IRS – Parent & Parent Advisory

PFICs, FinCEN Crackdowns, and Social Security’s Future | IRSMedic March 20, 2025 Podcast

The Mysterious World of PFICs: Why They Matter Now More Than Ever The term “PFIC” might sound arcane, but behind this acronym lies a concept that has grown into a pivotal issue for those navigating the intersection of international investments and U.S. tax obligations. A Passive Foreign Investment Company, or PFIC, refers to a foreign […]

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Removing The Significant Emotional Barriers to Renouncing US Citizenship

The Emotional Weight of Citizenship: A Personal Journey Renouncing US citizenship is rarely a decision taken lightly. It represents more than just the surrender of a passport; it is the forfeiture of an identity, a history, and ties to a country that may have shaped an individual’s formative years. For many, the decision evokes a

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Trump’s Proposal to Abolish The IRS for Tariffs | Tax Attorney Anthony E. Parent, Esq. Reacts

A Radical Proposal: Trump’s Vision to Abolish the IRS In a move that has sent ripples through political circles and economic watchdogs alike, former President Donald Trump has floated the idea of a dramatic overhaul of the United States’ tax system. At the heart of his proposal lies an audacious plan: the complete abolition of

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What Should We Replace The IRS With? Tariffs vs FairTax Showdown! #DonaldTrumpNews

The Beginning of the End: Why America is Ready for an IRS Replacement For over a century, the Internal Revenue Service (IRS) has stood as a cornerstone of the American tax system, administering tax laws and collecting revenue to fund essential government functions. However, seismic shifts in public opinion, economic trends, and political discourse suggest

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

Introduction: Navigating the World of US Tax Professionals The landscape of US tax law is layered with complexity, and the role of tax professionals is indispensable for individuals and businesses seeking to navigate its intricate pathways. From the Internal Revenue Code to ever-changing IRS regulations, the field demands exceptional expertise, adaptability, and an unwavering commitment

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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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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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Don’t Fear the IRS: How IRS Medic Can Solve Your Tax Problems

When facing a tax problem, many people feel nervous about reaching out for help. At IRS Medic, we understand how overwhelming tax issues can be. Some fear that simply calling us for a consultation might make them look guilty. Others hope their tax problem will just go away on its own—but that’s not the reality.

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Could Donald Trump End the IRS Without Congress Approval?

Introduction: The Scope and Context of the Question The question of whether Donald Trump, or any U.S. president, could eliminate the Internal Revenue Service (IRS) and the federal income tax without congressional approval touches on fundamental aspects of American governance, constitutional law, and fiscal policy. The conversation revolves around the extent of executive power and

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