Month: October 2017

We’re once again joined by Keith Redmond – American Overseas Global Advocate, to speak on common myths about Americans living overseas.

For Chinese-Americans with assets in China and elsewhere who have not disclosed their worldwide income and assets properly, the IRS might be able to target them easily very soon. And, the consequences could be very dire.

例如，如果一个华裔美国人从他们的中国父母那里收到了超过10万美元的礼物，而没有上报，美国国税局就可以对其处以高达25%的罚款。

华裔美国公民和签证持有人还面临着其他的风险。

我们在这里将回答一些我们税务律师在帮助华裔美国人时经常被问到的问题。

If you are a business owner or high-income earner, the sting of last year’s tax bill may still be fresh and you might be very motivated to do something about it now. However, complicating the tax planning calculus for this year is the pending tax reform bill that may or may not pass, and may or may not be retroactive to the beginning of 2017. This raises the question…should any planning be done prior to the tax reform passing or failing?

With the news that the Senate will allow a ratification of tax reform on a simple majority vote, there exists a larger than 50% chance that tax reform will pass this year. Loaded with stress and anxiety? I suppose I should be suffering these ailments as well, but I am not. I suppose I should join many large players are who actively fighting against reform because they fear a simplified tax code will reduce the need for their services. But I won’t. Why?

We have many people reach out to us regarding their tax issues. Lately, the most common question we get is, “Should I wait until tax reform passes before I handle my tax problem?” The short answer is “No.” But why?

While we don’t like the IRS, we do like the IRS Streamlined Installment Agreements for those who owe back taxes. Why? Because full financial statements (with supporting documentation) are not needed, which means we don’t have to charge a client nearly as much in order to get into a repayment plan that they can afford. The downside? Unfortunately, there’s a few that we can think of. But first — the upside.

It’s time to petition Congress to end Citizenship Based Taxation by supporting Territorial Taxation for Individuals (TTFI). We were joined today by Keith Redmond, American Overseas Global Advocate. He brought us up to speed on where things currently stand, and what we can do to support the fight.

A recent case in the Third Circuit, Arthur Bedrosian v. United States of America, resulted in a huge win for the taxpayer. Yet it was another loss, after Pomerantz and Hom, for the government, which the court ruled failed to meet the burden for proving a willful FBAR penalty violation. After the entire findings of fact and conclusions of law follows this analysis.