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What Tax Reform Means to Foreign Tax Credit Rules
The Tax Cuts and Jobs Act of 2017 (TCJA) made many changes to how the U.S. taxes earnings or dividends from overseas. One of the areas impacted was foreign tax credits, which changes how taxpayers in the U.S. calculate and pay taxes on certain foreign income. Like many other parts of tax law, this can be complicated, so we’ve broken things down to explain what these changes could mean to you, whether you’re a U.S. expatriate, a corporation, or you receive income from overseas.
Does your child need to file an FBAR?
The Report of Foreign Bank accounts, also known as the FBAR was a tool invented by congress in 1970 to make it difficult for criminal masterminds around the world to use the international banking system to facilitate their criminal mastermind plans. And because of that, any US person regardless of age or mental abilities must file an FBAR should their foreign bank accounts exceed $10,000 in the aggregate. Again, believe it or not this requirement extends to someone who is disabled or is a child - even a baby. Read more to find out why
The IRSMedic MasterGuide to 2019 Federal Tax Table, Rates, and Brackets
Everyone needs to pay tax of one kind or another, so we’ve created a comprehensive guide to most of the ways the IRS and your state will charge taxes to you. From federal tax brackets and standard deductions to corporate, estate, and gift taxes, we’ll share the latest information from the IRS and state agencies on what you’ll need to pay.
The IRS is improperly and automatically assessing $10,000 Form 3520-A penalties - what to do now
The IRS has assessed many of our clients and others taxpayers around the globe who might have even correctly filed Form 3520-A and Form 3520 with substantial penalties - often $10,000. What gives? What can be done about this? In this article we will explain many situations in which a Form 3520-A is required so that you can have a good idea if the IRS's penalty assessments are something you should push back on.
Here’s the best way to deal with certified mail from the IRS
Chances are, you weren’t home when the post office attempted to deliver a certified or letter from the IRS. Chances are, a pink slip was left for you in your mailbox. You might be holding that pink slip in your hand right now. It might be a little sweaty. You might be wondering — Is this bad? Is this good? Is this no big deal?
You might question - Am I going to be arrested? Should I pick up the letter? What happens if I do? What happens if I don’t?
You probably are very concerned - so read on as we answer as many great questions we can.
What the difference between tax deductions and tax credits and how do they work?
The primary tools the tax code uses to encourage taxpayers to take the actions that Congress wishes are tax deductions and tax credits. So what’s the difference? And which one is better? In this article we talk about the differences between the two and how they can work together to sometimes lower our taxes, and sometimes not.