IRS COMPLIANCE

Five Keys To Avoiding An IRS Audit | Red Flags & Reverse Red Flags for 2025

The Audit Nightmare: A Taxpayer’s Tale It begins with an innocuous letter, folded neatly into a government-stamped envelope. Many taxpayers liken the experience of opening such correspondence from the IRS to opening Pandora’s box; inside lies the formal notification that an audit has been initiated. For the protagonist of this tale—a small business owner named […]

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Our Defense Against IRS Citizenship-Based Taxation Is Splintered. Then We Lose. Again and Again.

Understanding Citizenship-Based Taxation: A Complex Web Citizenship-based taxation (CBT) establishes a system where individuals are taxed based on their citizenship, regardless of where they live or earn their income. Unique to the United States and Eritrea, this tax policy subjects American citizens residing abroad to U.S. income tax, even if no economic connection to the

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What is the Difference Between FATCA and Citizenship Based Taxation (CBT)?

Understanding FATCA: An Overview The Foreign Account Tax Compliance Act (FATCA) is a U.S. federal law enacted in 2010 with the goal of combating tax evasion by U.S. taxpayers holding financial assets outside the country. FATCA primarily imposes reporting obligations on foreign financial institutions (FFIs) and certain non-financial entities to disclose information about financial accounts

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If You Thought Canada’s Underused Housing Tax Sucked Wait To You Hear About America’s FBAR & 8938

Understanding Canada’s Underused Housing Tax: What It Means for Homeowners Canada’s Underused Housing Tax (UHT) is a federal initiative aimed at addressing housing affordability and ensuring residential properties are effectively utilized. Introduced as part of broader housing reforms, the tax applies to specific types of homeowners, particularly non-residents and certain corporations holding real estate. Under

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Canada’s Underused Housing Tax: No Good Options For Americans/ Can You Think of Any?

Introduction to Canada’s Underused Housing Tax The Underused Housing Tax (UHT) is a federal tax introduced by Canada in 2022 targeting residential property owners who are non-residents or non-citizens. It was implemented as part of an effort to address housing shortages and increase the availability of residential properties in Canada. The tax applies a 1%

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Surviving & Thriving as a US Tax Professional with Anthony Parent of IRSMedic

Introduction: Navigating the Complex World of US Tax Professionals The field of US tax professionals is both challenging and rewarding, requiring a unique combination of expertise, adaptability, and precision. Professionals tasked with navigating tax laws, representing clients before tax authorities, and mitigating financial risks are confronted with an ever-evolving regulatory landscape. For these individuals, staying

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Should You Call the IRS or Hire a Tax Professional?

Understanding When You Need Help with Taxes Taxes can be intricate, especially when complicated situations arise. It’s crucial that we recognize the point at which handling tax matters alone becomes overwhelming and professional assistance is warranted. Navigating these decisions requires insight into both routine scenarios and more complex situations where expertise is vital. We should

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FBAR Filing Requirements for U.S. Families: Avoid Penalties

Understanding FBAR: A Comprehensive Overview The Foreign Bank and Financial Accounts Report (FBAR) is a critical compliance requirement for U.S. persons, including minors, who have financial interests in or signature authority over foreign financial accounts. As mandated under the Bank Secrecy Act, we must file an FBAR if the aggregate value of these accounts exceeds

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How Local Tax Laws Impact U.S. Expats: Key Insights

Introduction: Understanding the Financial Challenges for U.S. Expats Navigating the financial landscape as a U.S. expat is a challenging endeavor. We are obligated to follow complex tax regulations, which demand thorough planning and a clear understanding of financial obligations on both domestic and international fronts. Unlike most nations, the United States enforces citizenship-based taxation, meaning

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