2024 Tax Deduction Finder & Problem Solver
To help you prepare for your tax appointment, we provide tax organizers to identify potential deductions and keep everything organized ahead of time. These organizers are updated annually to ensure compliance with the latest tax law changes. The 2024 individual tax organizer is provided in three configurations to assist you in collecting relevant tax information […]
Streamlined and OVDP Procedure FAQ
Streamlined and OVDP Procedure FAQ What are the eligibility criteria for the streamlined procedures? The modified streamlined filing compliance procedures are designed only for individual taxpayers, including estates of individual taxpayers. The streamlined procedures are available to both U.S. individual taxpayers residing outside the United States and U.S. individual taxpayers residing in the United States. […]
Frequently Asked Questions of Non-U.S. Residents Wanting to Incorporate Their Business in the U.S.A.
Frequently Asked Questions of Non-U.S. Residents Wanting to Incorporate Their Business in the U.S.A. Non-U.S. Citizens wanting to incorporate their business or setup a branch in our country face different challenges than local entrepreneurs. The following is a compilation of the most frequently asked question about starting and running a company in the United States […]
Foreign Investment in Real Property Tax Act (FIRTA) Withholding FAQ
Rate this article Foreign Investment in Real Property Tax Act (FIRTA) Withholding FAQ Question 1: What is the definition of Real Property as it relates to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)? Answer 1: A U.S. real property interest is an interest, other than as a creditor, in real […]
What is a Gambling Session
What is a “Gambling Session”? Section 165(d) of the Internal Revenue Code provides that losses from wagering transactions are allowed only to the extent of the gains from such transactions. Focusing on the term “transaction”, the Courts and the IRS refuse to let gamblers report their gambling activity in total. On the other hand, […]
Under What Conditions Will The IRS Withdrawal A Lien?
Under What Conditions Will The IRS Withdrawal A Lien? The IRS will withdrawal a lien under two separate conditions. 1) With the full payment of the debt, when in full compliance with other tax requirements and 2) Upon entering into a Direct Debit Installment Agreement while meeting specific conditions. Full Payment of the Debt, While […]
IRS Increasing Audit Rates By Getting Smarter- They Are Conducting More Correspondence Audits.
IRS Increasing Audit Rates By Getting Smarter- They Are Conducting More Correspondence Audits. The IRS has finally realized they do not have enough auditors, which on the surface sounds like a good thing. Here is the bad news; they have also realized they can conduct five times the number of “correspondence audits” in the time […]
If I Owe The IRS, Can I Transfer Assets Without Getting In Trouble?
If I Owe The IRS, Can I Transfer Assets Without Getting In Trouble? We have been asked this enough times lately that I thought I should formally answer the question. To answer this question correctly, one has to have an understanding if the transfer occurred before a tax lien was filed before the transfer or […]
What About DIY Tax Resolution?
DIY Is Good for A Clogged Drain, But May Not Be Your Best Option for Tax Resolution In an age when society is hooked on everything DIY, we are trained to find ways to do things without needing assistance or services from another party. The proliferation of YouTube videos about a range of topics from […]
8 Ways To Avoid An IRS Tax Audit
8 Ways To Avoid An IRS Tax Audit The key to surviving an IRS or State audit is the reporting of ALL income and the proper substantiation of deductions. It is every taxpayers right to take ALL deductions you are entitled to; however, a deduction without proper substantiation will not survive an audit. Below are […]