IRS Medic Blog
Our guide to IRS Filings for the deceased
Death and taxes are two of the great certainties of life, and if you need help filing taxes for a deceased friend, relative, or colleague, we’ll help you understand what you need to do. This is likely to be an emotionally fraught and difficult time, so let’s keep things simple and straightforward.
Starting a New Business? Here are Your Tax Requirements and Forms You Need to File
Creating a new business brings many opportunities and challenges to an entrepreneur. You can turn your ideas into products and services that you can sell at a profit. At the same time, you need to deal with the inevitability of taxes — knowing what you need to report on, file, and pay.
For better or worse: Tips on breaking the news of a tax problem to your spouse
There are two very common fact patterns we come across:
A business owner that has run up a large tax problem.
Someone with foreign accounts and assets who hasn't been reporting them correctly. They too, have a large tax problem.
In both cases we often find that they have not been forthcoming about the true nature of the issue with their significant others. In this article I am going to discuss three steps to take to break the news of an IRS problem to a spouse.
What Foreign Investors in U.S. Real Estate need to know
IRS Form 5472 is now required for Foreign-owned Limited Liability Companies (LLCs), which include LLCs that own US real estate. The penalty for not filing a form 5472 is ...
Freelancers and the self-employed get into tax trouble easily. Can it be easy to get out?
Freelancers and the self-employed typically experience higher job satisfaction. However, the downside is that those who work for themselves have an extraordinary high level of non-compliance with the IRS. And worse, they get the full force of the IRS’s attention. But I’ll also share with you the tricks many have used to get out and stay out of IRS troubles.
What is IRS Form 3520-A? When is it required? What should you do if you are unfiled?
Have you heard vague rumors that you might need to file a Form 3520-A with the IRS? Did a tax software program prompt you to investigate if you needed to file one? Did you visit irs.gov only to find yourself more confused? No worries. In this article, we will explain the most likely reason you need to file a Form 3520-A, why the form exists, and what to do if you are late or unfiled and want to avoid steep penalties.