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Where is the new content?

Where is the new content?

Update: Where did the fresh contest go? We are completely aware  that the last blog post was February 6th — yes, there are reasons why we haven’t been able to post anything new. And they are as thusly: #1 We’ve been really busy! The IRS is moving on our 2012 OVDP submissions (finally). Our 2011 submissions have closed out, our opt-out are going well. We have just been incredibly busy. And so the posts take a back seat. We have […]

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H&R Block and FBARS 8938

H&R Block and FBARS 8938

Has H&R Block been giving you bad advice about your offshore accounts?   Taxpayer claims H&R Block error led her to not report foreign income; causing her to enter into the IRS OVDP   I just got off the phone with a new client, “Kat,” from San Diego. This is part of her her story — I make no claims of its veracity. Just what she has told me. I invite a spokesman from H&R Block to leave their input. […]

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Part 6: The Offshore Voluntary Disclosure Program (OVDP) Process

Part 6: The Offshore Voluntary Disclosure Program (OVDP) Process

What is the does the Standard OVDP process involve? So let’s say that you are thinking about reported foreign income and assets under the IRS 2012 OVDP/OVDI rules. Shouldn’t you know what the process entails before engaging in what will be a rather intimate relationship with the IRS? In this article, we will discuss the entire OVDP process from start to finish so that you will know what to expect.      The OVDP Pre-Clearance   In order to submit […]

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Understanding the Gift Tax Exclusion

Understanding the Gift Tax Exclusion

Estate and Income Tax Planning – Gift Tax Exclusions 2014 gift tax rates, if understood correctly, offer huge potential tax savings during a person’s lifetime. The key to getting the greatest exclusions to reduce future tax bills, and provide the greatest benefit for family and beneficiaries, is to make use of the Annual Gift Tax Exclusion to avoid paying taxes on gifts valued up to $14,000. Getting the Most Out of the Gift Tax Exclusion First, the basics on the […]

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Part V: The Streamlined Offshore Voluntary Disclosure

Part V: The Streamlined Offshore Voluntary Disclosure

Streamlined Offshore Voluntary Disclosure, what is it, and who qualifies Many people are looking for alternatives to the Offshore Voluntary Disclosure 27.5% penalty. In Part IV of our 2014 Offshore Voluntary Disclosure guide, we explained why many people won’t qualify for the reduced 5% penalty on offshore accounts. We also explained that if someone qualified for the 5% penalty, they would more than likely be great opt-out candidates for a 0% penalty. So now comes one more possible alternative. The […]

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Part IV: The Offshore Voluntary Disclosure Program — The Five Percent Penalty

Part IV: The Offshore Voluntary Disclosure Program — The Five Percent Penalty

The Offshore Voluntary Disclosure Program 5% Penalty: Is it right for you? With the standard 2012 Offshore Voluntary Disclosure Penalty at 27.5%, many people in the program, and those considering the program look longingly at the 5% penalty wondering if it can apply to them. This article will discuss why the 5% penalty only applies in very specific situations, and why, that if the 5% Penalty does apply, it may make more sense to opt-out of even the 5% penalty […]

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IRS Offer in Compromise Pre-Qualifier

IRS Offer in Compromise Pre-Qualifier

What’s the deal with the IRS Offer in Compromise Pre-Qualifier? Have you tried out the IRS Offer in Compromise Pre-Qualifier?  Well, we have. In fact, Tax Attorney Anthony E. Parent decided to input numbers from a recently accepted IRS Offer in Compromise with the exact numbers as originally submitted with the client’s IRS Form 656. And the results? Surprising. But not for the reason you probably think. In fact, the Offer in Compromise Pre-Qualifier calculations told the client he only […]

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Where is IRS Form 656?

Where is IRS Form 656?

Where is IRS Form 656? If you are looking to submit an Offer in Compromise to settle your back IRS debt, and search for IRS Form 656 “Offer in Compromise” on irs.gov, and click on the suggested link, you will be directed to a 404 error. So where can you find IRS Form 656 so that you can submit an Offer in Compromise? In this video, Anthony E. Parent shows exactly where to find the newly hidden (and updated for […]

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Obamacare Tax Penalties

Obamacare Tax Penalties

Phased & Confused: What are the ObamaCare Tax Penalties? Over the last several months, a lot has been said about the state of healthcare in this country. Let’s be honest, very little of it has been positive. Words like: “broken,” “unstable,” and “confusing on a good day” come immediately to mind. Did we mention that this describes a supposed “affordable” solution? As the 2014 tax season looms, it is eclipsed by an even bigger shadow. This is the first year […]

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