Friday, February 24, 2017

US Overseas Entrepreneurs and the IRS

US Overseas Entrepreneurs and the IRS
Joining Anthony and Claudine in this IRSMedic podcast is Keith Redmond, a frequent guest and well-respected global advocate for Americans overseas, Accidental Americans, and the associated populations who are adversely affected by US government policy overreach (e.g. FATCA – Foreign Account Tax Compliance Act, US practice of Citizenship Based Taxation – CBT, etc.) Keith will present evidence at an upcoming House and Ways Committee Hearing on the FATCA Repeal Bill which will be re-introduced in the House by Congressman Mark Meadows and re-introduced simultaneously in the Senate by Senator Rand Paul in April of 2017 to explain the global damage FATCA has caused and to touch on the onerous US tax compliance is for American entrepreneurs living overseas and those Americans overseas who have a small to medium size business. Along with Keith, is our international man of mystery, "Mike Wilson" the pseudonym of an American entrepreneur living somewhere in "Scandinavia" Mike shares his example. He paid a tax professional USD 2,000, yet he owed the IRS nothing from his income abroad. Further, as we interviewed Mike, it became clear, even though he spent an estimate 50 hours researching that tax code, he mistakenly though he had to file of Form 5471 for his foreign corporation, but he didn't. Also, he did not file a return on his foreign pension, which opened him up to additional risk. Should the IRS be forced to change its way or should the tax code make life tough for American entrepreneurs who live overseas? https://youtu.be/e4_rPjOoR2I IRS Medic

Thursday, February 9, 2017

IRS Passport revocation updates --- it is starting soon

IRS Passport revocation updates --- it is starting soon
Do you think this is fair? Do you think the IRS will collect more revenue? http://ift.tt/2kqpxBu The IRS and State Department are finalizing procedures to allow US passports to be revoked forUS citizens who owe $50,000 or more and have not made plans to repay the debt or settle the debt with an Offer in Compromise. Watch this video to know hat to expect next. Also, understand that if you have been procrastinating on dealing with an IRS issue you are far, far from alone. But we implore you, the sooner you start the better. Don't wait until you need your passport to do something about this. The way things work with the IRS, is when you need something the most, is when they tend to take it. Parent & Parent LLP 144 South Main Street Walllingford, CT 06492 203.269.6699 http://ift.tt/1RfwK1f https://youtu.be/KcBRhvMC6a4 IRS Medic

Tuesday, February 7, 2017

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic
http://ift.tt/1RfwK1f Need help? Contact us to schedule a consultation. All communication is subject to the attorney client privilege. info@irsmedic.com 888-727-8796 https://youtu.be/uVypLy6TYpk IRS Medic

Wednesday, January 18, 2017

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic
http://ift.tt/1RfwK1f Need help? Contact us to schedule a consultation. All communication is subject to the attorney client privilege. info@irsmedic.com 888-727-8796 https://youtu.be/bdHI2f6XHyM IRS Medic

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic
http://ift.tt/1RfwK1f Need help? Contact us to schedule a consultation. All communication is subject to the attorney client privilege. info@irsmedic.com 888-727-8796 https://youtu.be/R2tyKPGnvaw IRS Medic

Thursday, December 22, 2016

Paper returns, the Alternative Minimum Tax (AMT) and fraudulent CP2000 notices

Paper returns, the Alternative Minimum Tax (AMT) and fraudulent CP2000 notices
NOTE: IT IS LINE 33, NOT LINE 31 MENTIONED IN VIDEO THAT THE SOFTWARE CUTS OFF AT. There are new tax scams where people receive fraudulent IRS notices that try to strong arm them into paying money the scammers are not entitled to. A big telephone scam was recently shut down in India, and another will certainly rise from the ashes. So, it is safe to say that taxpayers will always have to worry about fraudulent notices scaring them into having to pay something they don’t. Unfortunately, one could argue that they have to worry about fraudulent notices from the IRS as well. http://ift.tt/2h6UWX9 http://youtu.be/CUzqMYDcKCk IRS Medic

Tuesday, December 13, 2016

The amazing tax benefits of Cost Segregation

The amazing tax benefits of Cost Segregation
info@irsmedic.com http://ift.tt/24xCz51 In this video, Anthony and Claudine discuss the benefits of a great tax savings tool called Cost Segregation. So many people do shady (dare we say, sometimes even illegal) things to lower their tax liabilities, when there are legitimate ways to do so hiding in plain sight. Cost Segregation can be found right on the irs.gov website. Using Cost Segregation, or having a Cost Segregation Study done will NOT raise any red flags with the IRS! But...it can be confusing to do correctly. Maybe that's why only about 5% of people that are eligible use it, and use it correctly. Cost Segregation is an IRS method of "re-classifying" components and improvements of commercial and residential real estate. In this video, we talk about exactly that that means, and how it could potentially save you hundreds of thousands of dollars. It's a way to take advantage of certain depreciation values immediately, instead of waiting 39.5 years to do so. We go over the details of the program, talk about why it's important to use engineers to help you, how it can be used on prior years, and how US persons can even use this tax savings on property they own overseas. So how do you know if this tax benefit is right for you? Make sure you have a Cost Segregation Study done by a reputable Cost Seg company. If you have any questions or need additional information about using Cost Segregation, or any tax planning, contact us. IRSMedic, The Law Offices of Parent & Parent, LLP 888-727-8796 info@irsmedic.com http://youtu.be/OZOpwtrFiUE IRS Medic