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Tax Articles

New requirement for dependents whose passports don’t have a date of entry into the U.S.

The IRS changed its policy on acceptable documentation for issuing dependent Individual Taxpayer Identification Numbers (ITIN). The agency no longer accepts passports that do not have a date of entry into the U.S. as a stand-alone identification document for dependents from countries other than Canada or Mexico or dependents of military members overseas. In addition…

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General Tax Benefits of Charitably Giving

Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures: adjusted gross income – $11,563,931 – MILLION Itemized deductions – $5,477,694 – MILLION Total charitable contributions – $2,858,057,970 – BILLION…

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Charitably Giving with Intention – An Introspective – Part 1 – QCD’s

Last spring I became relatively involved with St. Peter’s Stewardship Committee out here in Greenwood Village, Colorado.  With membership ranks and pledged donations struggling, my wife and I developed a plan to drill down into several aspects of charitable giving and report findings along the way. Four underlying themes have surfaced including that the vast…

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Immediately Effective Changes to IRS ITIN Acceptance Agent Program

According to Brenda L. Hales, Senior Tax Analyst, Internal Revenue Service, ITIN Policy Section-M/S 97-WI of 401 W Peachtree Street NW, Atlanta, GA 30308 the ITIN Acceptance Agent Program includes the following changes made in 2016 and are immediately effective: Certification Process Changes For dependents, Certifying Acceptance Agents (CAA’s) will now be allowed to authenticate the passport and birth certificate. CAAs…

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What to do WHEN you disagree with the IRS

The IRS Office of Appeals offers taxpayers an opportunity to resolve their tax disputes without going to court. Appeals is an independent function within the IRS that provides an impartial review of your tax dispute. Appeals also offers mediation services through Fast Track Settlement and other programs. These mediation programs are designed to help you…

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New Requirements for ITIN Applicants

New requirements implemented for dependents whose passports lack a date of entry stamp into the U.S. Beginning Oct. 1, 2016, the IRS will no longer accept passports that do not have a date of entry into the U.S. as a stand-alone identification document for dependents from countries other than Canada or Mexico or dependents of…

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Why You Should File Past Due Tax Returns NOW

Regardless of whether or not you are able to pay your tax liability in full, you should file all tax returns that are due. To do so, file your past due return the same way that you would file a timely return. Contact me directly for more specifics as you see fit. If you received…

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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…

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