NEW REPORTING NEXT YEAR FOR CORPORATIONS, LLCS AND FOREIGN CORPORATIONS

A new law that's taking effect next year is going to require millions of small businesses to begin filing disclosures about their true ownership with the Treasury Department or face stiff penalties, and most are unaware of it.

As a result of the Corporate Transparency Act of 2021, corporations, LLCs and other entities formed under state law (domestic reporting companies) or similar entities formed under foreign law and registered to do business in the U.S. (foreign reporting companies) must report their beneficial ownership to FinCEN — the Treasury Department's Financial Crimes Enforcement Network. 

The reason is that kleptocrats, human rights abusers and other corrupt actors have used complex and opaque corporate structures, including shell companies, to hide and launder the proceeds of their corrupt activities. 

Expats Working Abroad May Be Able to Deduct Their Rent from their earnings.

 US expatriates working abroad may be able to deduct their rent if their income exceeds the current foreign earned income exclusion ($112,000 for 2022). The rent has to exceed a certain minimum amount which is often set by the country you live in.  If your an expat and need to take advantage of this special rule on your US tax return CONTACT US FOR ASSISTANCE.  Visit our website at www.taxmeless.com for a lot of expat taxation information that you may find useful.  

US Expatriate Taxation - Everything You Need to Know from 30 year CPAs and Attorney Experts

 Expatriate taxation for US citizens are complicated. You must file a US expat tax return no matter where you live and work in the world each year so long as you earned in excess of a certain amount. Failure to file can result in substantial penalties and interest and possible criminal prosecution.

Learn all of the rules and regulations at our website www.taxmeless.com   At our website you can download a 2022 tax questionnaire which you can use for the current year and any past unfiled returns. Contact us with your questions and inquiries by email HERE.   Our whatsapp number in the US is 818-519-9219.  

One more thing, if you owe the IRS more than $50,000 they can seize your US passport when you enter back into the US. We can help you resolve this problem before it happens.

DOWNLOAD YOUR 2022 EXPAT TAX QUESTIONNAIRE

DOWNLOAD YOUR 2022 EXPAT FAST TAX FACT SHEET