IRS Compliance Challenges – Parent & Parent Advisory

How the IRS Expansion Could Harm Americans Abroad and Low-Income Taxpayers

Introduction: Contextualizing the IRS Expansion and Its Implications When considering the recent expansion of the Internal Revenue Service (IRS), we find it essential to examine the context surrounding these changes and their potential impacts. As part of the Inflation Reduction Act of 2022, the IRS was allocated an unprecedented $80 billion in additional funding over […]

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Renouncing U.S. Citizenship: A Symbolic Shift Toward Freedom

Understanding the Concept of Citizenship and Freedom When we explore citizenship, it becomes evident that it is more than just a legal status. Citizenship ties us to a nation through obligations, rights, and a shared sense of belonging. It provides us with access to resources, protections, and cultural identity. As citizens, we adhere to laws,

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Taxpayer First Act Explained: How IRS Reform Affects You

Introduction to the Taxpayer First Act The Taxpayer First Act (TFA), signed into law on July 1, 2019, represents a significant and transformative step in modernizing the Internal Revenue Service (IRS). As policymakers focused on creating a fairer, more efficient tax system, they introduced this legislation to enhance taxpayer experience, improve IRS operations, and address

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FATCA 2021 Updates: Challenges for Expats and Taxation Reform

Introduction to FATCA: An Overview The Foreign Account Tax Compliance Act (FATCA) is a federal law enacted by the United States in 2010 to combat tax evasion by U.S. taxpayers with financial accounts held outside the country. As part of the Hiring Incentives to Restore Employment (HIRE) Act, FATCA requires foreign financial institutions (FFIs) to

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How IRS Scrutiny Impacts Americans Abroad: What to Know

Understanding IRS Jurisdiction: How It Extends Beyond U.S. Borders As U.S. citizens and green card holders, we must recognize that our tax obligations to the Internal Revenue Service (IRS) do not end at the nation’s borders. Unlike many other countries, the United States enforces a citizenship-based taxation system. This means that regardless of where we

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C Corporations Explained: Benefits, Drawbacks, and Tax Insights

Introduction to C Corporations: An Overview A C Corporation, commonly referred to as a “C Corp,” is one of the most prevalent business structures in the United States. Governed by state and federal law, this structure establishes the business entity as a separate legal entity distinct from its owners, also known as shareholders. This separation

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Leaving The US Because of MAGA ? How Trump Promises to Make Your Life Overseas A LOT Better

Introduction: Understanding the Motivations for Leaving the U.S. In recent years, we have witnessed growing numbers of Americans considering or actively pursuing a move abroad, prompted by national political divides. The emergence of the MAGA (Make America Great Again) movement, under former President Donald Trump, has sparked impassioned debates, creating a polarized atmosphere that many

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Understanding FBAR Penalties: Avoid Costly IRS Consequences

Introduction to FBAR: What You Need to Know The Foreign Bank and Financial Accounts Report (FBAR) is a critical compliance requirement for U.S. citizens, residents, and entities with financial interests or authority over foreign bank accounts. Mandated under the Bank Secrecy Act (BSA), the FBAR serves as a tool for the U.S. government to monitor

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Step-by-Step Guide to E-File FBAR (FinCEN Form 114) Easily

Understanding the Importance of Filing the FBAR When it comes to global financial compliance, filing the FBAR (Foreign Bank and Financial Accounts Report) is a critical responsibility for U.S. taxpayers with foreign accounts. The requirement, enforced by the Bank Secrecy Act (BSA), is a safeguard against tax evasion and financial crimes. By filing the FBAR,

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How to Handle Unfiled Taxes: IRS Tips and Compliance Strategies

Understanding the Consequences of Unfiled Taxes When we neglect to file our taxes, it’s not just an administrative oversight—it can result in significant legal and financial repercussions. The IRS enforces strict policies to ensure compliance, and missing filing deadlines can lead to escalating consequences that impact our finances and long-term stability. One immediate consequence of

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