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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.

Tax return preparation, accounting, and bookkeeping services for US expats who value their security and piece of mind

Are you being fitted out with a tax time bomb? This is a question you must ask yourself if are a US person who lives overseas. What we've learned about the tax industry the past ten years is sobering. Whether you are retired overseas, working abroad, or have business opportunities around the world, this is the information you need to know about filing your US taxes so that you can breathe easier this tax season --- and well beyond.

What is IRS Form 5472? Has tax reform changed it?

IRS Form 5472 is the information return of a 25% Foreign-owned U.S. Corporation or a Foreign Corporation Engaged a U.S. Trade of Business. The form is both difficult to file and consequential if not done correctly. The IRS has kept up its enforcement campaign and additionally, the Tax Cuts and Jobs Act of 2017 (TCJA) made some rather significant changes to both the penalties and who is required to file a Form 5472. In this article, we will discuss what hasn’t changed, and what we consider the most important things that have changed.

What is GILTI? Six Global Intangible Low-Taxed Income debunked

GILTI was created in Section 951A of the US tax code by the 2017 Tax Cuts and Jobs Act, aka, Tax Reform. GILTI involves incredibly complicated calculations and huge additional compliance burdens starting for tax year 2018, and for certain types of shareholders in foreign corporations, can dramatically increase taxes. In this article, we debunk six myths surrounding GILTI, so you can lower your tax bill, or the tax bill of your clients'.

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IRS Medic: Parent & Parent, LLP
144 South Main Street Wallingford, CT 06492
Phone: (203) 269-6699