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

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Posted in Alien, Foreign Income, Foreign Investment, Foreign Tax Credit, FTC, International Tax, Tax Credit, Tax Guidance & Preparation

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

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Posted in FATCA, FBAR, Foreign Income, Foreign Investment, International Tax

Foreign Business Entity Classification: The Risk of Doing Nothing

As my friend Brian Dooley points out when it comes to international tax compliance the US is indeed a sought after tax haven for non US Taxpayers. Money just tends to quietly flow into the USA - ALL THE TIME!

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Posted in Entity Classification, Foreign Income, Foreign Investment, International Tax

Top 25 International Tax Questions

Please feel welcome in the USA. Fear NOT the paper tiger that is the US Tax Code or the rhetoric of pantywaist politicians! Much of maintaining compliance with the US Tax Code distills down to understanding among other things these 3

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Posted in Alien, Foreign Income, Foreign Investment, International Tax

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

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Posted in Extension, IRS Penalties, Tax Guidance & Preparation, Tax planning, Tax Problems & Requests

Research Tax Credits and QRE’s: IRS Form 6765

Being married to a fermentation biologist has allowed me access to a wide swath of fascinating experiments involving media from bio-fuels to home brew. So no matter how many esoteric Internal Revenue Codes I vamp up in public or in social gatherings-like an

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Posted in Research Tax Credit, Tax Credit

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

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Posted in Colorado Department of Revenue, Colorado Income Tax

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

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Posted in Employee Business Expense, IRA, Retirement, Small Business, Social Security, Tax planning

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

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Posted in DIY, Enrolled Agent, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, ITIN, Licensed Tax Professional, PATH Act 2015, Paying Taxes, Penalty, Tax Abuse, Tax Court, Tax Credit, Tax Fraud, Tax Guidance & Preparation, Tax planning, Tax Preparer, Tax Problems & Requests

Year End Tax Planning for Individuals

It is indeed that time of year again, the holidays for many of us, year end tax planning for tax geeks like me and my team. It seems like every tax practitioner is coming out with their year end comments.

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Posted in Tax planning
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