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

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Posted in ITIN

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

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Posted in IRS Collections, IRS Enforcement, IRS Mediation, IRS Penalties, Non-filed Tax Returns, Penalty, Tax Guidance & Preparation, Tax planning, Tax Problems & Requests, Taxpayer Advocate

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

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

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

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

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
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