Tuesday, December 12, 2017

What are IRS Form 5471 penalty triggers? How can you avoid them?

What are IRS Form 5471 penalty triggers? How can you avoid them?
Additional "substantially incomplete" triggers found here: http://ift.tt/2BWo2mU In this video international tax expert and managing partner of Parent & Parent LLP Attorney Anthony E. Parent discusses common Form 5471 penalty triggers and why if you own a 10% or more interest in a controlled-foreign corporate you need to be extremely careful when filing a Form 5471. The IRS does not hide the fact that it intends to assess harsh penalty for 5471s that are technically wrong. Do not make the mistake and thick you have a run-of-the-mill tax problem . Form 5471 can require the utmost skill and care when filing or you can face up to a $60,000 penalty for any Form 5471 IRS deems is not in substantial compliance. International Tax Law Firm of Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/raD2_7v8IU8 IRS Medic

Friday, November 10, 2017

IRS international tax audit updates

IRS international tax audit updates
http://ift.tt/2yQ1Xcw The IRS has announced four new audit campaigns on international filers: 1. Those who file the Foreign Tax Credit 2. Those who file the foreign income exclusion 3. Those who used a proxy to hide ownership of Swiss bank Accounts. 4. Controlled foreign corporations who make loans back to the US-based parent code (sec 956). Tax Attorney Anthony Parent and host Claudine Gindel discuss how these audits will works the true target of the audits and what to do if you are concerned about your FBAR audits or international reporting forms (5471, 8821, 8865, 8938, 3520-A, 3520, etc) or criminal exposure. Parent & Parent LLP 144 S. Main Street Wallingford, CT 06942 (203) 269-6699 info@irsmedic.com https://youtu.be/N4ZnI0tnOOM IRS Medic

Monday, November 6, 2017

The pros and cons of the 2017 Tax Reform package

The pros and cons of the 2017 Tax Reform package
http://ift.tt/2zkUI9r http://ift.tt/2yAw6wr H.R. 1, "the Tax Cuts and Jobs Act" which is the first draft of the 2017 Tax Reform bill fulfills some of the promises made by Republicans. However, it has got some weak points. In this video Claudine and Tax Attorney Anthony will analyze the major benefits and the drawbacks of the 2017 tax reform package. Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/Op8P2QhCYMg IRS Medic

Tuesday, October 31, 2017

IRS tax myths of Americans Living Overseas

IRS tax myths of Americans Living Overseas
Watch this video as we dispel some of the top myths surrounding the current taxation (pre-2017 reform) of Americans Overseas. 1. Foreign Earned Income Exclusion allows USD 100,000 to be tax free. That money, along with any other monies earned is taxed in the American overseas country of residence. While there are some exceptions --- Dubai, for example has no income tax, the fact is most US persons in income tax-free jurisdictions exceed the approx. 100,000 exclusion.   2. US tax treaties eliminate double taxation. The US and the countries’ tax systems are not the same hence many income taxes in the American overseas’ country of residence is not recognized by the IRS hence double taxation. And savings clause undoes most tax treaties. Savings, investment, retirement accounts are not recognized by the IRS as well hence double taxation 3. Americans living overseas are renouncing because they do not want to pay taxes. •         Many Americans who renounce are US tax compliant though one does not have to be tax compliant to renounce. •         Americans living overseas do pay taxes: in their respective countries of residence. •         Americans living overseas are renouncing because they are unpatriotic.   4. Accidental Americans must enter the US tax compliance system. NOTE: As tax professionals we are bound to advise tax compliance. 5. The IRS will come after you in your country of residence and chase you down. As tax professionals we don’t make any guarantees - there will be exceptions to this rule.   6. If you are not US tax compliant, you will be treated as a criminal and the IRS will put you in jail. Criminal charges require intent… risk is not high for most, but there is risk.   7. If you are not US tax compliant, you cannot renew your US passport.   8. If you are not US tax compliant, you can be arrested at the border when entering the United States. 9. Citizen Based Taxation means the Marines “have to” come rescue you. Yes, but you have to sign a promissory note to reimburse them. Parent & Parent LLP 144 S Main St Wallingford, CT 06492 (203) 269-6699 info@irsmedic.com https://youtu.be/wBdS6UEOLTg IRS Medic

Monday, October 30, 2017

Manafort & Gates Indictment — understanding their FBAR Penalty mess

Manafort & Gates Indictment — understanding their FBAR Penalty mess
FBAR and International Form/OVDP CLE: http://ift.tt/2xAnu4w FBAR FAQ: http://ift.tt/2zgfQgZ Today’s news that a Grand Jury returned an indictment against Paul Manafort and Richard Gates confirms my observation that too many high profile individuals are still not filing an FBAR forms at significant risks. And while many have learned that FBAR can result in significant civil penalties, today’s indictment reminds us that there can be criminal charges for failing to file and FBAR as well. In this article, I'm going to answer what an FBAR is, the uphill road Manafort and Gates have and what you should to do if you suspect you should have filed and FBAR but did not. Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/p6nI-naJxG0 IRS Medic

Wednesday, October 25, 2017

美国税法给华裔美国公民带来了许多令人不快的惊喜: What Chinese-US persons need to knwo about FBAR, FATCA & the IRS

美国税法给华裔美国公民带来了许多令人不快的惊喜: What Chinese-US persons need to knwo about FBAR, FATCA & the IRS
https://youtu.be/hw30mllP2Ns IRS Medic

Friday, October 20, 2017

Why I stopped worrying about my tax firm and learned to love Trump’s tax plan.

Why I stopped worrying about my tax firm and learned to love Trump’s tax plan.
With the news that the Senate can now pass tax reform on a simple majority vote, the chances of #taxreform passing are now greater than 50%. But how is the tax industry taking this? It seems our hopes of tax reform passing put our firm in the minority. In this video I am going to explain why tax reform isn’t just great for Americans but also the tax industry. Well most of it anyway. There will be changes, but with change is opportunity.’ https://youtu.be/28AyxmvLOZk IRS Medic