tax Hikes (PATH) Act of 2015 – A Summary

Protecting Americans from Tax Hikes Act of 2015 (PATH) summarized by my friend Shirley Callahan EA. Some highlights include: Everyone will appreciate the permanency of the enhanced Educator Expenses, the Sales Tax deduction, and the R&D Credit. Section 179 is made permanent at $500,000 phasing out at $2 million … and will now be indexed for…