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...
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...
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...
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...
Foreign Bank Account Reporting (FBAR) - FinCEN Form 114 FinCEN Financial Crimes Enforcement Network (FinCEN) is a bureau of the Treasury Department. Authorized under the Bank Secrecy Act, foreign bank account reporting commonly referred to as “FBAR” is electronically reported to the IRS via FinCen Form 114 separate and...
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...
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...
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 taxpayers and tax...
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...
