In a recent notice the IRS is reminding all of us to undertake planning to protect important documents in the event of a natural disaster. This is National Wildfire Awareness Month, and we are in the midst of National Hurricane Preparedness Week (May 5 to 11). It is important to...
Quick Reminder to All Self-Employed Workers, Businesses and Estimated Tax Filers: Deadline Approaching
Just a quick reminder to all self-employed workers, businesses, and estimated tax filers: We are a week away from the Aprile 15 deadline for 2024 Q1 estimated tax payments. This includes many corporations, retirees, high income wage earners and expatriates who are required to “pay-as-you-go.” US taxpayers are required to...
What is the IRS Offshore Voluntary Disclosure Program?
What is the IRS Offshore Voluntary Disclosure Program and who is it designed to help? What are the guidelines for voluntary disclosure to the IRS and who is eligible to apply? The IRS Offshore Voluntary Disclosure Program is designed for US taxpayers who have not made a full disclosure of...
IRS Tax Refunds are Lower for Tax Year 2023 Thus Far
Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one troubling statistic according to the...
IRS Provides 2023 Tax Return Preparation and Filing Tips
Are you searching for 2023 tax return preparation and filing tips? The window officially opened to submit 2023 tax returns to the IRS on January 29, 2024. The following day the IRS released IR-2024-38, “Things to remember when filing 2023 tax returns” including return preparation and filing tips to help...
IRS Tax Filing is to Begin January 29, 2024
The IRS has announced tax filing is to begin January 29, 2024 for US 2023 tax returns. Most of the almost 130 million individual tax returns will be due on Monday, April 15, 2024. The IRS will accept your tax return after January 29, but you do not need to...
Is it Time to Rethink Your Offshore PFIC Investment(s)?
Is it time to rethink your offshore PFIC investment(s)? What is a PFIC and why should you be concerned about the impact it will have upon taxation? Why should investment in a PFIC concern you as a US taxpayer? A Passive Foreign Investment Company or PFIC is a foreign corporation...
How Does the IRS Use AI to Identify Tax Cheats?
Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In a recent interview, IRS Commissioner Danny Werfel began to lay out a vision...
Do You Have to Pay Taxes When Selling Goods or Services Online?
We are often asked if one has to pay taxes when selling goods or services online. That question became even more relevant this week when the IRS postponed the new “$600 Rule.” This is a particular relief for those wo receive payments through popular third party payment applications such as...