Note: We were lucky enough to have Crypto Tax Expert, Clinton Donnelly on our podcast. He added a lot of to our conversation. We truly appreciate Clinton’s advocacy work – that is so robut – it is forcing the IRS to adjust their Crypto Audit techniques. If you’ve received IRS Letter 6174 from the Large […]
IRS Letter 6174: A Crypto Compliance Trap for Unreported Overseas Accounts? Read More »
Understanding the IRS Exit Tax: An Overview The IRS Exit Tax, primarily governed by IRC Section 877A, applies to certain individuals who formally expatriate from the United States by renouncing their U.S. citizenship or ending their status as long-term residents. This tax provision targets individuals deemed “covered expatriates” based on specific criteria, including income thresholds,
Can the IRS Exit Tax be retroactive? Does IRC Section 877A go back in time? Read More »
Understanding the Importance of the US Expat Tax Survey The US Expat Tax Survey serves as an essential resource for exploring the financial realities faced by American citizens living abroad. It provides deep insights into the complexities of compliance with US tax laws, particularly for expatriates navigating an unfamiliar tax system alongside their host country’s
Understanding the US Green Card: Its Benefits and Obligations A US Green Card, formally known as a Permanent Resident Card, is an essential document for immigrants seeking long-term residency and employment in the United States. It grants holders lawful permanent resident (LPR) status, opening the door to a range of rights and privileges, as well
Tax consequences of an expired (or not) US Green Card: The Twilight Zone Edition Read More »
Introduction: The Controversy Surrounding the IRS Logo The logo of the Internal Revenue Service (IRS), the federal agency responsible for tax collection and enforcement in the United States, has sparked debates and controversies in various circles. Specifically, some individuals claim an unusual feature within the logo hints at hidden symbolism. At the center of this
Is the IRS logo satanic? If Not, Then Why Is There An Upside Down Cross In The IRS Logo? Read More »
Introduction to IRSMedic: Transforming Tax Representation IRSMedic has carved a unique niche in the complex world of tax representation, offering a fresh approach to resolving tax issues and disputes. With a focus on unparalleled client advocacy, the firm has established itself as a beacon of support for individuals and businesses confronted by IRS challenges. Recognized
IRSMedic has job openings for the best US tax professionals around the globe! Read More »
Introduction: The Origins and Significance of the Glenshaw Glass Test The Glenshaw Glass Test derives its origins from the landmark Supreme Court case, Commissioner v. Glenshaw Glass Co., 348 U.S. 426 (1955). This decision served as a pivotal moment in federal tax law by explicitly defining gross income under Section 61 of the Internal Revenue
Introduction: Exploring Citizenship Dilemmas in Modern America Citizenship has become a cornerstone of personal identity and societal engagement, particularly in a nation as diverse and complex as the United States. For centuries, the concept of American citizenship has defined what it means to belong, offering individuals certain rights, protections, and opportunities while also imposing responsibilities.
Will This Black American Woman Be Forced To Renounce US Citizenship? Read More »
Introduction to FATCA: Overview and Key Objectives The Foreign Account Tax Compliance Act (FATCA) is a U.S. federal law aimed at combating tax evasion by U.S. persons holding financial assets abroad. Enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act in 2010, FATCA introduced comprehensive requirements for foreign financial institutions (FFIs) and
FATCA 2021 Updates: Expats, Renunciation, Recap of call with Rep. Carolyn Maloney Read More »
Understanding the Challenges: FATCA, FBAR, and GILTI Explained The complexities of U.S. tax requirements for Americans living abroad have led to widespread confusion and frustration. Key among these challenges are the Foreign Account Tax Compliance Act (FATCA), the Foreign Bank Account Report (FBAR), and the Global Intangible Low-Taxed Income (GILTI) tax provisions. Each represents a