tag:blogger.com,1999:blog-72765642024-03-14T01:51:21.774-07:00U.S. Income Tax for Expatriates, Nonresidents & US International Tax MattersUS IRS rules, regulations and laws, for US Citizens, Americans, green card holders, and nonresidents living abroad or moving to the US or out of the US.... valuable information on IRS rules concerning U.S. expatriates and their tax returns, and tax planning.... by an experienced International Tax Attorney Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.comBlogger683125tag:blogger.com,1999:blog-7276564.post-84127318175986438342023-08-20T09:38:00.000-07:002023-08-20T09:38:34.475-07:00IF YOU OWE THE IRS MONEY AND ARE LATE IN PAYING HAS THE POWER TO SUSPEND OR TAKE AWAY YOUR US PASSPORT<p> If you owe the IRS money (and are very late in paying) can legally request the US State Department not renew it or suspend your US passport. They also have in the past requested US Customs and Border agents to take your passport away from you when taxes are due and not paid. They will let you into the country but you cannot leave until you clear up your debt to the IRS. <a href="https://www.irs.gov/individuals/understanding-your-cp508c-notice#:~:text=Seriously%20delinquent%20tax%20debt%20is,lapsed%20or%20been%20exhausted%2C%20or" target="_blank">The rules are set forth HERE.</a></p><p>If you owe past taxes or tax returns we can help you avoid problems that may arise when you return to</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUv8GWBFz_xTFAG4YXRfEHsPCbIOIp-PBHFxjuM7dlHagKLIY28ibwhb3nfYT1g1GUv5FszBPLLBbLFDL708UHIS0rSNNuPqOmgsARGfm1r1PwY9CUUC48GkPe3FVHpYNndHZXPHOiQnnLYXOoHi8yPpJhKtuWE3bZMe_-mz84dCJALX1U_sU/s515/Uncle%20Sam%20CPA2.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="515" data-original-width="379" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUv8GWBFz_xTFAG4YXRfEHsPCbIOIp-PBHFxjuM7dlHagKLIY28ibwhb3nfYT1g1GUv5FszBPLLBbLFDL708UHIS0rSNNuPqOmgsARGfm1r1PwY9CUUC48GkPe3FVHpYNndHZXPHOiQnnLYXOoHi8yPpJhKtuWE3bZMe_-mz84dCJALX1U_sU/w147-h200/Uncle%20Sam%20CPA2.jpg" width="147" /></a></div><br /> visit the US. We have helped hundreds of taxpayers catch up and enter the IRS Streamlined Program. We can also assist you with an offer in compromise to reduce the amount of tax owed or a payment plan to pay your taxes off over time.<p></p><p>Our firm of attorney and CPAs have over 30 years experience in US expatriate, International and Nonresident taxation.</p><p>You may owe the IRS and not even know it! It is your legal obligation to keep them informed of any moves or new addresses. They are not responsible for keeping track of you or for poor mailing service.</p><p>Email us for help: <a href="mailto:ddnelson@gmail.com">ddnelson@gmail.com </a> Visit our website at <a href="http://www.taxmeless.com">www.taxmeless.com</a> Our US phone number is 949-480-1235</p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-87746061635316610562023-06-18T15:38:00.002-07:002023-06-18T15:38:43.301-07:00NEW LAW WILL REQUIRE TAXPAYERS TO REVEAL TRUE OWNERSHIP OF CORPORATIONS AND LLCS OR PAY SUBSTANTIAL PENALTIES<p>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.</p><p></p><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variation-settings: inherit; line-height: inherit; margin: 30px 0px;">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. </p><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-text-stroke-width: 0px; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variation-settings: inherit; line-height: inherit; margin: 30px 0px;">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. </p><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-text-stroke-width: 0px; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variation-settings: inherit; line-height: inherit; margin: 30px 0px;">Need help with your LLC and Corporate filings or tax planning for the future. Email us to set up a consultation <a href="MAILTO:DDNELSON@GMAIL.COM" target="_blank">EMAIL FOR TAX HELP</a></p><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-text-stroke-width: 0px; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variation-settings: inherit; line-height: inherit; margin: 30px 0px;"><br /></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-22831425040438790862023-03-29T10:56:00.000-07:002023-03-29T10:56:01.038-07:00NEW REPORTING NEXT YEAR FOR CORPORATIONS, LLCS AND FOREIGN CORPORATIONS<p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variation-settings: inherit; line-height: inherit; margin: 0px 0px 30px;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirBuUvWkA8sivYrXbUYXI5IpgG00m55dsdfnPdYTpGe1oLuhu2ar33Is80v54rqWi7p5YdSEFEwiCoMhIlj1RBaoiY2FpatByg4ft7juvdO4RZRQ-hKeBmvouu44Adzvof_w9DZN4YWwearcwhuchlWXkukUYfdJqugKbjo9k68ZpxAvjXspM/s750/Mexico%20Info%2041710_img_0.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="620" data-original-width="750" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirBuUvWkA8sivYrXbUYXI5IpgG00m55dsdfnPdYTpGe1oLuhu2ar33Is80v54rqWi7p5YdSEFEwiCoMhIlj1RBaoiY2FpatByg4ft7juvdO4RZRQ-hKeBmvouu44Adzvof_w9DZN4YWwearcwhuchlWXkukUYfdJqugKbjo9k68ZpxAvjXspM/s320/Mexico%20Info%2041710_img_0.jpg" width="320" /></a></div>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.<p></p><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-variant-alternates: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; font-variation-settings: inherit; line-height: inherit; margin: 30px 0px;">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. </p><p></p><div class="inline-gate" style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-size: 18px; position: relative;"></div><p></p><p style="--tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; -webkit-text-stroke-width: 0px; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-feature-settings: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-size: 18px; font-stretch: inherit; font-style: normal; font-variant-alternates: inherit; font-variant-caps: normal; font-variant-east-asian: inherit; font-variant-ligatures: normal; font-variant-numeric: inherit; font-variation-settings: inherit; font-weight: 400; letter-spacing: normal; line-height: inherit; margin: 30px 0px; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><br />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. </p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-78962811864845343132023-03-13T14:01:00.002-07:002023-03-13T14:01:53.403-07:00Expats Working Abroad May Be Able to Deduct Their Rent from their earnings.<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCWflihielTgMoCAJRA1CyJxos1Sek9y__TCHWnRxl3X4WC5S-7_VkNowdE_FrmYAtTPCgA4V0IZE6i2jRqBXghIRNBj2hSDOmOiSoUb-kMqKgDY_ey32a-AtPmARw2xqBDRB-HCBW09HAKjuL82Jx-BM9yy3pH7P6ELHxc8RAc8cpe1fJODM/s3264/20160619_120354.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="1836" data-original-width="3264" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCWflihielTgMoCAJRA1CyJxos1Sek9y__TCHWnRxl3X4WC5S-7_VkNowdE_FrmYAtTPCgA4V0IZE6i2jRqBXghIRNBj2hSDOmOiSoUb-kMqKgDY_ey32a-AtPmARw2xqBDRB-HCBW09HAKjuL82Jx-BM9yy3pH7P6ELHxc8RAc8cpe1fJODM/w320-h180/20160619_120354.jpg" title="Deduct your rent on your castle abroad" width="320" /></a></div> 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 <a href="mailto:ddnelson@gmail.com" target="_blank">CONTACT US FOR ASSISTANCE.</a> Visit our website at <a href="http://www.taxmeless.com" target="_blank">www.taxmeless.com for a lot of expat taxation information that you may find useful.</a> <br /><p></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-31170650882293890352023-03-12T15:34:00.000-07:002023-03-12T15:34:01.728-07:00US Expatriate Taxation - Everything You Need to Know from 30 year CPAs and Attorney Experts<p></p><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX0pd82zZYHdMofT7bXiNQVfJ50PakfpQmX3h4JXj1W4HPN5GoFJdqgTt2JV7QJU3db0jIfla6BOvJzyWeGO25n7qBgiCMT_L50EmCHo9K3OjLjHn6zWn7k5Ozdr-7HcUMn6J39x8ctowi1vZInqalQYB-qqsxQ7Jrcu8-JczHndtyvAqT6vc/s581/logo7%20Red%20v5.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="288" data-original-width="581" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX0pd82zZYHdMofT7bXiNQVfJ50PakfpQmX3h4JXj1W4HPN5GoFJdqgTt2JV7QJU3db0jIfla6BOvJzyWeGO25n7qBgiCMT_L50EmCHo9K3OjLjHn6zWn7k5Ozdr-7HcUMn6J39x8ctowi1vZInqalQYB-qqsxQ7Jrcu8-JczHndtyvAqT6vc/s320/logo7%20Red%20v5.jpg" width="320" /></a></div><br /></div> 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.<p></p><p>Learn all of the rules and regulations at our website <a href="http://www.taxmeless.com" target="_blank">www.taxmeless.com </a> 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 <a href="mailto:ddnelson@gmail.com">HERE.</a> Our whatsapp number in the US is 818-519-9219. <br /></p><p>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.</p><p><a href="http://taxmeless.com/2022%20EXPAT%20QUESTIONNAIRE.doc" target="_blank">DOWNLOAD YOUR 2022 EXPAT TAX QUESTIONNAIRE</a></p><p><a href="http://taxmeless.com/2022%20FastUSTaxfactsforexpats%20011823.pdf" target="_blank">DOWNLOAD YOUR 2022 EXPAT FAST TAX FACT SHEET</a></p><br /><p><br /></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-3071010424907167042023-01-27T15:51:00.000-08:002023-01-27T15:51:21.848-08:00There are hundreds of IRS forms and schedules — that may apply to US expatriates living abroad and nonresidents<h3 id="h-15-there-are-hundreds-of-irs-forms-and-schedules-but-these-are-the-most-commonly-used-when-filing-u-s-taxes-for-expats" style="box-sizing: border-box; color: #262626; font-family: "Graphik Web", sans-serif; font-variant-ligatures: none; letter-spacing: -0.25px; line-height: 1.17; margin: 0px; padding: 5px 0px 30px; text-align: left;"><span style="font-weight: normal;"><span style="font-size: medium;">Some of the many expat and nonresident forms include the following. Many forms require 5 or more hours to complete - if filled out by an average taxpayer. We can reduce your time and save money.</span></span></h3><ol style="box-sizing: border-box; font-family: "Graphik Web", sans-serif; font-variant-ligatures: none; margin-bottom: 30px; margin-top: 0px;"><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-a671ab5-49000f73" href="https://www.hrblock.com/tax-center/irs/forms/form-1040/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">Form 1040</a> – The form every American files during tax season to report income to the IRS.</li><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-f9d5df5e-630bd2b4" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/fincen-form-114-report-of-foreign-bank-accounts/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">FBAR (FinCEN Form 114)</a> – Your Foreign Bank Account Report, used to report any assets in foreign financial institutions to the Financial Crimes Enforcement Network of the U.S. Treasury.</li><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-82562b46-276e49f6" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/form-2555-how-to-exclude-foreign-income-on-your-taxes/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">Foreign Earned Income Exclusion Form 2555</a> – One of two methods for U.S. expats to avoid being double-taxed on income earned abroad.</li><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-82562b46-6e40ef84" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/form-1116-how-u-s-expats-claim-the-foreign-tax-credit/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">Foreign Tax Credit Form 1116</a> – One of two methods for U.S. expats to avoid being double-taxed on income earned abroad.</li><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-636a41ce-4c2078e5" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/irs-form-8938-what-it-is-and-who-needs-to-file/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">FATCA Form 8938</a> – How you report assets in foreign financial institutions to the IRS.</li><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-4e61bf4f-22c3759e" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/form-5471-basics-u-s-citizens-should-know/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">Form 5471</a> – Informational return for U.S. citizens who are also shareholders, officers, or directors of a foreign corporation.</li><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-59df81d7-95fabf70" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/u-s-tax-form-8621-for-shareholders-of-passive-foreign-investment-companies/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">Form 8621</a> – Informational return for U.S. citizens who are also shareholders of a passive foreign investment company.</li><li style="box-sizing: border-box; font-size: 18px; line-height: 1.56;"><a data-di-id="di-id-45b0d03e-c0fadd2d" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/form-3520-reporting-foreign-trusts-inheritances-and-gifts-for-americans-abroad/" style="box-sizing: border-box; color: #262626; cursor: pointer; font-weight: 600; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">Form 3520</a> – Informational return expats use to report certain transactions with foreign trusts, ownerships of foreign trusts, or if you receive certain large gifts from certain foreign persons.</li></ol><p style="box-sizing: border-box; color: #262626; font-family: "Graphik Web", sans-serif; font-size: 18px; font-variant-ligatures: none; letter-spacing: -0.1px; line-height: 1.56; margin: 0px; padding: 0px 0px 30px;"><span style="box-sizing: border-box; font-weight: 600;">Ready to file or confused about <a data-di-id="di-id-4182b2da-95f9d0f4" href="https://www.hrblock.com/expat-tax-preparation/resource-center/forms/" style="box-sizing: border-box; color: #262626; cursor: pointer; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">expat tax forms</a>? <a data-di-id="di-id-8fd51c85-50cde67a" href="https://www.hrblock.com/expat-tax-preparation/expat-tax-preparation-and-services/" style="box-sizing: border-box; color: #262626; cursor: pointer; margin: 0px; padding: 5px 0px; transition: all 250ms ease 0s;">Get started</a> with Kauffman Nelson LLP CPAs. We have been doing taxes for US expats and nonresidents for over 30 years. Email us at <a href="mailto:taxmeless@gmail.com">taxmeless@gmail.com</a> or call 949-480-1235 (this is a US number. We offer phone consultations to answer you questions and solve your problems.</span></p><div><span style="box-sizing: border-box; font-weight: 600;"><br /></span></div>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-82612037309495033592023-01-24T09:25:00.001-08:002023-01-24T09:25:06.778-08:00Expatriate and Nonresident US Taxpayers should avoid these common mistakes when they file their tax return<p style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px; text-align: center;"><span style="font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;">Most of the common errors taxpayers make on their tax returns are easily avoidable. By carefully reviewing their return, taxpayers can save time and effort by not having to correct it later.</span><span style="font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;"> </span><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9lLWZpbGUtb3B0aW9ucyJ9.1GyiLwWWuN2jSJE5GMKVcvAWuTqEcMq2gA775Y8_D00/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw3ftNsoCe-2eJ8Xix2O5Mw3" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9lLWZpbGUtb3B0aW9ucyJ9.1GyiLwWWuN2jSJE5GMKVcvAWuTqEcMq2gA775Y8_D00/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc; font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;" target="_blank">Filing electronically</a><span style="font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;"> </span><span style="font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;">also helps prevent mistakes. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions. Taxpayers who qualify may use</span><span style="font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;"> </span><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9mcmVlLWZpbGUtZG8teW91ci1mZWRlcmFsLXRheGVzLWZvci1mcmVlIn0.0t_t9jgHtK_Y2LTInBJjMoKB7g7xrkUDu9BeygqRshE/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw3jaszTwOXjZmi-yCWzM4C6" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9mcmVlLWZpbGUtZG8teW91ci1mZWRlcmFsLXRheGVzLWZvci1mcmVlIn0.0t_t9jgHtK_Y2LTInBJjMoKB7g7xrkUDu9BeygqRshE/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc; font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;" target="_blank">IRS Free File</a><span style="font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;"> </span><span style="font-family: arial, helvetica, sans-serif; font-size: small; text-align: left;">to file their return electronically for free.</span></p><p style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px; text-align: left;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Here are some of the mistakes to avoid</strong>:</span></p><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Filing too early</strong>. While taxpayers should not file late, they also should not file prematurely. They should wait to file until they’re certain they’ve received all their tax reporting documents, or they risk making a mistake that may lead to a processing delay.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Missing or inaccurate Social Security numbers</strong>. Each SSN on a tax return should appear exactly as printed on the Social Security card.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Misspelled names</strong>. The names of all taxpayers and dependents listed on the return should match the names on their Social Security cards.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Inaccurate information</strong>. Taxpayers should carefully enter any wages, dividends, bank interest and other income they received to make sure they report the correct amounts. This includes any information taxpayers need to calculate credits and deductions.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Incorrect filing status</strong>. Some taxpayers choose the wrong filing status. <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvYWJvdXQtcHVibGljYXRpb24tNTAxIn0.2CGHPaTc9mzMhmikTaL_NaLHIJ9sdx2C5RtPiGf1C5Q/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw3rTQsI-jW1FLSL9naDohZL" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvYWJvdXQtcHVibGljYXRpb24tNTAxIn0.2CGHPaTc9mzMhmikTaL_NaLHIJ9sdx2C5RtPiGf1C5Q/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc;" target="_blank">Publication 501</a> has detailed information about filing statuses.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Math mistakes</strong>. Math errors are some of the most common mistakes. They range from simple addition and subtraction to more complex calculations. Taxpayers should always double check their math. Better yet, tax prep software will check it automatically.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Figuring credits or deductions</strong>. Taxpayers can make mistakes figuring things like their <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy9pbmRpdmlkdWFscy9lYXJuZWQtaW5jb21lLXRheC1jcmVkaXQtZWl0YyJ9.zTQ7FuByQT2xXqX92B56faL79TSRtdRtqdu8txzvfII/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw3ofLqAunvtrDllb01CJ_Ce" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy9pbmRpdmlkdWFscy9lYXJuZWQtaW5jb21lLXRheC1jcmVkaXQtZWl0YyJ9.zTQ7FuByQT2xXqX92B56faL79TSRtdRtqdu8txzvfII/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc;" target="_blank">earned income tax credit</a>, <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvYWJvdXQtZm9ybS0yNDQxIn0.-XYgGuC-d8DnMPZsamKkkG2hZ44zE09MyTQQqI7YWOY/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw3EzSUNFS0hshwFBN0h2_Uw" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvYWJvdXQtZm9ybS0yNDQxIn0.-XYgGuC-d8DnMPZsamKkkG2hZ44zE09MyTQQqI7YWOY/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc;" target="_blank">child and dependent care credit</a> and <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy9pbmRpdmlkdWFscy9jaGlsZC10YXgtY3JlZGl0In0.xKyd9u5R2kOyZ3Zrg69ZLpsgszIcTnipRw-aPqcRRVQ/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw3F0YrE6arqQzcRQ1gX3_Lh" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy9pbmRpdmlkdWFscy9jaGlsZC10YXgtY3JlZGl0In0.xKyd9u5R2kOyZ3Zrg69ZLpsgszIcTnipRw-aPqcRRVQ/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc;" target="_blank">child tax credit</a>. Tax software will calculate these credits and deductions and include any required forms and schedules.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Incorrect bank account numbers</strong>. Taxpayers who are due a refund should choose <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3JlZnVuZHMvZ2V0LXlvdXItcmVmdW5kLWZhc3Rlci10ZWxsLWlycy10by1kaXJlY3QtZGVwb3NpdC15b3VyLXJlZnVuZC10by1vbmUtdHdvLW9yLXRocmVlLWFjY291bnRzIn0.-tB-Ye2kfn1piTZ3O39NReyNEouUFHZacaKQc-I2WQg/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw2pn0FA-LUHYtTUgSA0wJpK" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3JlZnVuZHMvZ2V0LXlvdXItcmVmdW5kLWZhc3Rlci10ZWxsLWlycy10by1kaXJlY3QtZGVwb3NpdC15b3VyLXJlZnVuZC10by1vbmUtdHdvLW9yLXRocmVlLWFjY291bnRzIn0.-tB-Ye2kfn1piTZ3O39NReyNEouUFHZacaKQc-I2WQg/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc;" target="_blank">direct deposit</a>. This is the fastest way for them to get their money. However, taxpayers need to make sure they use the correct routing and account numbers on their tax return.</span></li></ul><ul style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><strong>Unsigned forms</strong>. An unsigned tax return isn't valid. In most cases, both spouses must sign a joint return. Exceptions may apply for <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1YmxpY2F0aW9ucy9wMyJ9.0WfyjpyYBuvg1mVb7WktP0yVSBId1fZv1qATcpgpYIw/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw3y8Oc8fIADnQSNc3NJkNoZ" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1YmxpY2F0aW9ucy9wMyJ9.0WfyjpyYBuvg1mVb7WktP0yVSBId1fZv1qATcpgpYIw/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc;" target="_blank">members of the armed forces</a> or other taxpayers who have a valid <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvYWJvdXQtZm9ybS0yODQ4In0.0AgwPgjKbp4aYXliocfJmQeZryZCbic12Ny9DRkvxRU/s/7033406/br/153312353015-l&source=gmail&ust=1674662143368000&usg=AOvVaw1-fAgiP78O6IAY3GoyYQP9" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMzAxMjQuNzAzMTIxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvYWJvdXQtZm9ybS0yODQ4In0.0AgwPgjKbp4aYXliocfJmQeZryZCbic12Ny9DRkvxRU/s/7033406/br/153312353015-l" rel="noopener" style="color: #1155cc;" target="_blank">power of attorney</a>.</span></li></ul><div><span style="color: #222222; font-family: arial, helvetica, sans-serif; font-size: x-small;">At Kauffman Nelson LLP CPAs we are experts and will make you tax preparation easy. We prepare over 800 returns for US nonresidents and US expatriates everywhere in the world and have done so for over 25 years. For tax preparation questionnaires, tax consultations and more information please email us a <a href="mailto:ddnelson@gmail.com">ddnelson@gmail.com</a>. Thank you. </span></div>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-4893124287879229922023-01-20T10:45:00.004-08:002023-01-20T10:45:43.086-08:00US Estate Planning Requirements for Expatriates and Nonresidents with assets located in the USA<p style="text-align: left;"> If you are a US expatriate living abroad, you are still subject to US estate tax on your assets no matter where they are located in the world. Also, even if you are below the estate tax threshold, your US assets will be subject to probate unless proper planning is instituted. Your US assets may be bank accounts, real estate, stock accounts, etc. which are located somewhere in the USA.</p><p style="text-align: left;">For assets located outside the USA, it is best you do a will (or whatever procedure or document is appropriate) for those assets legal under the country of the assets location to make certain those assets will go to your designated heirs. There are treaties with some countries that provide for honoring foreign wills, but still there are often problems and best to do a local will in the country where you live and where the assets are located.</p><p style="text-align: left;">If you are a nonresident but have assets located in the USA, you can also avoid expensive probate and possible estate taxes by planning in advance and make certain your property goes to the heirs you wish to receive them.</p><p style="text-align: left;">To avoid expensive and time consuming probate and possibly reduce US estate taxes you need to create US Wills, living trusts and other estate planning documents. Our firm has assisted hundreds of expatriates and clients with their estate planning and are ready to help you. Email us at taxmeless.com or contacts us on whatsapp at 818-519-9219 (a us cel phone number). We can then set up a personal consultation to help you plan for the disposition of your US assets.</p><p style="text-align: left;"><br /></p><p style="text-align: left;"><br /></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-8295690564758403302023-01-20T10:40:00.006-08:002023-01-20T10:40:38.145-08:00 2022 Fast Tax Facts for US Expatriates and Green Card Holders Living and Working Abroad<p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 59.5pt; margin-right: 59.55pt; margin-top: 3.65pt; margin: 3.65pt 59.55pt 0pt 59.5pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> 2022 Fast Tax Facts for US Expatriates and Green Card Holders</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 59.5pt; margin-right: 59.55pt; margin-top: 3.65pt; margin: 3.65pt 59.55pt 0pt 59.5pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> Living and Working Abroad</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 59.5pt; margin-right: 59.55pt; margin-top: 3.65pt; margin: 3.65pt 59.55pt 0pt 59.5pt; text-align: center;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Kauffman Nelson LLP CPAS - Don D. Nelson , Attorney, Charles Kauffman CPA</span></p><p><b id="docs-internal-guid-ea6cd012-7fff-e3f9-1156-3500e8ea9880" style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 4.45pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">If you are a US Citizen or green card holder you must file a US tax return every year unless</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 4.45pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> your taxable income </span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">is below a certain threshold. Even if your income is below that threshold,</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 4.45pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;"> you may still be required to file certain </span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">forms to report foreign assets, etc. Failure to file these</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 4.45pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;"> forms can result in severe IRS penalties </span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">If you do not itemize your health, tax, interest, charitable</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 4.45pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;"> and miscellaneous deductions you get a </span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">standard deduction of $12,950 if single or filing as</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 4.45pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;"> married filing separately or $25,900 if you file jointly</span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">with your spouse. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 4.45pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9.55pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">As a US expatriate living and working abroad 4/18/2023 your 2022 tax return is automatically</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9.55pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> extended until </span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">6/15/23 but any taxes due must be paid by 4/18/23 to avoid penalties and interest. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9.55pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;">The return can be further </span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">extended until 10/15/2023 if the proper extension form is filed. An even</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9.55pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;"> further extension until December may be </span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">available if the proper letter is sent to the IRS.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9.55pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9.55pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">For 2022 if you are a qualified expatriate you get a foreign earned income exclusion (earnings from </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">wages or self employment) of $112,000 but this exclusion is only available if you file a tax return. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">You must </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">qualify under one of two tests to take this exclusion: (1) bona fide resident test or</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> (2) physical presence test. </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">You can read more about how to qualify in IRS Publication 54. This</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> exclusion only applies to income taxes </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">and does not apply to US self- employment tax </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">(social security plus medicare). Your spouse who lives </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">works abroad with you will also be</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> able to use this exclusion against any earned income they have abroad. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">You can lose this exclusion if you file your return more than 18 months late.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> The exclusion can only be claimed </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">on filed tax return and does not apply if you fail to</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> file a tax return.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="color: black; font-family: 'Times New Roman'; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="color: black; font-family: 'Times New Roman'; font-size: 12pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;"> </span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">If you receive a gift or inheritance of $100,000 or more during 2022 from a nonresident </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">individual </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">or nonresident corporation you must file form 3520 to report that gift. If you fail </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 6.7pt; margin-top: 0pt; margin: 0pt 6.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">to file that form you </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">will incur substantial penalties and taxes. .</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.95pt; margin-top: 0pt; margin: 0pt 3.95pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">If your foreign earnings from wages or self -employment exceed the foreign earned income </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.95pt; margin-top: 0pt; margin: 0pt 3.95pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">exclusion you can claim a housing expense for the rent, utilities and maintenance you pay if </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.95pt; margin-top: 0pt; margin: 0pt 3.95pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">those amounts that exceed a minimum non-deductible amount. There is a limit to the housing</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.95pt; margin-top: 0pt; margin: 0pt 3.95pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> amount and in certain “high-cost” locations there is a higher amount of housing expense which</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.95pt; margin-top: 0pt; margin: 0pt 3.95pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> can be considered. (For “high-cost” country limitations see Form 2555 instructions).</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 13.2pt; margin-top: 0pt; margin: 0pt 13.2pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">You get credits against your US income tax obligation for foreign income taxes paid to a </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 13.2pt; margin-top: 0pt; margin: 0pt 13.2pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">foreign country but you must file a US tax return to claim these credits. This avoids double </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 13.2pt; margin-top: 0pt; margin: 0pt 13.2pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">taxation </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">of the same income. Value added taxes paid to foreign countries are not eligible </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 13.2pt; margin-top: 0pt; margin: 0pt 13.2pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">for this credit.</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 33.4pt; margin-top: 0pt; margin: 0pt 33.4pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">If you own 10% or more of a Foreign corporation or Foreign partnership (LLC) you must</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 33.4pt; margin-top: 0pt; margin: 0pt 33.4pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> file special IRS form 5471 or 8865, or incur substantial penalties which can be greater </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 33.4pt; margin-top: 0pt; margin: 0pt 33.4pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">including </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">criminal prosecution if the IRS discovers you have failed to file these forms.</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.4pt; margin-top: 0pt; margin: 0pt 8.4pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">If you create a foreign trust or are a beneficiary of a foreign trust you may be obligated </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.4pt; margin-top: 0pt; margin: 0pt 8.4pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">to file forms 3520 and /or 3520A each year to report those activities or be subject to</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.4pt; margin-top: 0pt; margin: 0pt 8.4pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> severe penalties of $10,000 US or more </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">Foreign foundations and nonprofits which indirectly</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.4pt; margin-top: 0pt; margin: 0pt 8.4pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> benefit you may be foreign trusts in the eyes</span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> of the IRS.</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.45pt; margin-top: 0pt; margin: 0pt 8.45pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Your net self-employment income in a foreign country (earned as an independent </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.45pt; margin-top: 0pt; margin: 0pt 8.45pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">contractor or </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">in your own sole proprietorship) is subject to US self-employment tax</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.45pt; margin-top: 0pt; margin: 0pt 8.45pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> (medicare and social security) </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">of 15.3% which cannot be reduced or eliminated by the</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.45pt; margin-top: 0pt; margin: 0pt 8.45pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> foreign earned income exclusion or foreign </span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">tax credits. The </span><span style="-webkit-text-decoration-skip: none; color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; text-indent: -18pt; vertical-align: baseline; white-space: pre;">one exception </span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">is if you live </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.45pt; margin-top: 0pt; margin: 0pt 8.45pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">in one of the very few countries that have a social security </span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">agreements with the US </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">and</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 8.45pt; margin-top: 0pt; margin: 0pt 8.45pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> you pay the equivalent of social security in that country. </span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.6pt; margin-top: 0pt; margin: 0pt 9.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Forming the correct type of foreign corporation and making the proper US tax election</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.6pt; margin-top: 0pt; margin: 0pt 9.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> (to cause the income and foreign taxes the foreign corporation pays to flow through to your </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.6pt; margin-top: 0pt; margin: 0pt 9.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">personal US tax return) with the IRS for that corporation may save you significant income taxes </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.6pt; margin-top: 0pt; margin: 0pt 9.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">and avoid later adverse tax consequences. You need to investigate this procedure before you</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.6pt; margin-top: 0pt; margin: 0pt 9.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> actually form that foreign because it can be difficult to make that election later and only certain </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.6pt; margin-top: 0pt; margin: 0pt 9.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">types of foreign business entities are eligible to make this election.</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">If at any time during the tax year your combined highest balances in your foreign bank and</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> financial accounts (when added together) ever equal or exceed $10,000US you must file </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">a FBAR </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">form 114 with the IRS by October 15, 2023 for the 2022 calendar year or incur a</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> penalty of $10,000 US </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">or more including criminal prosecution. Foreign financial accounts</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> often include accounts when you </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">sign on for a foreign corporation, foreign partnerships</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> foreign pension plans, stock brokerage </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">accounts, and cash surrender value of foreign life </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> insurance. This form does not go in with your personal </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">income tax return and can only be </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">filed separately on the web at: </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 0pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><a href="http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html" style="text-decoration: none;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: #1155cc; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html</span></a></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 3.7pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">The IRS gets lists of Americans applying or renewing for US passports or entering the country.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 3.7pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> They will compare these lists with those who are filing US income tax returns and take action</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 22.45pt; margin-top: 3.7pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> against those who do not file US returns but are US residents or citizens.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 11pt; margin-top: 0pt; margin: 0pt 11pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 11pt; margin-top: 0pt; margin: 0pt 11pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> </span><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">Often due to foreign tax credits and the foreign earned income tax expats living abroad</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 11pt; margin-top: 0pt; margin: 0pt 11pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;"> who file </span><span style="-webkit-text-decoration-skip: none; color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; text-indent: -18pt; vertical-align: baseline; white-space: pre;">all past year unfiled tax returns end up owing no or very little US taxes. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 11pt; margin-top: 0pt; margin: 0pt 11pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">The IRS has a special program </span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;">which will help you catch up if you are in arrears which will</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 11pt; margin-top: 0pt; margin: 0pt 11pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-indent: -18pt; vertical-align: baseline; white-space: pre;"> </span><span style="-webkit-text-decoration-skip: none; color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; text-decoration-line: underline; text-decoration-skip-ink: none; text-indent: -18pt; vertical-align: baseline; white-space: pre;">reduce or possibly eliminate</span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">all potential penalties for failing to file the required foreign</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 11pt; margin-top: 0pt; margin: 0pt 11pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> asset reporting forms. </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">We can direct you to the best program for your situation, prepare </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 11pt; margin-top: 0pt; margin: 0pt 11pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">the returns and forms and represent </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">you before the IRS.</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 4.7pt; margin-top: 0pt; margin: 0pt 4.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Beginning in 2011 a new law went into effect which requires all US Citizens report </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 4.7pt; margin-top: 0pt; margin: 0pt 4.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">all of their </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">worldwide financial assets with their personal tax return if in total the value </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 4.7pt; margin-top: 0pt; margin: 0pt 4.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">of those assets exceed </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">certain minimum amounts starting at $50,000. Failure to file that</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 4.7pt; margin-top: 0pt; margin: 0pt 4.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> form 8938 on time can result in a </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">penalty of $10,000. The form is complex and has</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 4.7pt; margin-top: 0pt; margin: 0pt 4.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> different rules that apply to you if you live abroad </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">or live in the US. This form is</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 4.7pt; margin-top: 0pt; margin: 0pt 4.7pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> required in addition to the FBAR form 114.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Certain types of income of foreign corporations are immediately taxable on the</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> US shareholder's </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">personal income tax return. This is called Subpart F income. The rules are</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> complex and if you own a </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">foreign corporation you need to determine if these rules apply to</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> you when you file the required form </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">5471 for that corporation. For 2018 a new tax was</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> enacted with the acronym of GILTI tax. This may </span><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;">or may not cause an owner of</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="font-family: Arial; font-size: 10pt; text-indent: -18pt; white-space: pre;"> a Controlled Foreign Corporation (CFC) to owe taxes on the income it </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">does not distribute to its owners. This GILTI tax applies to 10% or more </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 9.3pt; margin-top: 0pt; margin: 0pt 9.3pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">owners of CFCs. </span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.6pt; margin-top: 0pt; margin: 0pt 3.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">If you own investments in a foreign corporation or own foreign mutual fund shares you</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.6pt; margin-top: 0pt; margin: 0pt 3.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> may be required to file the IRS form 8621 for owning part of a Passive Foreign Investment</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.6pt; margin-top: 0pt; margin: 0pt 3.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> Company (PFIC) or incur additional, taxes and penalties for your failure to do so. A PFIC </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.6pt; margin-top: 0pt; margin: 0pt 3.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">is any foreign corporation that has more than 75% of its gross income from passive income</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 23.1pt; margin-right: 3.6pt; margin-top: 0pt; margin: 0pt 3.6pt 0pt 23.1pt; padding: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> or 50 percent or more of its assets produce or will produce passive income.</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 4.45pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">There are many more special tax laws too numerous to mention here that apply to expatriates,</span><span style="font-family: Arial; font-size: 10pt; white-space: pre;">green card holders. nonresidents and US taxpayers with foreign assets, businesses, etc.</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 4.45pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;"> Please consult with Kauffman Nelson LLP if you have other offshore tax planning or return </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 4.45pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; white-space: pre;">filing questions.</span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 7.2pt; margin-top: 0pt; margin: 0pt 7.2pt 0pt 5.1pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Download your </span><span style="background-color: transparent; color: blue; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> </span><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: navy; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;"> </span><a href="http://taxmeless.com/2020%20EXPAT%20QUESTIONNAIRE122820.doc" style="text-decoration: none;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: navy; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">2022 Expatriate Tax Questionnaire</span></a> <span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">at </span><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">www.taxmeless.com</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 7.2pt; margin-top: 0pt; margin: 0pt 7.2pt 0pt 5.1pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 7.2pt; margin-top: 0pt; margin: 0pt 7.2pt 0pt 5.1pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;">Send us your completed questionnaire and we will immediately provide you with a flat fee</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 7.2pt; margin-top: 0pt; margin: 0pt 7.2pt 0pt 5.1pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"> quote for</span><span style="font-family: Arial; font-size: 10pt; white-space: pre;"> preparing your return(s). </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 7.2pt; margin-top: 0pt; margin: 0pt 7.2pt 0pt 5.1pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 400; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 8pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Don D. Nelson, US Tax Attorney, Charles Kauffman CPA, </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 8pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Kauffman Nelson, LLP, CPAs</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Huntington Beach, California USA</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 8pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">US Phone: (949) 480-1235, US Fax: (949) 606-9627</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Email:</span><a href="mailto:ddnelson@gmail.com" style="text-decoration: none;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: navy; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">ddnelson@gmail.com</span></a><span style="background-color: transparent; color: blue; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> or </span><a href="mailto:ustax@hotmail.com" style="text-decoration: none;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: navy; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">ustax@hotmail.com</span></a><span style="background-color: transparent; color: blue; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> </span><span style="background-color: transparent; color: blue; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Skype address: dondnelson whatsapp: 818-519-9219 (US)</span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Website: </span><a href="http://www.taxmeless.com" style="text-decoration: none;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: #1155cc; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">www.taxmeless.com</span></a><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 42.3pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Visit our International Tax Blog for the Latest Expat and International Tax </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 42.3pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Developments at</span><a href="http://www.usexpatriate.blogspot.com/" style="text-decoration-line: none;"><span style="-webkit-text-decoration-skip: none; color: navy; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre;">www.usexpatriate.blogspot.com</span></a><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre;"> / </span><span style="-webkit-text-decoration-skip: none; color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre;"> </span><a href="http://us-mexicantax.blogspot.com/" style="text-decoration-line: none;"><span style="-webkit-text-decoration-skip: none; color: navy; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre;">http://us-mexicantax.blogspot.com</span></a></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">We have been preparing tax returns and assisting US clients located in over 123</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> countries </span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre;">around the </span><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;">world for over 30 years. We also assist US Nonresidents </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;">meet their US tax </span><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;">obligations and return filing </span><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;">requirements. Email, skype or phone</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;"> us for immediate assistance. </span></p><p><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">ARE YOU NOW CONFUSED OR HAVE SPECIFIC QUESTIONS?</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"><br /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">WE OFFER MINI TAX CONSULTATIONS BY PHONE, SKYPE OR EMAIL: The mini </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">consultations</span><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;">(with attorney client privilege) to answer your tax questions and</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;"> resolve your</span><span style="font-family: Arial; font-size: 10pt; font-weight: 700; white-space: pre;">tax issues. </span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre;">Email </span><span style="-webkit-text-decoration-skip: none; color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; text-decoration-line: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre;">ddnelson@gmail.com</span><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre;"> to learn more or request a</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-right: 9pt; margin-top: 0pt;"><span style="color: black; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre;"> consultation</span></p><p style="text-align: justify;"><b style="font-weight: normal;"><br /></b></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 6.95pt; margin-top: 0pt; margin: 0pt 6.95pt 0pt 5.1pt;"><span style="background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">For additional useful information and tax assistance go to our website at. </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 6.95pt; margin-top: 0pt; margin: 0pt 6.95pt 0pt 5.1pt;"><a href="http://www.taxmeless.com/" style="text-decoration: none;"><span style="-webkit-text-decoration-skip: none; background-color: transparent; color: black; font-family: Arial; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration-skip-ink: none; text-decoration: underline; vertical-align: baseline; white-space: pre;">www.TaxMeLess.com</span></a></p><p><br /><br /><br /><span style="border: none; display: inline-block; height: 106px; overflow: hidden; width: 171px;"><img height="106" src="https://lh6.googleusercontent.com/nQDrupnmWXEjm_brmZvXylXUZiuby92mT-iFjz_VyTFyl5_LzABYpkU7Y81gTvBej6hQ9tAdmk0PQ0mFiaS49xGsdpLx-FMOuFwDY4anOKSw6Attx36T2fKG275PxkWBMbtJ4UJPo_MJG2cG9-GB67MhlZh4lKQil_wH1f2tyff23SktPbQhmL4OCE96oAGrLT3w17b-bw" style="margin-left: 0px; margin-top: 0px;" width="171" /></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 171.9pt; margin-top: 1.7pt; margin: 1.7pt 171.9pt 0pt 5.1pt; text-align: justify;"><span style="background-color: transparent; color: black; font-family: 'Times New Roman'; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;">Disclaimer and Conditions: The information contained herein is general in nature and is not to be construed</span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 171.9pt; margin-top: 1.7pt; margin: 1.7pt 171.9pt 0pt 5.1pt; text-align: justify;"><span style="background-color: transparent; color: black; font-family: 'Times New Roman'; font-size: 9pt; font-style: normal; font-variant: normal; font-weight: 700; text-decoration: none; vertical-align: baseline; white-space: pre;"> or relied on </span><span style="font-family: "Times New Roman"; font-size: 9pt; font-weight: 700; white-space: pre;">as tax or legal advice with respect to you individual tax situation or questions. Your use of this </span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 171.9pt; margin-top: 1.7pt; margin: 1.7pt 171.9pt 0pt 5.1pt; text-align: justify;"><span style="font-family: Times New Roman;"><span style="font-size: 12px; white-space: pre;"><b>does not create an attorney/CPA client relationship between you and this firm. You must retain competent</b></span></span></p><p dir="ltr" style="line-height: 1.2; margin-bottom: 0pt; margin-left: 5.1pt; margin-right: 171.9pt; margin-top: 1.7pt; margin: 1.7pt 171.9pt 0pt 5.1pt; text-align: justify;"><span style="font-family: Times New Roman;"><span style="font-size: 12px; white-space: pre;"><b>CPA and Attorney counsel to advise you on your particular situation.</b></span></span></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-71556333667065133042022-09-24T16:27:00.000-07:002022-09-24T16:27:53.109-07:00Access Your IRS tax account online<div class="col-md-8 col-sm-12 col-xs-12"><div class="field field--name-body field--type-text-with-summary field--label-hidden field--item"><p>Access your individual account information including balance, payments, tax records and more.</p><p><a aria-label="Create or view your account" class="btn btn-primary" href="https://sa.www4.irs.gov/ola/" role="button" title="Sign in to your Online Account" wtype="">Sign in to your Online Account</a></p><p>If you don't have an existing IRS username or ID.me account, have your photo identification ready. More information about identity verification is available on the sign-in page.</p><h2>View Your Balance</h2><ul><li>View the amount you owe and a breakdown by tax year</li></ul><h2>Make and View Payments</h2><ul><li>Make a payment from your bank account or by debit/credit card<ul><li>You can also <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="7ca5ed8a-025d-4b3b-97c5-a0ce49eec971" href="https://www.irs.gov/payments/direct-pay" title="Direct Pay">make a guest payment</a> without logging in</li></ul></li><li>View 5 years of payment history, including your estimated tax payments</li><li>View any pending or scheduled payments</li></ul><h2>View or Create Payment Plans</h2><ul><li>Learn about payment plan options and apply for a new payment plan</li><li>View details of your payment plan if you have one</li></ul><h2>Manage Communication Preferences</h2><ul><li>Go paperless for certain notices</li><li>Get email notifications for new account information or activity</li></ul><h2>Access Tax Records</h2><ul><li>View key data from your most recently filed tax return, including your adjusted gross income, and access transcripts</li><li>View information about your Economic Impact Payments</li><li>View information about your advance Child Tax Credit payments</li><li>View digital copies of certain notices from the IRS</li></ul><h2>View Tax Pro Authorizations</h2><ul><li>View any authorization requests from tax professionals</li><li>Approve and electronically sign Power of Attorney and Tax Information Authorization from your tax professional</li></ul><h2>Accessibility</h2><p>There are compatibility issues with some assistive technologies. Refer to the <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="16deae6a-b000-432d-ad3c-75923fd1e9f2" href="https://www.irs.gov/payments/accessibility-guide-for-online-account" title="Accessibility Guide for Online Account">accessibility guide</a> for help if you use a screen reader, screen magnifier or voice command software.</p><h2 id="alternatives">Other ways to find your account information</h2><ul><li>You can <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="55e0b10c-f9bc-49aa-bf50-20f5bc758f9b" href="https://www.irs.gov/individuals/get-transcript" title="Get Transcript">request an Account Transcript by mail</a>. Note that each Account Transcript only covers a single tax year, and may not show the most recent penalties, interest, changes or pending actions.</li><li>If you're a business, or an individual who filed a form other than 1040, you can obtain a transcript by submitting <a href="https://www.irs.gov/node/10554">Form 4506-T, Request for Transcript of Tax Return</a>.</li><li><a href="https://www.irs.gov/node/16916">Find more assistance</a>.</li></ul></div></div><div class="col-md-4 col-sm-12 col-xs-12 block-region-right-column"><div class="field field--name-field-pup-article-callout field--type-entity-reference-revisions field--label-hidden field--items row"><div class="field--item col-sm-6 col-md-12"><div class="paragraph paragraph--type--pup-callout paragraph--view-mode--default"><h3 class="block-title">Related Information</h3><div class="field field--name-field-pup-block-reference field--type-entity-reference field--label-hidden field--item"><div class="field-block-content-list__list"><div class="field-block-content-list__item"><a href="https://www.irs.gov/payments/frequently-asked-questions-about-your-online-account" rel="bookmark">Frequently Asked Questions About Your Online Account</a></div><div class="field-block-content-list__item"><a href="https://www.irs.gov/appeals" rel="bookmark">Appeals</a></div><div class="field-block-content-list__item"><a href="https://www.irs.gov/taxtopics/tc653" rel="bookmark">Topic No. 653 IRS Notices and Bills, Penalties, and Interest Charges</a></div></div></div></div></div><div class="field--item col-sm-6 col-md-12"><div class="pup-callout"><div class="paragraph paragraph--type--pup-callout paragraph--view-mode--default"><div class="field field--name-field-pup-block-reference field--type-entity-reference field--label-hidden field--item"><div class="pup-callout__body"><h3>Need to Pay?</h3><p>See your <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="375ad50a-8cda-4b40-8cc1-8cd3facd7307" href="https://www.irs.gov/payments" title="Payments ">payment options.</a></p><p>Need tax help from professional expert CPAs and Attorney? Email us at ustax@hotmail.com or text or whatsapp to 1818 529 9219.</p></div></div></div></div></div></div></div>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-73135195257054070752022-09-03T14:54:00.001-07:002022-09-03T14:54:33.132-07:00Guidance on Crowdfunding and Taxes for your US taxes<div class="entry-header" style="background-color: white; border: 0px; font-family: Arial, sans-serif; font-size: 14px; margin: 0px 0px 1.71429rem; padding: 0px; vertical-align: baseline;"><h1 class="entry-title" style="border: 0px; clear: both; font-size: 1.71429rem; font-weight: normal; line-height: 1.2; margin: 1.71429rem 0px; padding: 0px; text-shadow: rgb(221, 221, 221) 4px 4px 4px; vertical-align: baseline;"><span style="font-size: 14px;">Crowdfunding has become one of the most popular ways to raise money for charities, businesses, and people enduring hardships. Depending on a variety of circumstances, money raised through a crowdfunding campaign may be either taxable or non-taxable.</span></h1></div><div style="background-color: white; border: 0px; font-family: Arial, sans-serif; font-size: 14px; margin: 0px; padding: 0px; vertical-align: baseline;"><p style="border: 0px; line-height: 1.71429; margin: 0px 0px 1.71429rem; padding: 0px; vertical-align: baseline;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDVXgky1Nflp3gNIPlUKATgo0BBCN2y0jHItWAafQdjf-Y5HpT_TOGp22NZpgcO7JeIPGv7jIN-rhHbm1Ehc9y1PW55edAjcXLQ3vbqgcyXw3sz7cTR5IFeC5CGZ20A4SORkGPsoX_zyEZHINmkYiQSigdxGjiC5idFzrWZXJaFtS10lezsqE/s4032/20220709_154027.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3024" data-original-width="4032" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDVXgky1Nflp3gNIPlUKATgo0BBCN2y0jHItWAafQdjf-Y5HpT_TOGp22NZpgcO7JeIPGv7jIN-rhHbm1Ehc9y1PW55edAjcXLQ3vbqgcyXw3sz7cTR5IFeC5CGZ20A4SORkGPsoX_zyEZHINmkYiQSigdxGjiC5idFzrWZXJaFtS10lezsqE/s320/20220709_154027.jpg" width="320" /></a></div>In many cases, if people donate to a crowdfunding campaign and receive nothing in return, the IRS treats the donations as gifts. Therefore, the person who receives the funds may exclude them from their gross income for tax purposes. Also, if you organize a crowdfunding campaign for someone else’s benefit, you may exclude the funds raised from your own income, as long as you do not keep any of the money for yourself.<p></p><p style="border: 0px; line-height: 1.71429; margin: 0px 0px 1.71429rem; padding: 0px; vertical-align: baseline;">However, there are situations where funds received through crowdfunding are taxable, such as when an employer contributes to a campaign for an employee. Taxpayers generally must also report income received via crowdfunding if contributors get goods or services in exchange for their donations.</p><p style="border: 0px; line-height: 1.71429; margin: 0px 0px 1.71429rem; padding: 0px; vertical-align: baseline;">If the funds raised exceed $600 or contributors receive goods or services, you may get a Form 1099-K from the crowdfunding website.</p><p style="border: 0px; line-height: 1.71429; margin: 0px 0px 1.71429rem; padding: 0px; vertical-align: baseline;">We are experts on all aspects of Expatriate and US International Taxation including your crowd funding activies. Email us at <a href="mailto:taxmeless@gmail.com">taxmeless@gmail.com</a>. We are available for telephone and whatsapp tax consultations including US business law as it relates to international business.<br /></p><div><br /></div></div>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-48176759546022203432022-08-26T08:23:00.004-07:002022-08-26T09:08:59.530-07:00IRS PENALTY RELEIF FOR RETURNS FILED IN 2019 AND 2020<p style="background-color: white; box-sizing: inherit; color: #666666; font-family: Knowledge2017, "Helvetica Neue", Arial, sans-serif; font-size: 18px; margin: 0px 0px 1.5rem;">The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief also extends to certain domestic and international information return filers.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhql0diU4vHW2EdHlQFWDDovWXWXHoumz0wds2f-hslD4cFojrTaPOrXvLuKSAariTg7_a-lYJGUHZxpWbG0alMUxpLODeOJZxauX1bUQvqGOpKZkrizvE0mBONFjbPkRTNeuOiMfHmnbP_uxPl4yfFZk4po7-rRKNS3n862mQoZsLntomzJwQ/s300/tile_hundred_dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="300" data-original-width="300" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhql0diU4vHW2EdHlQFWDDovWXWXHoumz0wds2f-hslD4cFojrTaPOrXvLuKSAariTg7_a-lYJGUHZxpWbG0alMUxpLODeOJZxauX1bUQvqGOpKZkrizvE0mBONFjbPkRTNeuOiMfHmnbP_uxPl4yfFZk4po7-rRKNS3n862mQoZsLntomzJwQ/w200-h200/tile_hundred_dollars.jpg" width="200" /></a></div><br /><p></p><p style="background-color: white; box-sizing: inherit; color: #666666; font-family: Knowledge2017, "Helvetica Neue", Arial, sans-serif; font-size: 18px; margin: 0px 0px 1.5rem;"><span style="box-sizing: inherit; font-weight: 700;">Who qualifies for relief?</span> For income tax filers to qualify for this penalty relief, any “eligible income tax return” must be filed on or before September 30, 2022.</p><p style="background-color: white; box-sizing: inherit; color: #666666; font-family: Knowledge2017, "Helvetica Neue", Arial, sans-serif; font-size: 18px; margin: 0px 0px 1.5rem;"><em style="box-sizing: inherit;">Note.</em> For those with an outstanding 2019 or 2020 income tax return, if they file it before September 30, 2022, they won’t have to pay the failure-to-file penalty.</p><p style="background-color: white; box-sizing: inherit; color: #666666; font-family: Knowledge2017, "Helvetica Neue", Arial, sans-serif; font-size: 18px; margin: 0px 0px 1.5rem;"><a href="https://tax.thomsonreuters.com/news/irs-penalty-relief-for-taxpayers-filing-2019-2020-returns/" target="_blank">Read More about the details here </a> Need help catching up with unfiled past US tax returns for the IRS or any state. Contact us by email at <a href="mailto:ddnelson@gmail.com">ddnelson@gmail.com </a></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-90075898836223552262022-07-05T13:11:00.000-07:002022-07-05T13:11:08.303-07:00G TO IRS (THIS INCLUDES FOREIGN PENSIONS, STOCK ACCOUNTS, ETC.) ON FORM 114 FBAR<p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Many United States taxpayers have foreign bank and financial accounts that they are obligated to report. However, many of these foreign account owners fail to report it, which is why the FBAR, also known as FinCEN Form 114, was created. </span></p><div class="separator" style="clear: both; text-align: center;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqZfmIFeX_yWadgr7lz4K9AsjLMpJga-ZD7h5lT9SNcD2_U1hqyzy49M762-nlnadVcwnE1FTW2rHCmeWLBp8hOc4gFAJqAWcp1Vx_QZZsbAndPGigBDAagIgE5uB8hWNMAOR9eAPg7u9d-0wuP6fWPhsjeOPw5ont5bSH8oHJuP2HhMvpnvY/s477/denada%20dog" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="464" data-original-width="477" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqZfmIFeX_yWadgr7lz4K9AsjLMpJga-ZD7h5lT9SNcD2_U1hqyzy49M762-nlnadVcwnE1FTW2rHCmeWLBp8hOc4gFAJqAWcp1Vx_QZZsbAndPGigBDAagIgE5uB8hWNMAOR9eAPg7u9d-0wuP6fWPhsjeOPw5ont5bSH8oHJuP2HhMvpnvY/w200-h194/denada%20dog" width="200" /></a></span></div><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><br /></span><p></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">The FBAR assists the U.S in identifying undeclared income and overseas accounts. “Every U.S citizen has an obligation towards the state. Failure to meet with those requirements can result in sever penalties.</span></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">The FBAR objective is to notify the Internal Revenue Service (IRS) of any accounts or other assets that taxpayers have outside of the United States. The IRS here assists in enforcing FBAR compliance and assessing and enforcing foreign account penalties against taxpayers who fail to comply with any FBAR rules.</span></p><h2 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.8rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Essential Facts About FBAR filing For 2022</b></h2><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">While completing United States tax returns is a well-known need for Americans living overseas, many overlook the Foreign Bank Account Report (FBAR). Failure to file the FBAR can attract the IRS investigation and severe penalties. Here are vital points to note about FBAR filing to ensure you stay compliant and off the IRS hit list:</span></p><h3 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.6rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">#1. Deadline For FBAR Filing</i></b></h3><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">The annual filing deadline for the FBAR is April 15. If unable to file the form by the FBAR filing date, an automatic FBAR extension until October 15 will be granted. If you need to file the form after October 15, you must meet particular requirements to extend the deadline.</span></p><h3 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.6rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">#2. Which Accounts Must Be On The FBAR?</i></b></h3><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Bank accounts and financial accounts such as securities accounts (brokerage accounts and securities derivatives), foreign pensions/retirement accounts, and investment accounts must all be on the FBAR. Furthermore, cash-value insurance policies (including whole life insurance), mutual funds or similar pooled assets, and any other accounts held by a foreign financial institution must also be on the FBAR.</span></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Certain accounts, however, are not required to file an FBAR. Accounts managed by the United States Military financial institution, owned by an international financial institution or a government body, and held in an individual retirement account on your behalf are exempted. Also exempt are Correspondent or Nostro accounts, accounts held in a retirement plan on your behalf, as well as accounts held in a trust for which you are a beneficiary.</span></p><h3 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.6rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">#3. Who Is Required To File An FBAR?</i></b></h3><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">It is important to note who must file an FBAR. People who are required to file an FBAR include the following:</span></p><ul style="background-color: white; border: 0px; font-family: Roboto, sans-serif; font-size: 16px; list-style-image: initial; list-style-position: outside; margin: 10px 0px; padding: 0px; vertical-align: baseline;"><li aria-level="1" style="border: 0px; font-family: "PT Serif", sans-serif; margin: 0px 0px 0px 50px; padding: 5px 0px; vertical-align: baseline;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">An individual from the United States:</b><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"> According to the FBAR rules, any individual or company that fulfills the definition of a United States person is under obligation to file an FBAR. Citizens, residents, corporations, partnerships, limited liability companies, trusts, and estates are all considered United States persons for FBAR reporting purposes. Furthermore, if a non-U.S. citizen passes either the green card or significant presence tests (two criteria used to assess a taxpayer residency status), they are considered a resident. </span></li></ul><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">As a result, if you have a financial interest in or any authority signature over one or more financial accounts situated outside of the United States, you are obligated to file an FBAR. Even if the account generates no taxable income during the year, it must be in the report.</span></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Another requirement for completing an FBAR is that the total value of all of your overseas financial accounts exceeds $10,000 at any point during the calendar year. The total value refers to the overall worth of all accounts. In other words, even if no single account in the year reaches $10,000 in value and the overall amount of all your accounts is more than $10,000 at any time, you must still file this form.</span></p><ul style="background-color: white; border: 0px; font-family: Roboto, sans-serif; font-size: 16px; list-style-image: initial; list-style-position: outside; margin: 10px 0px; padding: 0px; vertical-align: baseline;"><li aria-level="1" style="border: 0px; font-family: "PT Serif", sans-serif; margin: 0px 0px 0px 50px; padding: 5px 0px; vertical-align: baseline;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">If you have signature authority over an account: </b><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">the FBAR form is not just for account holders who control the account. It also applies to filers with signing authority, which means that the taxpayer does not have to own the funds in the overseas accounts to be required to file the FBAR form. Even if their designation is a signee on the overseas account, the taxpayer must file the FBAR.</span></li><li aria-level="1" style="border: 0px; font-family: "PT Serif", sans-serif; margin: 0px 0px 0px 50px; padding: 5px 0px; vertical-align: baseline;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Minors are Also Allowed to File:</b><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"> minors are not exempt from filling out the FBAR form. As a result, if your young child has enough foreign account balances to reach the FBAR filing threshold, they must still submit the FBAR.</span></li></ul><h3 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.6rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">#4. What Happens If You Miss the FBAR Deadline?</i></b></h3><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">The repercussions of missing the FBAR deadlines are severe. Failure to file the FBAR can result in hefty penalties and fines that can be expensive.</span></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Even if the failure was due to an honest misunderstanding of the laws, civil fines for non-willful FBAR infractions could be as high as $13,481 per violation. The penalty for intentional violations of the FBAR can be up to $134,806 or 50% of the account total per violation. Along with civil penalties, criminal punishments can include fines of up to $500,000 and imprisonment for close to ten years.</span></p><h2 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.8rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">How To File The FBAR</b></h2><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Unlike your federal tax return, FBAR filings are submitted to the United States Department of Treasury, specifically FinCen, rather than the Internal Revenue Service. The FBAR is not sent via mail. Instead, it is done electronically through the BSA E-Filing System of the Financial Crimes Enforcement Network.</span></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">It is possible to have someone else file the FBAR on your behalf. You must, however, file FinCEN Report 114a, Record of Authorization to File FBARs Electronically. This form is not part of your FBAR submission. Instead, make a copy of it and retain it to give to the IRS if necessary.</span></p><h2 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.8rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">How to Meet Up With FBAR Compliance</b></h2><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">While many taxpayers comply with their obligations voluntarily, some do not. There is a wide range of civil and criminal sanctions on non-compliant taxpayers; failure to cooperate voluntarily may result in incarceration, fines, and other penalties.</span></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">If you have willfully failed to comply with tax or tax-related duties, making a voluntary disclosure could be a way to remedy your non-compliance and avoid criminal prosecution. Voluntary disclosure is not the only option for taxpayers who are yet to file their FBARs on time. Streamlined Filing Procedures, DIIRSP, DFSP, and other IRS programs are also available.</span></p><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">If you are out of compliance, you must talk with an experienced attorney before making any affirmative declarations to the IRS.</span></p><h2 style="backface-visibility: hidden; background-color: white; border: 0px; font-family: Oswald, sans-serif; font-size: 1.8rem; letter-spacing: -0.02em; line-height: 1.4; margin: 10px 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 820px;"><b style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Final Thought</b></h2><p style="background-color: white; border: 0px; font-family: "PT Serif", sans-serif; font-size: 1.1rem; line-height: 1.55; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">It is your responsibility as a United States citizen to file the FBAR. The only safe approach to avoid IRS penalties and fines is to ensure compliance with the FBAR standards. It does not cuase you to pay taxes. It is legal to have accounts in any foreign country so long as you comply with the reporting rules <a href="mailto:ddnelson@gmail.com">EMAIL US FOR HELP</a></span></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-53449746693630372372022-07-05T13:04:00.004-07:002022-07-05T13:04:40.575-07:00iF YOU OWN A FOREIGN CORPORATION BETTER FILE BEFORE THE IRS DISCOVERS YOU HAVE NOT TO AVOID HUGH PENALTIES<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4mFzJlLnQlZ9S_hqb46WK7piLF_PJHoazqQdybi95cPFCMcz90UOM0S7D6UU0FMVinEOXsndzLTTdGe4LZrOVoTti_FfJGuSKnLh1DwKcVCwApMnE03SuWCDO_QRzGpGj8wolrDUiYtohwAfvUzzGwyiiSyNG9Gu1AjL1G8oJTDnBnsWh24Q/s515/Uncle%20Sam%20CPA2.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="515" data-original-width="379" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4mFzJlLnQlZ9S_hqb46WK7piLF_PJHoazqQdybi95cPFCMcz90UOM0S7D6UU0FMVinEOXsndzLTTdGe4LZrOVoTti_FfJGuSKnLh1DwKcVCwApMnE03SuWCDO_QRzGpGj8wolrDUiYtohwAfvUzzGwyiiSyNG9Gu1AjL1G8oJTDnBnsWh24Q/w147-h200/Uncle%20Sam%20CPA2.jpg" width="147" /></a></div> If you own 10% or more of a foreign corporation you may be obligated to file form 5471 with your tax return. This includes foreign etntities that own real estate or businesses. If US persons own 50% or more you may also be subject to the GILTI TAX which can cause you to pay US income taxes on your share of the corporate income even though it is not distributed to you. The penalty for failing to file this form is $10,000 per year but if you file before the IRS discovers your error, there is a procedure where that penalty can be waived.<p></p><p>We can help you compete this complex form (even if you prepare your own tax return) and with catching up with the IRS to avoid penalties. <a href="mailto:ddnelson@gmail.com">EMAIL US FOR HELP</a> <br /></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-18760240545383182952022-06-11T08:07:00.002-07:002022-06-11T08:07:10.996-07:00IRS Increases Standard Auto Mileage Deduction Amount due to Price of Gasoline<p style="background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-size: 18px; margin: 0px 0px 30px;">Fueled by rising gas prices, the optional standard mileage rate will jump for the rest of this year, effective July 1. </p><p style="background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-size: 18px; margin: 30px 0px;">For the second half of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year, the <a class="Link" href="https://www.irs.gov/pub/irs-drop/a-22-13.pdf" style="background-color: transparent; background-repeat: no-repeat; box-sizing: border-box; touch-action: manipulation;" target="_blank"><u style="background-repeat: no-repeat; box-sizing: border-box;">IRS announced</u></a>.</p><p></p><div class="inline-gate" style="background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-size: 18px; position: relative;"></div><p></p><p style="-webkit-text-stroke-width: 0px; background-color: white; background-repeat: no-repeat; box-sizing: border-box; color: #333333; font-family: Lato, Arial, Helvetica, sans-serif; font-size: 18px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 30px 0px; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">The new rate for deductible medical or moving expenses for active-duty members of the military will be 22 cents for the remainder of 2022, up 4 cents from the rate at the start of the year. The 14 cents-per-mile rate for charitable organizations, set by statute, remains unchanged.</p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-51403794607833634412022-03-29T12:16:00.001-07:002022-03-29T12:16:13.006-07:00<p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-size: medium;"><b>Get an automatic six more months to file; Expats can Even get a longer Period of time to file</b></span></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">WASHINGTON — The Internal Revenue Service reminds taxpayers that if they’re unable to file their tax return by this year’s April 18 deadline, there’s an easy, online option to get more time to complete their return.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyYth7c9v0KonEEUHfWXFPHuo-Skp5Qg5ndmL4J8s3S70N4CHG1Qu6czxihN5HVJdcLsQgCYz41YfQS913jrpFFvlF0rXGFITnZ9GBU5b2Sw9n_S_2x_TManx3_C-hqOlU-xOYEDYRRRB1EMjctVpPF3yNnqFUmUEesq6Is3xNDJRKsg9KxTQ/s515/Uncle%20Sam%20CPA2.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="515" data-original-width="379" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyYth7c9v0KonEEUHfWXFPHuo-Skp5Qg5ndmL4J8s3S70N4CHG1Qu6czxihN5HVJdcLsQgCYz41YfQS913jrpFFvlF0rXGFITnZ9GBU5b2Sw9n_S_2x_TManx3_C-hqOlU-xOYEDYRRRB1EMjctVpPF3yNnqFUmUEesq6Is3xNDJRKsg9KxTQ/s320/Uncle%20Sam%20CPA2.jpg" width="235" /></a></div><br /><p></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">Taxpayers who need more time to complete their return can request an automatic six-month extension to file. An extension allows for extra time to gather, prepare and file paperwork with the IRS; however, taxpayers should be aware that:</p><ul style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><li style="margin-left: 15px;">An extension to file their return doesn’t grant them an extension to pay their taxes,</li><li style="margin-left: 15px;">They should estimate and pay any owed taxes by their regular deadline to help avoid possible penalties and</li><li style="margin-left: 15px;">They must file their extension no later than the regular due date of their return.</li></ul><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>E-File an extension form for free</b><br />Individual tax filers, regardless of income, can use IRS Free File to electronically request an automatic tax-filing extension. The fastest and easiest way to get an extension is through<a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9mcmVlLWZpbGUtZG8teW91ci1mZWRlcmFsLXRheGVzLWZvci1mcmVlIn0.0F6zYP9TO54uYuZMKNz9aM3T15qM-UUioRA8mGBoX8I/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw2QpjgWi5h9DMBrMc7W9S59" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9mcmVlLWZpbGUtZG8teW91ci1mZWRlcmFsLXRheGVzLWZvci1mcmVlIn0.0F6zYP9TO54uYuZMKNz9aM3T15qM-UUioRA8mGBoX8I/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank"> IRS Free File</a> on IRS.gov. Taxpayers can electronically request an extension on <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1Yi9pcnMtcGRmL2Y0ODY4LnBkZiJ9.7OFuMgea_Jo-DrGRzj1Cv_C98oXvSFdtt3PqIwJTdro/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw2KFlpzF5nwyrJoA2XwN89x" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1Yi9pcnMtcGRmL2Y0ODY4LnBkZiJ9.7OFuMgea_Jo-DrGRzj1Cv_C98oXvSFdtt3PqIwJTdro/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">Form 4868</a>. Filing this form gives taxpayers until Oct. 17to file their tax return. To get the extension, taxpayers must estimate their tax liability on this form and should timely pay any amount due.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><strong>Get an extension when making a payment</strong><br />Other fast, free and easy ways to get an extension include using IRS <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2RpcmVjdC1wYXkifQ.RnbHii58Bz-e8M5HcDkfWjtsayTDLMYRNaoCC_ULfho/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw3Y6Z6vFBHOTEpXuZRd_T5y" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2RpcmVjdC1wYXkifQ.RnbHii58Bz-e8M5HcDkfWjtsayTDLMYRNaoCC_ULfho/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">Direct Pay</a>, the <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2VmdHBzLXRoZS1lbGVjdHJvbmljLWZlZGVyYWwtdGF4LXBheW1lbnQtc3lzdGVtIn0.YAkYAkVfDftJW8iF9aYQS5Wcs4dKG9oxmpF2w7Vcguw/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw2N_Ck1yPwhpSxZV39CwmD_" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2VmdHBzLXRoZS1lbGVjdHJvbmljLWZlZGVyYWwtdGF4LXBheW1lbnQtc3lzdGVtIn0.YAkYAkVfDftJW8iF9aYQS5Wcs4dKG9oxmpF2w7Vcguw/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">Electronic Federal Tax Payment System</a> or by paying with a <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS10YXhlcy1ieS1jcmVkaXQtb3ItZGViaXQtY2FyZCJ9.XBWzVNsFXMO-HSrJaNB7bv1h4EthhtFIWp4jT6o6Xcg/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw0-d-z7P5zz04OR9cWOLmmt" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS10YXhlcy1ieS1jcmVkaXQtb3ItZGViaXQtY2FyZCJ9.XBWzVNsFXMO-HSrJaNB7bv1h4EthhtFIWp4jT6o6Xcg/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">credit or debit card or digital wallet</a>. There’s no need to file a separate Form 4868 extension request when making an electronic payment and indicating it’s for an extension. The IRS will automatically count it as an extension.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><strong>Important reminders on extensions</strong><br />The IRS reminds taxpayers that a request for an extension provides extra time to file a tax return, but not extra time to pay any taxes owed. Payments are still due by the original deadline. Taxpayers should file even if they can’t pay the full amount. By filing either a return on time or requesting an extension by the April 18 filing deadline, they’ll avoid the late-filing penalty, which can be 10 times as costly as the penalty for not paying.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">Taxpayers who pay as much as they can by the due date, reduce the overall amount subject to penalty and interest charges. The interest rate is currently four percent per year, compounded daily. The late-filing penalty is generally five percent per month and the late-payment penalty is normally 0.5 percent per month.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">The IRS will work with taxpayers who cannot pay the full amount of tax they owe. Other options to pay, such as getting a loan or paying by credit card, may help resolve a tax debt. Most people can set up a <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiJ9.5Y7T6N0ldmlqq_Ak9DXPSn5VoLJnmav92H4d47HQDyQ/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw07FrqLRVK1Mu6UcFUvurFT" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiJ9.5Y7T6N0ldmlqq_Ak9DXPSn5VoLJnmav92H4d47HQDyQ/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">payment plan </a>on IRS.gov to pay off their balance over time.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><strong>Other automatic extensions</strong><br />Certain eligible taxpayers get more time to file without having to ask for extensions. These include:</p><ul style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2luZGl2aWR1YWxzL2ludGVybmF0aW9uYWwtdGF4cGF5ZXJzL3VzLWNpdGl6ZW5zLWFuZC1yZXNpZGVudC1hbGllbnMtYWJyb2FkIn0.IlkkiDeBW6-sIypNEBewfm92OANoYunIAgzTWr8_9a0/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw0p9EvDSnaqrYvfhFTmRwRb" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2luZGl2aWR1YWxzL2ludGVybmF0aW9uYWwtdGF4cGF5ZXJzL3VzLWNpdGl6ZW5zLWFuZC1yZXNpZGVudC1hbGllbnMtYWJyb2FkIn0.IlkkiDeBW6-sIypNEBewfm92OANoYunIAgzTWr8_9a0/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">U.S. citizens and resident aliens</a> who live and work outside of the United States and Puerto Rico get an <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2luZGl2aWR1YWxzL2ludGVybmF0aW9uYWwtdGF4cGF5ZXJzL3VzLWNpdGl6ZW5zLWFuZC1yZXNpZGVudC1hbGllbnMtYWJyb2FkLWF1dG9tYXRpYy0yLW1vbnRoLWV4dGVuc2lvbi1vZi10aW1lLXRvLWZpbGUifQ.ustHwd2EefUydENybvItg-5Zr7W7Uv0iclsrbfBZgmY/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw2blbTaFevOdUQt3RO6JOLc" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2luZGl2aWR1YWxzL2ludGVybmF0aW9uYWwtdGF4cGF5ZXJzL3VzLWNpdGl6ZW5zLWFuZC1yZXNpZGVudC1hbGllbnMtYWJyb2FkLWF1dG9tYXRpYy0yLW1vbnRoLWV4dGVuc2lvbi1vZi10aW1lLXRvLWZpbGUifQ.ustHwd2EefUydENybvItg-5Zr7W7Uv0iclsrbfBZgmY/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">automatic 2-month</a> extension to file their tax returns. They have until June 15 to file. However, tax payments are still due April 18 or interest will be charged.</li><li style="margin-left: 15px;">Members of the military on duty outside the United States and Puerto Rico also receive an automatic two-month extension to file. Those serving in <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L25ld3Nyb29tL2NvbWJhdC16b25lcyJ9.n1P5WNK4m7_LN8Eh1ldbaVgOVtVCGOEDZKhxfEUg0jY/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw3tMR-XKsLWNFeKmzisb-JN" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L25ld3Nyb29tL2NvbWJhdC16b25lcyJ9.n1P5WNK4m7_LN8Eh1ldbaVgOVtVCGOEDZKhxfEUg0jY/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">combat zones</a> have up to 180 days after they leave the combat zone to file returns and pay any taxes due. Details are available in <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1Yi9pcnMtcGRmL3AzLnBkZiJ9.szxOGQVAd7rS9ulAKGMvplT-6-d0hHM2AdxwCGGCsMA/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw3IlpAzCKxoUHr4WC-GVSwE" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1Yi9pcnMtcGRmL3AzLnBkZiJ9.szxOGQVAd7rS9ulAKGMvplT-6-d0hHM2AdxwCGGCsMA/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">Publication 3, Armed Forces’ Tax Guide</a>.</li><li style="margin-left: 15px;">When the President makes a disaster area declaration, the IRS can postpone certain taxpayer deadlines for residents and businesses in the affected area. People can find information on the most recent tax relief for <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L25ld3Nyb29tL3RheC1yZWxpZWYtaW4tZGlzYXN0ZXItc2l0dWF0aW9ucyJ9.CGGyS2batuvJTS5dQxrNe7bYiYTOFJV1p1N8cAi8EfA/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw2CohdRlTHxxPVHFqgrrFU8" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L25ld3Nyb29tL3RheC1yZWxpZWYtaW4tZGlzYXN0ZXItc2l0dWF0aW9ucyJ9.CGGyS2batuvJTS5dQxrNe7bYiYTOFJV1p1N8cAi8EfA/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">disaster situations</a> on the IRS <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvZXh0ZW5zaW9uLW9mLXRpbWUtdG8tZmlsZS15b3VyLXRheC1yZXR1cm4ifQ.He7bvX5zJh20M4YiQHGYeoJZdlhrcFDhWVrYsBysNU8/s/7033406/br/128809396682-l&source=gmail&ust=1648666411955000&usg=AOvVaw2MBxWbVkgxkYfqyFkdNZdI" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjkuNTU2MjA5NzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvZXh0ZW5zaW9uLW9mLXRpbWUtdG8tZmlsZS15b3VyLXRheC1yZXR1cm4ifQ.He7bvX5zJh20M4YiQHGYeoJZdlhrcFDhWVrYsBysNU8/s/7033406/br/128809396682-l" rel="noopener" style="color: #1155cc;" target="_blank">website</a>.</li></ul><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">The deadline to submit 2021 tax returns or an extension to file and pay tax owed this year falls on April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots' Day holiday in those states.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">Don t want to do figure out how to file an extension yourself. We can efile and extension and determine any tax due for you. We can also file any state extensions you may require. <a href="mailto:ddnelson@gmail.com">Email us for help </a> We are CPAs and Attorneys who have been preparing expatriate and nonresident and international US taxes for over 30 years. </p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-73775916238062050022022-03-22T14:08:00.001-07:002022-03-22T14:08:16.960-07:00YOU NEED A SHAREHOLDERS AGREEMENT FOR YOUR US OR FOREIGN CORPORATION OR LLC<p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;">Should there be a shareholders’ agreement in place in addition to a company’s articles of association?</p><p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;">The articles of association are one of the constitutional documents of a company setting out the rules governing the internal affairs of the company. These include, for example, provisions around board meetings, shareholder meetings, directors’ powers and shareholder rights.</p><p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;">In addition to the articles, the shareholders of the company may also choose to enter into a shareholders’ agreement. This is an agreement among the shareholders of the company setting out how the company should be run and the various rights and obligations of the shareholders.</p><p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;">These may sound like fairly similar documents, and they can often overlap. A shareholders’ agreement is not a legal requirement, and companies may choose to rely solely on their articles of association. However, there are a number of benefits to having a separate shareholders’ agreement:</p><ul style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 0px;"><li style="box-sizing: border-box; margin-bottom: 0.7em;">Shareholder rights are protected. Although the articles of association may provide some protection, having a shareholders’ agreement can provide further clarity and additional provisions on certain matters, both for minority shareholders (e.g. certain decisions requiring unanimous consent, as opposed to a majority decision) and majority shareholders (e.g. drag along provisions whereby majority shareholders can force minority shareholders to sell their shares).</li><li style="box-sizing: border-box; margin-bottom: 0.7em;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMmkGJuGn0vDI3oy7tvyUssMEseEiV5Po7-y9i6LhjfVQ-sbweP4ty3bY-zsVXiCptAMYXoRDcOJAqITcw9sD3kOtoK_ria-n1c9rQdC1q0lxHMqcu2qhqr6Hgam80psookkmHemHKTuJfk83KxBahtjJrl0mo6zMd6C8fF8cqJN07eTTGuwo/s300/tile_hundred_dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="300" data-original-width="300" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMmkGJuGn0vDI3oy7tvyUssMEseEiV5Po7-y9i6LhjfVQ-sbweP4ty3bY-zsVXiCptAMYXoRDcOJAqITcw9sD3kOtoK_ria-n1c9rQdC1q0lxHMqcu2qhqr6Hgam80psookkmHemHKTuJfk83KxBahtjJrl0mo6zMd6C8fF8cqJN07eTTGuwo/w200-h200/tile_hundred_dollars.jpg" width="200" /></a></div>The agreement can include provisions for dispute resolution, making resolution in the event of a shareholder fall out a more straightforward process.</li><li style="box-sizing: border-box; margin-bottom: 0.7em;">The agreement can give shareholders more say in the management of the company. Generally, the directors have the power to manage the day to day activities of the company, however the shareholders’ agreement can set out certain matters that require shareholder approval (often referred to as “reserved matters”).</li><li style="box-sizing: border-box; margin-bottom: 0.7em;">In many states, shareholders have limited information rights in respect of the company. However, a shareholders’ agreement can provide for certain company information to be provided to shareholders, such as a copy of each year’s business plan and specific financial information. This is useful for the shareholders to monitor their investment and track the progress of the company.<br /></li><li style="box-sizing: border-box; margin-bottom: 0.7em;">In order to protect the company in relation to the information rights of shareholders mentioned above, the agreement can include confidentiality provisions. This is key to ensure that any sensitive company information disclosed to shareholders is not shared with third parties. Importantly, this restriction can survive the termination of the shareholders’ agreement. Other restrictions, such as a non-compete clause, may also be included in the agreement.</li><li style="box-sizing: border-box; margin-bottom: 0.7em;">Unlike the articles of association, there is no requirement to file a shareholders’ agreement at Companies House (subject to certain exceptions), so the contents of the agreement can remain confidential.</li></ul><p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;">Shareholders’ agreements are commonly seen in joint ventures and investment situations, which involve independent parties coming together to form a commercial arrangement. In these cases the shareholders’ agreement can provide comfort to the shareholders/investors in their new venture by providing for any rights and restrictions as may be necessary. However, shareholders’ agreements can also be useful for other arrangements such as simply setting up a company with more than one shareholder.</p><p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;">If a company determines that a shareholders’ agreement is not necessary, and that the articles of association alone are sufficient, the company should ensure that the articles capture all of the necessary provisions for the management of the company and rights of the shareholders. It is easier to agree all of these things at the outset of any commercial arrangement; quite often shareholders can fall out and reaching agreement at that stage can be more difficult.</p><p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;"><br /></p><p style="-webkit-text-stroke: 1px rgba(0, 0, 0, 0); background-color: white; box-sizing: border-box; color: #333333; font-family: Roboto, Arial, sans-serif; font-size: 15px; margin: 0px 0px 10px;">We can put together a shareholders agreement for your Corporation or LLC that will protect you as well as the other shareholders. Email us at: <a href="mailto:ddnelson@gmail.com">ddnelson@gmail.com</a>. We have over 30 years experience with all aspects of corporate operations and legal matters.</p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-30464375672716952282022-03-22T13:49:00.001-07:002022-03-22T13:49:14.858-07:00US Expatriate and US Nonresident IRS Tax Payment Methods and How to Pay Over Time, etc.<p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"> The Internal Revenue Service today reminded taxpayers who have a tax bill that there are several ways to make payments, and there are options for many people who can't pay their tax bill in full by April tax deadline.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">The deadline to submit 2021 tax returns or an extension to file and pay tax owed this year falls on April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia. Taxpayers in Maine or Massachusetts have until April 19, 2022, to file their returns due to the Patriots' Day holiday in those states. Some taxpayers who were victims of a natural disaster have even longer to file their returns.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">The IRS reminds people to timely file their tax return and pay whatever they can by the filing deadline to avoid late filing and interest penalties.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Sign in to pay and see payment history</b><br />Taxpayers can use their <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3lvdXItb25saW5lLWFjY291bnQifQ.Uk77BS7h2ThXFT8LK8qqCyDXHQyM7lXQL-yAPmLIz9w/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw1NRamBcoZ9O5n4KiC7X6Mw" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3lvdXItb25saW5lLWFjY291bnQifQ.Uk77BS7h2ThXFT8LK8qqCyDXHQyM7lXQL-yAPmLIz9w/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Online Account</a> to securely see important information when preparing to file their tax return or following up on balances or notices. Taxpayers can make a same-day payment for a 2021 tax return balance, an extension to file, or estimated taxes, which are all due by April deadline for most taxpayers. They can also view:</p><ul style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><li style="margin-left: 15px;">Their Adjusted Gross Income, Economic Impact Payment amounts and advance Child Tax Credit payment amounts needed for their 2021 return,</li><li style="margin-left: 15px;">Payment history and any scheduled or pending payments,</li><li style="margin-left: 15px;">Payment plan details and</li><li style="margin-left: 15px;">Digital copies of select notices from the IRS.</li></ul><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Ways to pay</b></p><ul style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS10YXhlcy1ieS1lbGVjdHJvbmljLWZ1bmRzLXdpdGhkcmF3YWwifQ.BgtWMPEX_9lhqIFxnvhCTVWzc0yvQPAAfQkYL9GtG-c/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw0SjszlQa9-B-s3gURfmoUJ" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS10YXhlcy1ieS1lbGVjdHJvbmljLWZ1bmRzLXdpdGhkcmF3YWwifQ.BgtWMPEX_9lhqIFxnvhCTVWzc0yvQPAAfQkYL9GtG-c/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Electronic Funds Withdrawal (EFW)</a>: This option allows taxpayers to file and pay electronically from their bank account when using tax preparation software or a tax professional. This option is free and only available when electronically filing a tax return.</li><li style="margin-left: 15px;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2RpcmVjdC1wYXkifQ.KOjcKF66nsbPzREhvddFEq8C5NzF5YbsImUnERpXZBM/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw2vKQsbHLNyHgqmpJhZglO9" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2RpcmVjdC1wYXkifQ.KOjcKF66nsbPzREhvddFEq8C5NzF5YbsImUnERpXZBM/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Direct Pay</a>: Direct Pay is free and allows taxpayers to securely pay their federal taxes directly from their checking or savings account without any fees or preregistration. Taxpayers can schedule payments up to 365 days in advance. After submitting a payment through Direct Pay, taxpayers will receive immediate confirmation.</li><li style="margin-left: 15px;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2VmdHBzLXRoZS1lbGVjdHJvbmljLWZlZGVyYWwtdGF4LXBheW1lbnQtc3lzdGVtIn0.ViZvvCUbxoCsPxP387ZlKHip5_lqQAomMv7K4qY1dP4/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw2MBHVqGl_zwKuydMEk11bh" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2VmdHBzLXRoZS1lbGVjdHJvbmljLWZlZGVyYWwtdGF4LXBheW1lbnQtc3lzdGVtIn0.ViZvvCUbxoCsPxP387ZlKHip5_lqQAomMv7K4qY1dP4/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Electronic Federal Tax Payment System</a>: This free service gives taxpayers a safe and convenient way to pay individual and business taxes by phone or online. To enroll and for more information, taxpayers can call <a href="tel:800-555-4477" rel="noopener" style="color: #1155cc;" target="_blank">800-555-4477</a>, or visit <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5lZnRwcy5nb3YvZWZ0cHMvIn0.Q_mlOceTbfFd_g2EIrjNbYuEoM5OuaIyadkhMvpD-Uw/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw0_cgD0-_vw4QPlW5yMjXRQ" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5lZnRwcy5nb3YvZWZ0cHMvIn0.Q_mlOceTbfFd_g2EIrjNbYuEoM5OuaIyadkhMvpD-Uw/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">eftps.gov</a>.</li><li style="margin-left: 15px;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS10YXhlcy1ieS1jcmVkaXQtb3ItZGViaXQtY2FyZCJ9.VFyP9c6ICy33Kx6UNkHzVZw-kT5akLh56ZFy4nfohlE/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw1ira9uCLcEZpd_aa08hBb4" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS10YXhlcy1ieS1jcmVkaXQtb3ItZGViaXQtY2FyZCJ9.VFyP9c6ICy33Kx6UNkHzVZw-kT5akLh56ZFy4nfohlE/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Credit card, debit card or digital wallet</a>: Individuals can pay online, by phone or with a mobile device through any of the authorized payment processors. The processor charges a fee. The IRS doesn't receive any fees for these payments. Authorized card processors and phone numbers are available at <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzIn0.0JuFgRfPcYLUUxgvLaz16ssoNCoGMs9LLfYgUk6U8Os/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw3_bHpLAFbkIXg6UU8tOrRI" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzIn0.0JuFgRfPcYLUUxgvLaz16ssoNCoGMs9LLfYgUk6U8Os/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">IRS.gov/payments</a>.</li><li style="margin-left: 15px;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS13aXRoLWNhc2gtYXQtYS1yZXRhaWwtcGFydG5lciJ9.2Ze627ROxaGdlWL1Ewza4K0vf_0k1xrwdek_jZAu9l8/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw0p_9gjOEjAGsqYBGQiR1rl" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS13aXRoLWNhc2gtYXQtYS1yZXRhaWwtcGFydG5lciJ9.2Ze627ROxaGdlWL1Ewza4K0vf_0k1xrwdek_jZAu9l8/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Cash</a>: For taxpayers who prefer to pay in cash, the IRS offers a way to pay taxes at one of its Cash Processing Companies at participating retail stores. The IRS urges taxpayers choosing this option to start early because it involves a four-step process. Details, including answers to frequently asked questions, are at <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS13aXRoLWNhc2gtYXQtYS1yZXRhaWwtcGFydG5lciJ9.eBBRoKtUPuSLmVtotuoF2Ncdv3gcTKWomVJsmCCjiBs/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw1QJSrCsmRLhg7tX_9Cm0ki" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS13aXRoLWNhc2gtYXQtYS1yZXRhaWwtcGFydG5lciJ9.eBBRoKtUPuSLmVtotuoF2Ncdv3gcTKWomVJsmCCjiBs/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">IRS.gov/paywithcash</a>.</li></ul><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS1ieS1jaGVjay1vci1tb25leS1vcmRlciJ9.4rsiVEhz19K93Eyju6xabbmYtrVYuyLvGyCQYoJuWDQ/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw1KeQC__eHZ_r-1rSSJpd7g" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3BheS1ieS1jaGVjay1vci1tb25leS1vcmRlciJ9.4rsiVEhz19K93Eyju6xabbmYtrVYuyLvGyCQYoJuWDQ/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Check or Money Order</a>: Payments made by check or money order should be made payable to the "United States Treasury." To help ensure that the payment gets credited promptly, taxpayers should also enclose a <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1Yi9pcnMtcGRmL2YxMDQwdi5wZGYifQ.KzOVM8zFjJKrmq3e0a3B6yO1Fl_J7Z0H4GSLNme8VxQ/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw0s1hpN4ookN5IVnjY2Nwy7" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzcsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3B1Yi9pcnMtcGRmL2YxMDQwdi5wZGYifQ.KzOVM8zFjJKrmq3e0a3B6yO1Fl_J7Z0H4GSLNme8VxQ/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Form 1040-V</a> payment voucher and print on the front of the check or money order: "2021 Form 1040"; name; address; daytime phone number; and Social Security number.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>File by April 18, 2022 for most taxpayers</b><br />The most important thing everyone with a tax bill should do is file a return by the April 18 due date, for most taxpayers (even if they can't pay in full). Taxpayers may also request a six-month extension to file by October 17, 2022, to avoid penalties and interest for <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2ZhaWx1cmUtdG8tZmlsZS1wZW5hbHR5In0.vDY9mOirDMNOr-nds-4254WTu3jv3vJoQjWoaH4ThFc/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw0HHyRn59is3R60x8Mj--DH" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2ZhaWx1cmUtdG8tZmlsZS1wZW5hbHR5In0.vDY9mOirDMNOr-nds-4254WTu3jv3vJoQjWoaH4ThFc/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">failing to file on time</a>.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">Though automatic tax-filing extensions are available to anyone who wants one, these extensions don't change the payment deadline. It is not an extension to pay. Visit <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvZXh0ZW5zaW9uLW9mLXRpbWUtdG8tZmlsZS15b3VyLXRheC1yZXR1cm4ifQ.qLQ_XrFu4h-9Lq6dWYIkhGn7yMPFcJnVM43j-mIPtQQ/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw14Wrsg1HyPY6VGo45k9OWi" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2Zvcm1zLXB1YnMvZXh0ZW5zaW9uLW9mLXRpbWUtdG8tZmlsZS15b3VyLXRheC1yZXR1cm4ifQ.qLQ_XrFu4h-9Lq6dWYIkhGn7yMPFcJnVM43j-mIPtQQ/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">IRS.gov/extensions</a> for details.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">Usually anyone who owes tax and waits until after that date to file will be charged a late-filing penalty of 5% per month. So, if a tax return is complete, filing it by April 18 is always less costly, even if the full amount due can't be paid on time.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">IRS Free File is an easy, quick way to file that is available to eligible individuals and families who earned $73,000 or less in 2021. <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9mcmVlLWZpbGUtZG8teW91ci1mZWRlcmFsLXRheGVzLWZvci1mcmVlIn0.KRCLpQw3JB5cC22QIeYUS_ZA6e8qTWg9PNK8gFIbihs/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw1jSlXtU8t-GpfZrthlOTCf" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2ZpbGluZy9mcmVlLWZpbGUtZG8teW91ci1mZWRlcmFsLXRheGVzLWZvci1mcmVlIn0.KRCLpQw3JB5cC22QIeYUS_ZA6e8qTWg9PNK8gFIbihs/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">IRS Free File </a>is available on IRS.gov.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Pay what you can</b><br />Interest, plus the late-payment penalty, will apply to any payments made after April 18. Making a payment, even a partial payment, will help limit penalty and interest charges. The fastest and easiest way to pay a personal tax bill is with <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2RpcmVjdC1wYXkifQ.TwgCnhGgV_5_n1-svplD6zDdBSlcepBa135UDAiRJX0/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw2Z5okgjCy_a7S0yjpKIne_" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL2RpcmVjdC1wYXkifQ.TwgCnhGgV_5_n1-svplD6zDdBSlcepBa135UDAiRJX0/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Direct Pay</a>, available only on IRS.gov. </p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">The IRS urges taxpayers to first consider other options for payment, including getting a loan to pay the amount due. In many cases, loan costs may be lower than the combination of interest and penalties the IRS must charge under federal law. Normally, the late-payment penalty is one-half-of-one percent (0.5%) per month. The interest rate, adjusted quarterly, is currently 3% per year, compounded daily.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">If a loan isn't possible, the IRS can often help.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Online payment plans</b><br />Most individual taxpayers qualify to set up an online payment plan with the IRS, and it only takes a few minutes to apply. Applicants are notified immediately if their request is approved. No need to call or write to the IRS. The IRS notes that <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiJ9.xcism7SJnH6CnlIuRW-3SgFElNMeOCXuUTUpXcb9pnE/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw2ktweH7kuE6L7F4snU5eyK" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiJ9.xcism7SJnH6CnlIuRW-3SgFElNMeOCXuUTUpXcb9pnE/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">online payment plans</a> are processed more quickly than requests submitted with electronically-filed tax returns. If a taxpayer just filed their return and knows that they’ll owe a balance, they may be able to set up a payment plan online before they even receive a notice or bill.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">There are two main types of online payment plans:</p><ul style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><b>Short-term payment plan</b> – The payment period is 180 days or less and the total amount owed is less than $100,000 in combined tax, penalties and interest. There's no fee for setting one up, though interest and the late-payment penalty continue to accrue.</li><li style="margin-left: 15px;"><b>Long-term payment plan</b> – Payments are made monthly, and the amount owed must be less than $50,000 in combined tax, penalties and interest. If the IRS approves a long-term payment plan, also known as an installment agreement, a <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiNjb2xsYXBzZTAwMmEifQ.edvbvsfY9P5EmIjpGHlkfOLhC51IPDVmqKMbIlTT8_E/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw0_F-4SVEDJ3ZnZwG79KHcP" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiNjb2xsYXBzZTAwMmEifQ.edvbvsfY9P5EmIjpGHlkfOLhC51IPDVmqKMbIlTT8_E/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">setup fee</a> normally applies. But low-income taxpayers may qualify to have the fee waived or reimbursed. In addition, for anyone who filed their return on time, the late-payment penalty rate is cut in half while an installment agreement is in effect. This means that the penalty accrues at the rate of one-quarter-of-one percent (0.25%) per month, instead of the usual one-half-of-one percent (0.5%) per month.</li></ul><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">Taxpayers who do not qualify for an online payment agreement may still be able to arrange to pay in installments.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Other payment options</b></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">Some struggling taxpayers may also consider using these other payment options:</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Delayed collection</b><br />If the IRS determines a taxpayer is unable to pay, it may <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3RlbXBvcmFyaWx5LWRlbGF5LXRoZS1jb2xsZWN0aW9uLXByb2Nlc3MifQ.D_i4KF1QfSz3fJUSmKirXv7jhrBoU71536EwrdbJJ6E/s/7033406/br/128497759129-l&source=gmail&ust=1648067936362000&usg=AOvVaw275lrLSBvkrYhH4ei4Zh-U" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3RlbXBvcmFyaWx5LWRlbGF5LXRoZS1jb2xsZWN0aW9uLXByb2Nlc3MifQ.D_i4KF1QfSz3fJUSmKirXv7jhrBoU71536EwrdbJJ6E/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">delay collection </a>until their financial condition improves. However, the total amount owed will still increase because penalties and interest are charged until paid in full. </p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Penalty relief</b><br />Some taxpayers qualify to have their late-filing or late-payment penalties reduced or eliminated. This can be done on a case-by-case basis, based on <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3BlbmFsdHktcmVsaWVmLWR1ZS10by1yZWFzb25hYmxlLWNhdXNlIn0.pvdQReS8zIGjGog7gWLvS14bmn9yn8pqwLuE4FaS4FM/s/7033406/br/128497759129-l&source=gmail&ust=1648067936363000&usg=AOvVaw24hCDo9hheSJTzmJOpnGln" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3BlbmFsdHktcmVsaWVmLWR1ZS10by1yZWFzb25hYmxlLWNhdXNlIn0.pvdQReS8zIGjGog7gWLvS14bmn9yn8pqwLuE4FaS4FM/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">reasonable cause</a>. Alternatively, where a taxpayer has a history of compliance, the IRS can typically provide relief under the <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3BlbmFsdHktcmVsaWVmLWR1ZS10by1maXJzdC10aW1lLXBlbmFsdHktYWJhdGVtZW50LW9yLW90aGVyLWFkbWluaXN0cmF0aXZlLXdhaXZlciJ9.gXjYHKfaU3MQJ7F4_-TDZ7DKIvDTLgdbXuqv0WzJLIA/s/7033406/br/128497759129-l&source=gmail&ust=1648067936363000&usg=AOvVaw2dbRonr77ORaCMAKmWUwnP" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNDksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3BlbmFsdHktcmVsaWVmLWR1ZS10by1maXJzdC10aW1lLXBlbmFsdHktYWJhdGVtZW50LW9yLW90aGVyLWFkbWluaXN0cmF0aXZlLXdhaXZlciJ9.gXjYHKfaU3MQJ7F4_-TDZ7DKIvDTLgdbXuqv0WzJLIA/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">First Time Abatement</a> program. Visit <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNTAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3BlbmFsdHktcmVsaWVmIn0.pvOCNDCzWgPH10BaZeEQReOrL9KfzMvCt29A60KBsJo/s/7033406/br/128497759129-l&source=gmail&ust=1648067936363000&usg=AOvVaw34-4MMXlHYyw5FeWNqDqhs" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNTAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2J1c2luZXNzZXMvc21hbGwtYnVzaW5lc3Nlcy1zZWxmLWVtcGxveWVkL3BlbmFsdHktcmVsaWVmIn0.pvOCNDCzWgPH10BaZeEQReOrL9KfzMvCt29A60KBsJo/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">IRS.gov/penaltyrelief</a> for details.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><b>Offer in Compromise</b><br />Some taxpayers qualify to settle their tax bill for less than the full amount due, through an offer in compromise. Though there is typically a $205 non-refundable application fee, it is generally waived for low-income taxpayers and for offers based on doubt as to liability. The <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNTEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL2lycy50cmVhc3VyeS5nb3Yvb2ljX3ByZV9xdWFsaWZpZXIvIn0.c_UHO1VQvzWL9_U24b9Z8I6VDnVQbWBe28xetTjAiIA/s/7033406/br/128497759129-l&source=gmail&ust=1648067936363000&usg=AOvVaw1wXHNMNmID0UgVMewQ6eK5" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNTEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL2lycy50cmVhc3VyeS5nb3Yvb2ljX3ByZV9xdWFsaWZpZXIvIn0.c_UHO1VQvzWL9_U24b9Z8I6VDnVQbWBe28xetTjAiIA/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Offer in Compromise Pre-Qualifier tool</a> can help determine eligibility for anyone interested in applying.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">The IRS reminds taxpayers that they have rights and protections throughout the collection process.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">For more information about payments, see <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNTQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheHRvcGljcy90YzIwMiJ9.TcWVDGVkPsESRQMIhTMaOvYD3RwZXlcMJHGQ6GGUIpI/s/7033406/br/128497759129-l&source=gmail&ust=1648067936363000&usg=AOvVaw1AjEYynu9pI0Q1nX7h319L" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxNTQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMjAzMjIuNTUzMDAxMzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheHRvcGljcy90YzIwMiJ9.TcWVDGVkPsESRQMIhTMaOvYD3RwZXlcMJHGQ6GGUIpI/s/7033406/br/128497759129-l" rel="noopener" style="color: #1155cc;" target="_blank">Topic No. 202, Tax Payment Options</a>, on IRS.gov.</p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">If you need help with any of these methods of payment, penalty relief, etc., email us for assistance. We know the rules and how they can benefit you Kauffman Nelson LLP, CPAs and Attorneys. <u>ustax@hotmail.com</u></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;">We have been helping US expatriates and nonresidents for over 25 years.</p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-5818624690498782252022-03-13T09:31:00.002-07:002022-03-13T09:31:58.694-07:00Taxes You May Not Know About<p><br /></p><p style="color: #333333; font-family: Gotham, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px;">No tax season would be complete without a list of strange taxes assessed by various states and countries.</p><ul style="color: #333333; font-family: Gotham, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px;"><li><strong>Sliced bagels:</strong> New York charges a bagel-cutting tax at 8 cents per sliced or ready-to-eat bagel.</li><li><strong>Decorative pumpkins:</strong> In New Jersey, a painted, varnished, or cut pumpkin sold as a decoration is subject to sales tax. Pumpkins used as food are not.</li><li><strong>Tattoos:</strong> Arkansas charges sales tax on tattoos, piercings, and electrolysis.</li><li><strong>Everything delicious:</strong> Illinois not only applies a candy tax to confections made without flour, but also in Chicago, soda in a can is taxed at a 3% rate but the syrup for fountain soda is taxed at 9%.</li><li><strong>Breakfast cereal:</strong> In Canada, breakfast cereal makers are exempt from tax if the cereal contains a free children’s toy … but only if the toy is not “beer, liquor, or wine.” Seems pretty easy to meet that requirement.</li><li><strong>Robots:</strong> South Korea has reduced a tax break for companies that have invested in automation that replaces human jobs with machines.</li><li><strong>Unhealthy food:</strong> Mexico, Hungary, and India all have junk food taxes that are in place to try to curb unhealthy eating habits.</li><li><strong>Cow flatulence:</strong> Ireland, Denmark, and other EU nations tax cattle owners on cow flatulence, due to it being one of the leading contributors to greenhouse gases.</li></ul>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-18946572991513738112022-03-06T11:36:00.003-08:002022-03-06T11:36:36.232-08:00US Expatriate IRS Forms Which May Cause an Audit Unless Prepared Correctly<p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhjeQ-GKRvv5ekgbvYEQqQSZns2Kwsn7tLtKE1E5Q7a_BgGoktfaFKk1k3a_aQIJcSwCMYUHYU5TwjTiaTuyW9kebrLUtc3sieAV4yiuFqJ2s-QDs4yU7rqDxrcP1eaNGaeP89F8uVKAvPNXGCx0ZFUxO0JboM7BZXKPJqas77gE5Cj2uDdeZs=s515" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="515" data-original-width="379" height="320" src="https://blogger.googleusercontent.com/img/a/AVvXsEhjeQ-GKRvv5ekgbvYEQqQSZns2Kwsn7tLtKE1E5Q7a_BgGoktfaFKk1k3a_aQIJcSwCMYUHYU5TwjTiaTuyW9kebrLUtc3sieAV4yiuFqJ2s-QDs4yU7rqDxrcP1eaNGaeP89F8uVKAvPNXGCx0ZFUxO0JboM7BZXKPJqas77gE5Cj2uDdeZs=s320" width="235" /></a></div> <span style="font-family: arial; font-size: medium;">As a US expatriate you generally need to file certain special reporting forms with your US tax return. Filing these forms do increase your chance of audit by the IRS. If your return includes any of the following forms, make certain they are filled out correctly to avoid IRS audits:</span><p></p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;">Form 2555: Foreign Earned Income Exclusion <br /></p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;">Form 1116: Foreign Tax Credit</p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;">Form 8621: Passive Foreign Investment Company (PFIC)</p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;">Form 3520 & 3520a: Foreign Trust Reporting</p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;">Form 5471: Shareholder of Foreign Corporation</p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;">Form 8938: Statement of Specified Foreign Financial Assets</p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;">Our firm has assisted US expatriates with their tax returns and inernational tax issues for over 25 years. If you need help with these forms, advice or need your entire return prepared by experts contact us by email HERE. We are US attorneys and CPAs.</p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;"><br /></p><p style="border: 0px solid rgb(226, 232, 240); box-sizing: border-box; color: #1b1b1b; font-family: Lato, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, "Noto Sans", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol", "Noto Color Emoji"; font-size: 18px; margin: 0px 0px 1.5rem; overflow-wrap: break-word;"><br /></p><p><br /></p><p><br /></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-84617152452635309792021-12-09T12:02:00.001-08:002021-12-09T12:03:02.677-08:00IRS TAXPAYER PROCESSING DELAYS CONTINUE AND WILL FOR SOME TIME<p><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">Although the IRS is making progress, there are still significant return processing backlogs which among others involve expatriate returns, refunds, etc, such as:</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"> * 6.5 million unprocessed individual returns, as of November 19, 2021;</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"> * 2.6 million unprocessed Forms 1040-X, Amended Individual Income Tax Returns, as of November 27, 2021;</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"> * 3 million unprocessed Forms 941, Employer's Quarterly Federal Tax Return, as of December 1, 2021; and</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"> * 412,000 unprocessed Forms 941-X, Adjusted Employer's Quarterly Federal Tax Return, as of December 1, 2021.</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">According to the IRS, it may take 90-120 days to process original returns. The timeline depends on how quickly and accurately taxpayers respond to requests for additional information and "the ability of IRS staff trained and working under social distancing requirements to complete the processing of your return." Taxpayers may access "Where's My Refund" (</span><a data-saferedirecturl="https://www.google.com/url?q=http://www.irs.gov/refunds&source=gmail&ust=1639166228444000&usg=AOvVaw2mCnxjsXgTB_NuruPxl8JQ" href="http://www.irs.gov/refunds" rel="noreferrer" style="background-color: white; color: #1155cc; font-family: Arial, Helvetica, sans-serif; font-size: small;" target="_blank">www.irs.gov/refunds</a><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><</span><a data-saferedirecturl="https://www.google.com/url?q=http://send.spidell.com/link.cfm?r%3DgZ-80FCd5TTpz7rOj3Jhbw~~%26pe%3DowFbb_7HN6kAMuQv1PPM7nlO7x276rI7f0O_5zRKFTRoJ7RtQ29PUE4Rq48sHYFutsmUucA1mMH1lxeD8zJ7aw~~%26t%3DY7Wj2mPEcByuqBqXr8dzNA~~&source=gmail&ust=1639166228445000&usg=AOvVaw0D-4MFZsLgJKXnvBdJmigM" href="http://send.spidell.com/link.cfm?r=gZ-80FCd5TTpz7rOj3Jhbw~~&pe=owFbb_7HN6kAMuQv1PPM7nlO7x276rI7f0O_5zRKFTRoJ7RtQ29PUE4Rq48sHYFutsmUucA1mMH1lxeD8zJ7aw~~&t=Y7Wj2mPEcByuqBqXr8dzNA~~" rel="noreferrer" style="background-color: white; color: #1155cc; font-family: Arial, Helvetica, sans-serif; font-size: small;" target="_blank">http://se<wbr></wbr>nd.spidell.com/link.cfm?r=gZ-<wbr></wbr>80FCd5TTpz7rOj3Jhbw~~&pe=owFbb<wbr></wbr>_7HN6kAMuQv1PPM7nlO7x276rI7f0O<wbr></wbr>_5zRKFTRoJ7RtQ29PUE4Rq48sHYFut<wbr></wbr>smUucA1mMH1lxeD8zJ7aw~~&t=Y7Wj<wbr></wbr>2mPEcByuqBqXr8dzNA~~</a><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">>) or use their online account to check on the status of these returns.</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">The ETA for processing amended returns can be more than 20 weeks (although we have heard of far longer timeframes). The IRS has asked that taxpayers not file a second return or contact the IRS about the status of their returns. Taxpayers are directed to check "Where's My Amended Return" (</span><a data-saferedirecturl="https://www.google.com/url?q=http://www.irs.gov/filing/wheres-my-amended-return&source=gmail&ust=1639166228445000&usg=AOvVaw05JpPe32QgtbkTUJJ5p3YV" href="http://www.irs.gov/filing/wheres-my-amended-return" rel="noreferrer" style="background-color: white; color: #1155cc; font-family: Arial, Helvetica, sans-serif; font-size: small;" target="_blank">www.irs.gov/filing/wheres-my-<wbr></wbr>amended-return</a><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><</span><a data-saferedirecturl="https://www.google.com/url?q=http://send.spidell.com/link.cfm?r%3DgZ-80FCd5TTpz7rOj3Jhbw~~%26pe%3DwcFMsdWlBZD6nCsGBJ4rLKI7hpm_Uj3OaD3kfww63G1kZtILYQCOa86D2-zKiMhDE9LNwYtPmYEuVFWD3Vxvog~~%26t%3DY7Wj2mPEcByuqBqXr8dzNA~~&source=gmail&ust=1639166228445000&usg=AOvVaw3WKSGCvL2oqLOMahHocgh6" href="http://send.spidell.com/link.cfm?r=gZ-80FCd5TTpz7rOj3Jhbw~~&pe=wcFMsdWlBZD6nCsGBJ4rLKI7hpm_Uj3OaD3kfww63G1kZtILYQCOa86D2-zKiMhDE9LNwYtPmYEuVFWD3Vxvog~~&t=Y7Wj2mPEcByuqBqXr8dzNA~~" rel="noreferrer" style="background-color: white; color: #1155cc; font-family: Arial, Helvetica, sans-serif; font-size: small;" target="_blank">http://send.spi<wbr></wbr>dell.com/link.cfm?r=gZ-80FCd5T<wbr></wbr>Tpz7rOj3Jhbw~~&pe=wcFMsdWlBZD6<wbr></wbr>nCsGBJ4rLKI7hpm_Uj3OaD3kfww63G<wbr></wbr>1kZtILYQCOa86D2-zKiMhDE9LNwYtP<wbr></wbr>mYEuVFWD3Vxvog~~&t=<wbr></wbr>Y7Wj2mPEcByuqBqXr8dzNA~~</a><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">>) for the "most up to date processing status available" for Form 1040-X, or to check their online account.</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">For more information on the IRS delays, see:</span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /><a data-saferedirecturl="https://www.google.com/url?q=http://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue&source=gmail&ust=1639166228445000&usg=AOvVaw0FCVMxKSI0_xVsqv2CNGFp" href="http://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue" rel="noreferrer" style="background-color: white; color: #1155cc; font-family: Arial, Helvetica, sans-serif; font-size: small;" target="_blank">www.irs.gov/newsroom/irs-opera<wbr></wbr>tions-during-covid-19-mission-<wbr></wbr>critical-functions-continue</a><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;"><</span><a data-saferedirecturl="https://www.google.com/url?q=http://send.spidell.com/link.cfm?r%3DgZ-80FCd5TTpz7rOj3Jhbw~~%26pe%3DWZBS5UrRtXSCNSU76e8B2IscXTDHWo3khIz3q7zBB-vDDIP8InHMzeL4kGWTb-fE82qLt8ecccFVIp1J95Gopw~~%26t%3DY7Wj2mPEcByuqBqXr8dzNA~~&source=gmail&ust=1639166228445000&usg=AOvVaw3lo6yS6QMp7Bllx-_81-WN" href="http://send.spidell.com/link.cfm?r=gZ-80FCd5TTpz7rOj3Jhbw~~&pe=WZBS5UrRtXSCNSU76e8B2IscXTDHWo3khIz3q7zBB-vDDIP8InHMzeL4kGWTb-fE82qLt8ecccFVIp1J95Gopw~~&t=Y7Wj2mPEcByuqBqXr8dzNA~~" rel="noreferrer" style="background-color: white; color: #1155cc; font-family: Arial, Helvetica, sans-serif; font-size: small;" target="_blank">ht<wbr></wbr>tp://send.spidell.com/link.<wbr></wbr>cfm?r=gZ-80FCd5TTpz7rOj3Jhbw~~<wbr></wbr>&pe=WZBS5UrRtXSCNSU76e8B2IscXT<wbr></wbr>DHWo3khIz3q7zBB-vDDIP8InHMzeL4<wbr></wbr>kGWTb-fE82qLt8ecccFVIp1J95Gopw<wbr></wbr>~~&t=Y7Wj2mPEcByuqBqXr8dzNA~~</a><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">></span><br style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;" /></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-15432442664713299032021-12-07T16:29:00.004-08:002021-12-07T16:30:58.701-08:00New online identity verification process for accessing IRS self-help tools for Expatriates and Nonresidents<p align="center" style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><br /></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-TuHQrrpHylw/TXZ6cPj1-uI/AAAAAAAAkY0/4mwEzVDDRM8HWXcyC42arjfGNHhQuECxQCPcBGAYYCw/s127/irs%2Bstamp.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="103" data-original-width="127" height="260" src="https://1.bp.blogspot.com/-TuHQrrpHylw/TXZ6cPj1-uI/AAAAAAAAkY0/4mwEzVDDRM8HWXcyC42arjfGNHhQuECxQCPcBGAYYCw/w320-h260/irs%2Bstamp.jpg" width="320" /></a></div><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">The IRS recently launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.</span></span><p></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">Taxpayers using the new mobile-friendly verification process can access several IRS online services including:</span></span></p><ul style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="color: windowtext; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy9jaGlsZC10YXgtY3JlZGl0LXVwZGF0ZS1wb3J0YWwifQ.Lk76Q4DgEmIMGsfhfYnPGWHjM3IF2JHZIGjeWE73oBM/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw3Ye0vfyYAImc_h3yHNkqqG" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjgsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2NyZWRpdHMtZGVkdWN0aW9ucy9jaGlsZC10YXgtY3JlZGl0LXVwZGF0ZS1wb3J0YWwifQ.Lk76Q4DgEmIMGsfhfYnPGWHjM3IF2JHZIGjeWE73oBM/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="Child Tax Credit Update Portal">Child Tax Credit Update Portal</a></span><span style="font-size: 10pt;"></span></span></li><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="color: windowtext; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3lvdXItb25saW5lLWFjY291bnQifQ.jpAhd5Ja86XT9OiWlhYTOvuMjDd2muwapDj9zxn5xJE/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw3a4AVEkJ4VIPCTrcWjaEs2" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMjksInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL3lvdXItb25saW5lLWFjY291bnQifQ.jpAhd5Ja86XT9OiWlhYTOvuMjDd2muwapDj9zxn5xJE/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="Your Online Account">Online Account</a></span><span style="font-size: 10pt;"></span></span></li><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="color: windowtext; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2luZGl2aWR1YWxzL2dldC10cmFuc2NyaXB0In0.TiUqFWEzye6rr_fXoVAi8x_R3iQLodo82h4PdfiHsHk/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw3SSwCiHDwrZSWRk8cvqa6e" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2luZGl2aWR1YWxzL2dldC10cmFuc2NyaXB0In0.TiUqFWEzye6rr_fXoVAi8x_R3iQLodo82h4PdfiHsHk/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="Get Transcript">Get Transcript Online</a></span><span style="font-size: 10pt;"></span></span></li><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="color: windowtext; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2lkZW50aXR5LXRoZWZ0LWZyYXVkLXNjYW1zL2dldC1hbi1pZGVudGl0eS1wcm90ZWN0aW9uLXBpbiJ9.uDPv303zsa8GIQYlt7HPoDpHENJ2r5CFr2UnZemx-2o/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw2I7rowyYCskmc9UISl-xzI" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L2lkZW50aXR5LXRoZWZ0LWZyYXVkLXNjYW1zL2dldC1hbi1pZGVudGl0eS1wcm90ZWN0aW9uLXBpbiJ9.uDPv303zsa8GIQYlt7HPoDpHENJ2r5CFr2UnZemx-2o/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="Get An Identity Protection PIN">Get an Identity Protection PIN</a></span><span style="font-size: 10pt;"></span></span></li><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="color: windowtext; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiJ9.7j1k-_vOHfg_gDROhfK0F-XNMBL_B4pnLB_LuiLS5nY/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw21yXiumSfgRT22DzKryJtJ" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3BheW1lbnRzL29ubGluZS1wYXltZW50LWFncmVlbWVudC1hcHBsaWNhdGlvbiJ9.7j1k-_vOHfg_gDROhfK0F-XNMBL_B4pnLB_LuiLS5nY/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="Online Payment Agreement Application">Online Payment Agreement</a></span><span style="font-size: 10pt;"></span></span></li></ul><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">Additional applications will transition to the new process over the next year.</span></span></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">The new process reaches more people through the expanded use of identity documents and increased help desk assistance for taxpayers who encounter a problem when attempting to verify their identity online.</span></span></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">The IRS is using ID.me to provide verification services. The new process part of the IRS’s ongoing commitment to ensure that taxpayer information is only provided to the person who has a legal right to the data.</span></span></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">The IRS integrated this new account-creation process into some applications used by tax professionals, including those they use to request powers of attorney or tax information authorizations online using<span style="color: #1b1b1b;"> </span></span><span style="font-family: Arial, sans-serif; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheC1wcm9mZXNzaW9uYWxzL3VzZS10YXgtcHJvLWFjY291bnQifQ.Gn8qkCec636Z7CE7oQLzKkgDp422ID2MlI1NVCp8exg/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw2XzZRgqaobvj4t-xRyVYMv" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheC1wcm9mZXNzaW9uYWxzL3VzZS10YXgtcHJvLWFjY291bnQifQ.Gn8qkCec636Z7CE7oQLzKkgDp422ID2MlI1NVCp8exg/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="Use Tax Pro Account">Tax Pro Account</a></span><span style="color: #1b1b1b; font-family: Arial, sans-serif; font-size: 10pt;"> or to </span><span style="font-family: Arial, sans-serif; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheC1wcm9mZXNzaW9uYWxzL3N1Ym1pdC1mb3Jtcy0yODQ4LWFuZC04ODIxLW9ubGluZSJ9.FZ97pB7sLjdpcO6m7TEcW2xhBJG9XKlArgK2e4tKJAM/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw2aBtbHy8hLLmqCDovEkcH_" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzQsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL3d3dy5pcnMuZ292L3RheC1wcm9mZXNzaW9uYWxzL3N1Ym1pdC1mb3Jtcy0yODQ4LWFuZC04ODIxLW9ubGluZSJ9.FZ97pB7sLjdpcO6m7TEcW2xhBJG9XKlArgK2e4tKJAM/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="Submit Forms 2848 and 8821 Online">submit Forms 2848 and 8821 online</a></span><span style="color: #1b1b1b; font-family: Arial, sans-serif; font-size: 10pt;">.<br /><br /></span><strong><span style="font-family: Arial, sans-serif; font-size: 10pt;">Accessing IRS tools</span></strong><span style="font-family: Arial, sans-serif; font-size: 10pt;"><br />Taxpayers will be asked to sign in with an ID.me account. If they already have IRS usernames, they can use their credentials from the old system to sign-in until summer 2022. However, they should create an ID.me account as soon as possible. Anyone with an existing ID.me account from the Child Tax Credit Update Portal, or from another government agency, can sign in with their existing credentials.</span></span></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">To verify their identity with ID.me, taxpayers must do two things:</span></span></p><ul style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Symbol; font-size: 10pt;"></span><span style="font-size: 10pt;">Provide a photo of a driver's license, state ID or passport.</span></span></li><li style="margin-left: 15px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Symbol; font-size: 10pt;"></span><span style="font-size: 10pt;">Take a selfie using a smartphone or a computer with a webcam.</span></span></li></ul><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">Once their identity is verified, they can securely access IRS online services.</span></span></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="font-family: Arial, sans-serif; font-size: 10pt;">Taxpayers who need help verifying their identity or submitting a support ticket should visit the </span><span style="font-family: Arial, sans-serif; font-size: 10pt;"><a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL2hlbHAuaWQubWUvaGMvZW4tdXMvY2F0ZWdvcmllcy8xNTAwMDAyMjEzMTAyP3V0bV9jYW1wYWlnbj1JUlMtZ3JvdXAxJnV0bV9tZWRpdW09c2FkaSZ1dG1fc291cmNlPWlycy13ZWJzaXRlJnV0bV9jb250ZW50PW5ld3NyZWxlYXNlJnV0bV90ZXJtPW5ld3MifQ.-hjUGKyJ_mrf-Y82gHoM6E0NCpGyhMgps8e7RGLye0g/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw3fvXVwrOF1Ejx63Q-1vhkx" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzUsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL2hlbHAuaWQubWUvaGMvZW4tdXMvY2F0ZWdvcmllcy8xNTAwMDAyMjEzMTAyP3V0bV9jYW1wYWlnbj1JUlMtZ3JvdXAxJnV0bV9tZWRpdW09c2FkaSZ1dG1fc291cmNlPWlycy13ZWJzaXRlJnV0bV9jb250ZW50PW5ld3NyZWxlYXNlJnV0bV90ZXJtPW5ld3MifQ.-hjUGKyJ_mrf-Y82gHoM6E0NCpGyhMgps8e7RGLye0g/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank" title="ID.me IRS Help Site">ID.me IRS Help Site</a></span><span style="color: #1b1b1b; font-family: Arial, sans-serif; font-size: 10pt;"></span></span></p><p style="background-color: white; color: #222222; font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 16px;"><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><span style="color: #1b1b1b; font-family: Arial, sans-serif; font-size: 10pt;"><br />Share this tip on social media -- #IRSTaxTip: New online identity verification process for accessing IRS self-help tools. <a data-saferedirecturl="https://www.google.com/url?q=https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL2dvLnVzYS5nb3YveGVkeHIifQ.-2TCqp9NtNH3s82CUqiBeqJpMdKesSuzcA8KJ0eFrqY/s/7033406/br/122451285832-l&source=gmail&ust=1639009266508000&usg=AOvVaw0RhcTVoy5Ik0OPXAFOhDkR" href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMzYsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEyMDcuNDk4OTM0MzEiLCJ1cmwiOiJodHRwczovL2dvLnVzYS5nb3YveGVkeHIifQ.-2TCqp9NtNH3s82CUqiBeqJpMdKesSuzcA8KJ0eFrqY/s/7033406/br/122451285832-l" style="color: #1155cc;" target="_blank">https://go.usa.gov/xedxr</a></span></span></p><div><span style="font-family: arial,helvetica,sans-serif; font-size: x-small;"><br /></span></div>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-47443948104905747482021-11-08T11:38:00.008-08:002021-11-08T11:41:18.390-08:00FBAR $10,000 NONWILLFUL FAILURE TO FILE PENALTY IS HELD TO BE $10,000 PER ACCOUNT AND NOT PER FORM<table id="m_-2282470551546748146itemcontentlist" style="background-color: white; color: black; font-family: Georgia, Helvetica, Arial, sans-serif; font-size: 13px;"><tbody><tr><td style="font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; line-height: 1.4em; margin: 0px;"><p style="margin: 1em 0px 3px;"><a data-saferedirecturl="https://www.google.com/url?q=http://feedproxy.google.com/~r/blogspot/oGeEWy/~3/vrsx3cH_wS4/district-court-holds-1-fbar-penalty.html?utm_source%3Dfeedburner%26utm_medium%3Demail&source=gmail&ust=1636486378500000&usg=AOvVaw3BRhIq7oyplhG3hmHkVpdX" href="http://feedproxy.google.com/~r/blogspot/oGeEWy/~3/vrsx3cH_wS4/district-court-holds-1-fbar-penalty.html?utm_source=feedburner&utm_medium=email" name="m_-2282470551546748146_1" style="color: #1155cc; font-family: Arial, Helvetica, sans-serif; font-size: 18px;" target="_blank">District Court holds (1) FBAR Penalty Statute of Limitations is Waivable and (2) FBAR Nonwillful Penalty is Per Account (11/8/21)</a></p><p style="color: #555555; font-family: Georgia, Helvetica, Arial, sans-serif; line-height: 18.2px; margin: 9px 0px 3px;"><br /></p><div style="font-family: Georgia, Helvetica, Arial, sans-serif; line-height: 18.2px; margin: 0px;"><p>In <i>United States v. Solomon</i>, No. 20-82236-CIV-CAN, 2021 U.S. Dist. LEXIS 210602 (S.D. Fla. Oct. 27, 2021), CL <a data-saferedirecturl="https://www.google.com/url?q=https://storage.courtlistener.com/recap/gov.uscourts.flsd.582741/gov.uscourts.flsd.582741.64.0.pdf&source=gmail&ust=1636486378500000&usg=AOvVaw3t10v-bA2f4KVFMHTnFblb" href="https://storage.courtlistener.com/recap/gov.uscourts.flsd.582741/gov.uscourts.flsd.582741.64.0.pdf" style="color: #1155cc;" target="_blank">here</a>, in a nonwillful FBAR collection suit, the Court held:</p><p>1. The FBAR assessment statute of limitations is an affirmative defense that may be waived by the person assessed the penalty (no distinction here between willful and nonwillful). The FBAR assessment statute of limitations has no provision such as § 6501(c)(4) that requires that extensions by agreement must be made while the otherwise</p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-d30mF4QYvXg/TZncqwi8xcI/AAAAAAAAkY0/Qb8BIHDMolM10uDL1BECmwxE2pn-vEItgCPcBGAYYCw/s237/offshore%2Bassets%2Bgraphic.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="191" data-original-width="237" height="191" src="https://1.bp.blogspot.com/-d30mF4QYvXg/TZncqwi8xcI/AAAAAAAAkY0/Qb8BIHDMolM10uDL1BECmwxE2pn-vEItgCPcBGAYYCw/s0/offshore%2Bassets%2Bgraphic.jpg" width="237" /></a></div><br /> applicable period of limitations for tax assessments is still open; perhaps the implication is that, except for that explicit limitation on waivers by agreement, a taxpayer could waive with an untimely agreement. (In this regard, the <i>Solomon</i> court does conclude that the FBAR statute of limitations is not jurisdictional and thus can be waived.) Accordingly, the execution of the agreement to extend for the FBAR penalties was a waiver of the statute of limitations that had already expired. (On the jurisdictional issue, see Keith Fogg, <u>IRS Succeeds in Jurisdictional Argument – With a Twist</u> (Procedurally Taxing Blog 11/4/21), <a data-saferedirecturl="https://www.google.com/url?q=https://procedurallytaxing.com/irs-succeeds-in-jurisdictional-argument-with-a-twist/&source=gmail&ust=1636486378500000&usg=AOvVaw1GPcAl-u_rGvuwch2zR-Hg" href="https://procedurallytaxing.com/irs-succeeds-in-jurisdictional-argument-with-a-twist/" style="color: #1155cc;" target="_blank">here</a>.)<p></p><p class="MsoNormal" style="margin: 0px;"><u></u><u></u></p><p class="MsoNormal" style="margin: 0px;">2. The nonwillful penalty is per account rather than per form, adopting the Government’s position on this issue. As the court notes in the following footnote (Slip Op. 10 n. 4):</p><p class="MsoNormal" style="margin: 0px;"><u></u><u></u></p><p class="MsoNormal" style="margin: 0px;"></p><blockquote><p class="MsoNormal" style="margin: 0px;"><b>n4</b> Of the courts that have addressed this issue to date, all but one have rejected the government's view, ruling or otherwise suggesting that a non-willful “violation” of the reporting requirement in 31 U.S.C. § 5314 is the failure to file an annual FBAR report — not the failure to “report” the citizen's interest in each foreign financial account. See <i>United States v. Boyd</i>, 991 F.3d 1077 (9th Cir. 2021) (rejecting government's view); <i>United States v. Bittner</i>, 469 F. Supp. 3d 709 (E.D. Tex. 2020) appeal docketed, No. 20-40612 (5th Cir. Sept. 18, 2020) (same); <i>United States v. Kaufman</i>, 3:18-CV-00787 (KAD), 2021 WL 83478, **8–11 (D. Conn. Jan. 11, 2021) (same); <i>United States v. Giraldi</i>, CV202830SDWLDW, 2021 WL 1016215, *5 n.8 (D.N.J. Mar. 16, 2021) (same). But see <i>United States v. Stromme</i>, No. 20-24800-CIV (S.D. Fla. Jan. 25, 2021) (ECF No. 18 p. 3) (granting judgment in favor of United States for the full amount of penalties sought, agreeing that “each unreported relationship with a foreign financial agency constitutes an FBAR violation”). </p></blockquote><p><br /></p><p>If you need help, email us at ddnelson@gmail.com. All consultations are absolutely protected under attorney client privilege. </p><p class="MsoNormal" style="margin: 0px;"></p></div></td></tr></tbody></table><br />Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-1455563072299971302021-11-05T11:28:00.002-07:002021-11-06T10:54:18.866-07:00US Taxpayer Pleads Guilty to Failure to File a Foreign Bank Account Report<p> </p><h1 class="node-title" style="background-color: white; box-sizing: border-box; color: #242424; font-family: Georgia, "Times New Roman", Times, serif; font-size: 20px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0.25em 0px 1em; padding: 0px; text-align: justify;"><b style="box-sizing: border-box; color: #171e24; font-size: 14px; text-align: left;"> CONCORD - </b><span style="color: #171e24; font-size: 14px; text-align: left;">Georges Mazraani, 57, of Windham, pleaded guilty in federal court on Wednesday to willful failing to file a foreign bank account report, Acting United States Attorney John J. Farley announced today.</span></h1><div class="field field--name-field-pr-body field--type-text-long field--label-hidden" style="background-color: white; border-bottom: 1px solid rgb(109, 109, 109); box-sizing: border-box; color: #242424; font-family: Georgia, "Times New Roman", Times, serif; font-size: 14px; margin: 0px 0px 1em;"><div class="field__items" style="box-sizing: border-box;"><div class="field__item even" style="box-sizing: border-box;"><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"><b style="box-sizing: border-box;"></b></p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"><b style="box-sizing: border-box;"> </b> According to court documents and statements made in court, federal law requires that a U.S. person having a financial interest in, or signature or other authority over, a bank or other financial account in a foreign country, must file a Foreign Bank Account Report (“FBAR”) with the Treasury Department identifying each foreign account if the aggregate balance of all foreign accounts exceeds $10,000 at any point in the calendar year. FBAR information is used by the federal government in criminal, tax, or regulatory investigations or proceedings. A willful failure to file a required FBAR is a felony.</p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"> Defendant Mazraani owned and operated Dot Square, a New Hampshire corporation that exported computers and related goods primarily to Lebanon. He also had a financial interest in bank accounts held in Lebanon, from which he sometimes wired money to Dot Square’s bank account held in Salem, New Hampshire. For calendar year 2012, Mazraani filed an FBAR identifying three accounts in Lebanon. During the years 2013 through 2017, however, Mazraani did not file FBARs, even though he had an interest in at least one Lebanese bank account holding more than $10,000 during each of those years. For example, in calendar year 2017, $554,245 was wired, in 13 separate wire transmissions, from Mazraani’s account at a bank in Beirut to Dot Square’s business checking account in New Hampshire. Although Mazraani’s tax preparer advised the defendant’s bookkeeper about the FBAR filing requirement and Mazraani acknowledged on his 2016 and 2017 tax returns that he was required to file an FBAR, he nevertheless failed to file the report. </p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"> Mazraani is scheduled to be sentenced on February 14, 2022.</p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"> “Failing to file a Foreign Bank Account Report is a federal crime,” said Acting U.S. Attorney Farley. “By failing to file these reports from 2013 to 2017, the defendant concealed information about foreign bank accounts that he was required to disclose. We will continue to work with our law enforcement partners to identify and prosecute those who commit tax crimes and other financial offenses.”</p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"> “The law requires companies who use our country’s financial system to provide financial institutions with truthful information about their business operations, but Georges Mazraani admitted today that he knowingly and willfully failed to do that, over the course of five years. In fact, he went out of his way to conceal his bank accounts in Lebanon, despite a reminder from his bookkeeper,” said Joseph R. Bonavolonta, Special Agent in Charge of the FBI Boston Division. “The FBI will not hesitate to aggressively investigate companies who are doing business in the United States but failing to adhere to our laws.”</p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"> “The accurate reporting of foreign bank accounts ensures fairness and integrity in the U.S. tax system. By his own admission today, Mr. Mazraani deliberately avoided his reporting requirements in an attempt to hide assets. As a result of his actions, he is now subject to a federal felony conviction,” said Joleen D. Simpson, Special Agent in Charge of the Internal Revenue Service-Criminal Investigation Division, Boston Field Office. </p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;"> This matter was investigated by the Internal Revenue Service, Criminal Investigation Division, the Department of Commerce, and the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorney John S. Davis.</p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;">----------------------------</p><p style="box-sizing: border-box; color: #171e24; margin: 0px 0px 1em;">If you have not been reporting your foreign bank accounts you could incur heavy penalties and possible criminal prosecution. We can help. Email Us to request a consultation with the absolute privacy of attorney client privilege. Email us at <a href="mailto:ddnelson@gmail.com">ddnelson@gmail.com</a></p></div></div></div>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0tag:blogger.com,1999:blog-7276564.post-47531767204331124902021-08-18T10:34:00.001-07:002021-08-18T10:34:14.198-07:00Expatriates Living Abroad May be at Risk for an Audit?<h2 style="background-color: white; box-sizing: inherit; clear: both; color: #222222; font-family: HelveticaNeueLTStd-MdCn; font-weight: normal; line-height: 1.2; margin: 1em 0px;"><span style="font-size: medium;">Even though you live and work abroad the IRS may still audit your return. This is most often accomplished by mail and telephone. Failure to respond to any audit notice from the IRS will result in assessment for taxes due for all items questioned.</span></h2><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: HelveticaNeueLTStd-Roman, sans-serif; font-size: 16px; letter-spacing: 0.085rem; margin-bottom: 1.5em;">There are some objective factors that may put you as an expatriate</p><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-6KFqBtsB2bE/UJaigytIZPI/AAAAAAAAkYo/Ct6Wr2AIs5AYbxONtYuUbVn6M1eUTBA6wCPcBGAYYCw/s263/cid%2B%2Bbadge.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="263" data-original-width="192" height="263" src="https://1.bp.blogspot.com/-6KFqBtsB2bE/UJaigytIZPI/AAAAAAAAkYo/Ct6Wr2AIs5AYbxONtYuUbVn6M1eUTBA6wCPcBGAYYCw/s0/cid%2B%2Bbadge.jpg" width="192" /></a></div><br /> at higher risk for experiencing an IRS audit. Here’s a quick checklist.<p></p><ul style="background-color: white; box-sizing: inherit; color: #404040; font-family: HelveticaNeueLTStd-Roman, sans-serif; font-size: 16px; letter-spacing: 0.085rem; list-style-image: initial; list-style-position: initial; margin: 0px 0px 1.5rem 30px; padding: 0px;"><li style="box-sizing: inherit;">Do you earn over $200,000 annually?</li><li style="box-sizing: inherit;">Have you failed to report past income on your return?</li><li style="box-sizing: inherit;">Have you claimed more itemized deductions than allowed?</li><li style="box-sizing: inherit;">Do you operate a business?</li><li style="box-sizing: inherit;">Did you claim rental losses on your return?</li><li style="box-sizing: inherit;">Did you take a home office deduction?</li><li style="box-sizing: inherit;">Did you claim gambling losses on your return?</li><li style="box-sizing: inherit;">Do you hold a foreign bank account or earn income from a foreign source?</li><li style="box-sizing: inherit;">Do you own a foreign corporation?</li><li style="box-sizing: inherit;">Do you have an interest in a foreign trust></li><li style="box-sizing: inherit;">Do you own foreign mutual funds (requires special forms be filed with your tax return)?</li></ul><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: HelveticaNeueLTStd-Roman, sans-serif; font-size: 16px; letter-spacing: 0.085rem; margin-bottom: 1.5em;">While none of these factors ensures that you will be audited, they do help create a picture of the type of taxpayer that may draw additional IRS scrutiny. Under the new Presidential administration there will be a significant increase in audits of those who live outside of the USA.</p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: HelveticaNeueLTStd-Roman, sans-serif; font-size: 16px; letter-spacing: 0.085rem; margin-bottom: 1.5em;">We can help you if your receive an IRS notice with your response and represent you in an audit. Email us at ustax@hotmail.com or phone 949-480-1235 (US)</p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: HelveticaNeueLTStd-Roman, sans-serif; font-size: 16px; letter-spacing: 0.085rem; margin-bottom: 1.5em;"><br /></p><p style="background-color: white; box-sizing: inherit; color: #404040; font-family: HelveticaNeueLTStd-Roman, sans-serif; font-size: 16px; letter-spacing: 0.085rem; margin-bottom: 1.5em;"><br /></p>Don D. Nelsonhttp://www.blogger.com/profile/13763998516524589975noreply@blogger.com0