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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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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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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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