Tax traps for new US persons and those thinking of expatriation

Tax traps for new US persons and those thinking of expatriation

We are joined today by guest Keith Redmond, an American overseas global advocate to talk about updates on the Repeal FATCA movement, Territorial Taxation for Individuals, and some tax traps for people who are, or are thinking about becoming a US person. Of concern in the current tax reform package - a one time 14% excise tax on deferred income for Controlled Foreign Corporations. The purpose of this excise tax is to end deferral that some large companies can take advantage of...but...people that live and work overseas that have their own corporation could get hit with this tax. This tax could ruin the smaller guys. While we are glad that people are paying to tax reform and disputing what they think are "unfair" suggestions, there is a glaring terrible tax law already in place that we think people should be outraged about. If someone comes to US with substantial assets and becomes a US person, they are taxed from date of acquisition of their assets, not the date they become a US person. And if they expatriate after that, even if the assets declined in value, they will pay the exit tax even if their assets lost money while they were a US person. Potentially, someone could inherit a property overseas while they were not a US person, do nothing with it, but have to pay an exit tax based on the entire increase in its value even though they were only a US person for a short time. We think the basis should be when you become a US person. So what’s the fix? Sell before you become a US person, they buy right back after. Get tax advice before becoming a US person…get tax advice before expatriating. Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/dAwMrGG9EbE IRS Medic

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

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

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

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

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

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

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

Why you should NOT wait until tax reform to settle with the IRS

Why you should NOT wait until tax reform to settle with the IRS

https://youtu.be/71D8n6OT_v8 IRS Medic

Pros & Cons of IRS Streamlined Installment Agreements

Pros & Cons of IRS Streamlined Installment Agreements

http://ift.tt/2ys0eZK https://youtu.be/uNxbxCMX48U IRS Medic

Why territorial taxation needs to be part of tax reform

Why territorial taxation needs to be part of tax reform

https://youtu.be/sDACKfNj4dw IRS Medic

Another FBAR win for the taxpayer. The case of Arthur Bedrosian

Another FBAR win for the taxpayer. The case of Arthur Bedrosian

http://ift.tt/2z0w1xF A recent case in the Third Circuit, Arthur Bedrosian v. United States of America, resulted in a huge win for the taxpayer. Yet it was another loss, after Pomerantz and Hom, for the government, which the court ruled failed to meet the burden for proving a willful FBAR penalty violation. After the entire findings of fact and conclusions of law follows this analysis. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 info@irsmedic.com http://ift.tt/2zgfQgZ https://youtu.be/vKyMc8SPwvU IRS Medic

Parent & Parent LLP: We are here

Parent & Parent LLP: We are here

http://ift.tt/1RfwK1f https://youtu.be/FByno4BCtHY IRS Medic

David G. Parent, Esq. - Founding partner of Parent & Parent LLP

David G. Parent, Esq. - Founding partner of Parent & Parent LLP

http://ift.tt/2wI9SDN Attorney Parent graduated from Quinnipiac University School of Law alongside his son, Anthony. They started a simple tax resolution firm. David’s insight, patience, and integrity were key in laying the building blocks for IRSMedic. Eight years later, IRSMedic has served thousands of clients, deals with complicated tax issues, and has an exemplary team of 22 employees. David’s day-to-day routine includes tax preparation, speaking with clients, and training team members how to best prepare returns. David’s prowess and understanding of a litany of procedures has shaped IRSMedic into a firm where people can go for help, and to be healed. IRSMedic, Parent & Parent, LLP 144 S Main Street Wallingford, CT 06492 888-727-8796 info@irsmedic.com. https://youtu.be/lBbmhIEC_34 IRS Medic

Supervising Attorney, Sean J. O'Connor

Supervising Attorney, Sean J. O'Connor

https://youtu.be/64rNiHuGzIw IRS Medic

Tax Director, Jeannine Kirschner

Tax Director, Jeannine Kirschner

https://youtu.be/htvftpvefus IRS Medic

Supervising Tax Attorney -- Sean J. O'Connor

Supervising Tax Attorney -- Sean J. O'Connor

https://youtu.be/4rNzMEwSWWo IRS Medic

Tax Resolution Specialist, Tim D. Pepe

Tax Resolution Specialist, Tim D. Pepe

https://youtu.be/MZXRy7d-1jU IRS Medic

Lead International Attorney, Robert V. Hanson, Esq.

Lead International Attorney, Robert V. Hanson, Esq.

https://youtu.be/hSZVhPkprEo IRS Medic

Lead Resolution Attorney, Robert D. Lyon, Esq.

Lead Resolution Attorney, Robert D. Lyon, Esq.

http://ift.tt/2ytoDi9 https://youtu.be/BHaXEsZfoA0 IRS Medic

Superannuation Tax Treatment: Our response to some great arguments

Superannuation Tax Treatment: Our response to some great arguments

In a earlier video, we explained that our interpretation of US tax treatment of Australian Superannuation funds is in line with the IRS's "unofficial official" position. Which is, essentially, Superannuation Funds in which the employer has contributed more than the employee, has an easy solution. FBAR and Form 8938 compliance. On the other hand, Superannuation Funds that are either self-managed (SMSF) or where the employee contributed more (or is self-employed) typically triggers a Form 3520-A and Form 3520 filing as the IRS considers then Grantor Trusts. Additionally, Grantor Trusts tend NOT to be tax-deferred for US-tax purposes even though the Superannuation is a tax-deferred for Australian tax purposes. Some people claim that Australian Superannuation Funds are Social Security, thus the US-Australian Tax Treaty exempts them from taxation and 3520-A/3520 reporting. While it is true Australian Social Security would be exempted from US taxation, we have pointed the many incongruities to the argument that Social Security and Superannuation Funds are analogues. Karen Alpert and John Richardson both question our stance and point out some helpful facts to their position. We wish they were right. And in fact, someone may be able to convince a US Tax court of that. It just hasn't been done yet. And to do so would require some incredible navigation through language that runs contra to a fairer treatment. Worse, the risk of getting a bad result in tax court could prove ruinous to someone who doesn't file Forms 3520-A/3520 when required to do so -- a total for $20,000 of penalties -- per year. And the statute of limitations on assessing these penalties? Well, there is no statute of limitations. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 Sskype ID: Parent Parent https://youtu.be/J2QPTxN8NRo IRS Medic

Why taxing Hedge Funds an additional 19% might not be so smart

Why taxing Hedge Funds an additional 19% might not be so smart

Joining Anthony and Claudine is Bruce McGuire, the Founder and President of the CT Hedge Fund Association (cthedge.com), and also the managing partner at Global Alpha Research LLC. A proposed bill -- luckily it appears it will not be included in the Connecticut state budget this year --- but we may have to worry about this again in the future, could destroy Connecticut's Hedge Fund industry. H.B. No. 6973, “AN ACT CONCERNING THE IMPOSITION OF A SURCHARGE ON INVESTMENT MANAGEMENT SERVICES FEES: To provide tax parity. This proposal to tax hedge funds and other managed investments at 19%. The bill would impose a surcharge on income derived from investment management services (and would cover investors from all income levels). The proposal was written so broad it is unknown who it would hurt the most, or to even know if is is possible to actually enforce. Why 19%? 19% is the alleged benefit of the so-called "carried intest loophole." But the fact is there is no carried interest loophole. It is simply a derogatory term for long term capital gain treatment. How would this be a danger, not a benefit, to CT’s financial future? How easily could they just leave the state because of the high taxes? Where do you think they would move to? FL has no income tax, and no estate tax… Example:Hedge Fund billionaire, David Tepper, left NJ and moved to FL after 20 years and moved his HQ as well. He was that states’ wealthiest resident. Estimated that it will cost NJ hundreds of millions of dollars. CT Hedge Fund cluster is #2 in the world. China and Japan are very envious. In China, the total number of hedge funds almost doubled in 2016, and assets under management have more than tripled over the past 2 years. https://youtu.be/r7ue7FvVi3A IRS Medic

Help End Citizenship Based Taxation!

Help End Citizenship Based Taxation!

Citizenship-based taxation is a relic of the Civil War. Don't you think its' time we end it? A lot has changed in a 155 years! https://youtu.be/6SyDvzpaQg8 IRS Medic

Taking risks with Australian Superannuation US tax treatment

Taking risks with Australian Superannuation US tax treatment

http://ift.tt/2eK69Oy Joining Claudine and Anthony in this video is tax attorney Robert V. Hanson. Watch as they dismiss wishful thinking on the IRS treatment of Australian Superannuation Funds. The number one concern of an Australian Superannuation, whether Self-Managed Superannuation Fund (SMSF) or not, is whether it is classified for US tax purposes as a Grantor Trust or an Employee Trust. We always hope for a Employee Trust. Why? Because if it is classified as an Employee’s Trust the reporting is relatively easy and there no tax is due until the date of distribution (which still isn’t great, but but it is better than being taxed on its growth). The reasons we hope our clients aren’t dealing with an Grantor Trust is that taxes will likely be due on growth in the fund ya over year even though it is a tax -deferred vehicle in Australia. Adding insult to injury can be very time-consuming accounting and compliance work to prepare Form 3520-A and Form 3520. And there still make be more complicated forms — Form 8621 if the fund is deemed to be investing in Passive Foreign Investment Companies (PFICs). Yet some claim the Australian Superannuations funds are just like social security thus exempt from US taxation thanks to the treaty. This argument is discussed along with the abundant evidence that contradicts it. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203)269-6699 info@irsmedic.com https://youtu.be/U9ca1h18q4Q IRS Medic

The Myth of the Carried Interest Loophole

The Myth of the Carried Interest Loophole

Are hedge funds getting away with not paying taxes for years? Many pundits and politicians claim the carried interest "loophole" creates an unfair advantage for the wealthy and that something must be done about this crisis. But what is the carried interest loophole? Does it actually exist? In this video, tax Attorney Anthony Parent explains how equity and wealth fund managers are compensated and explains how they are bound by the same rules everyone else is when it comes to long term capital gains. There is no special carve out for hedge funds. It's simple partnership taxation of long term capital gains. Yeah, kind of boring. In fact, "carried interest" is a made up term to describe a made up thing. There is no way to close the carried interest loophole because there is no carried interest loophole! Rather, the claimed societal pathology isn't all the sinister --- it is merely long term capital gains tax treatment which states you are taxed at 20% rate on the date of disposition. This is true whether you are an investor in a 3-family house or a multi-billion dollar fund. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f https://youtu.be/y_DHWFNc1rE IRS Medic

The Myth of the Carried Interest Loophole

The Myth of the Carried Interest Loophole

Are hedge funds getting away with not paying taxes for years? Many pundits and politicians claim the carried interest "loophole" creates an unfair advantage for the wealthy and that something must be done about this crisis. But what is the carried interest loophole? Does it actually exist? In this video, tax Attorney Anthony Parent explains how equity and wealth fund managers are compensated and explains how they are bound by the same rules everyone else is when it comes to long term capital gains. There is no special carve out for hedge funds. It's simple partnership taxation of long term capital gains. Yeah, kind of boring. In fact, "carried interest" is a made up term to describe a made up thing. There is no way to close the carried interest loophole because there is no carried interest loophole! Rather, the claimed societal pathology isn't all the sinister --- it is merely long term capital gains tax treatment which states you are taxed at 20% rate on the date of disposition. This is true whether you are an investor in a 3-family house or a multi-billion dollar fund. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f https://youtu.be/m9OZWIh_chw IRS Medic

IRS Passport Denial and Revocation updates with the Taxpayer Advocate

IRS Passport Denial and Revocation updates with the Taxpayer Advocate

http://ift.tt/2wq0oiP The Passport Denial and Revocation Law: It has now been almost 2 years since the FAST Act was passed. The FAST Act included a provision that amended the US tax code to give the power to the IRS to have your passport revoked or denied for unpaid federal income tax taxes of $50,000 or more. While we have had clients bring us IRS collection notices that include a paragraph about passport revocation and denial, the IRS had not yet begun to seize passports. Taxpayer Advocate Updates: On the call was Rostyslav Shiller and Amanda Bartmann, Attorney Advisor to the National Taxpayer Advocate. We truly appreciate the work that Nina Olson and the Taxpayer Advocate team does. They informed us of some updates: - The IRS will begin with passport denials, not revocations - They believe denials will begin in early 2018 - The Taxpayer Advocate will be giving 'passes' to those US persons living overseas that have passport issues If you have a tax debt or are concerned about the security of your passport, contact us. We can help. Parent and Parent LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/Q7fMdCFWD6A IRS Medic

Does FATCA really hurt anyone?

Does FATCA really hurt anyone?

https://youtu.be/sBF0MjweQcU IRS Medic

US Switzerland IRS

US Switzerland IRS

http://ift.tt/2wiPyt9 https://youtu.be/XnWBbYuRsb8 IRS Medic

Inside IRS Offer in Compromise settlements, negotiations, and renegotiations

Inside IRS Offer in Compromise settlements, negotiations, and renegotiations

http://ift.tt/2vvWQbf The IRS Offer in Compromise program allows many taxpayers to settle back tax debts for a "pennies on the dollar." Why is this so? And what happens if a taxpayer can’t afford to pay the agreed upon settled amount? In this video, tax attorney Anthony E. Parent of Parent & Parent LLP describes the real constraints the IRS is under and how the IRS Offer in Compromise Program actually benefits the IRS. Learn why the IRS would want to take more than full payment for back taxes you owe. And learn what to do if your Offer in Compromise Form 656 is accepted, but is going to default because you can not longer come up with the settled amount. Note: It is our experience that taxpayers who think they can’t settle taxes with an Offer in Compromise can, and those that think they can, can’t. We recommend that you contact us for a free evaluation to go over what sort of options would work best to settle your IRS tax debt. Parent & Parent LLP 144 S. Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/d67LGf4ZM2c IRS Medic

Common IRS tax issues of US-German filers

Common IRS tax issues of US-German filers

http://ift.tt/2vajwCi Some of the Germany-US double taxation treaty benefits Certain business profits sourced in Germany are not taxable by the US. Research and development expenses get special treatment Lower rates apple for certain dividends d the United States, the double taxation agreement. Holding companies of real estate get no relief on sale of property Personal services by German sole traders in the United States will be exempt from paying the income tax in the United States. US sole traders will benefit from the same treatment in Germany. US and German employees are also exempt from paying the personal income tax if they are in the other country for 183 days maximum during a calendar year and if the income is paid by a non-resident company. Along with FATCA and FBAR reporting, these are the specific German IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with. - German pensions - German real estate income - German inheritances and gifts - Unreported German financial accounts Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/md2TU3Hqaa0 IRS Medic

Common IRS tax issues for US-Chinese filers

Common IRS tax issues for US-Chinese filers

http://ift.tt/2vt3BdA Along with FATCA and FBAR reporting, these are the specific Chinese IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with: Common tax issues of our Chinese-American clients Closely held foreign corporations in China, Hong Kong, Singapore, where all parties might not be US persons. This requires Investment in the US, especially real estate, where not all investors may be US persons Capital controls, and avoiding tax drag of it taking potentially years to move money out of China. EB-5 and other investment VISA holders. Often do not get the optimum tax advice before becoming a US person. Gifting money to adult children who are US persons living in the US. There is a US-China treaty on double-taxation. But like most, the savings clause can create instances of double taxation. It take planning and using the correct deductions and credits to eliminate the risk of double taxation. Offshore Voluntary Disclosure Programs If you have made a mistake in previous IRS tax filings, or haven't filed at all, we can help. We are the nation's premier offshore disclosure firm. We have helped thousands of Chinese and others from around the globe properly disclose to the IRS. We can help you too. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/Jc4S1akLXek IRS Medic

Common IRS tax issues of US-Canadians filers

Common IRS tax issues of US-Canadians filers

http://ift.tt/2vam0AU Along with FATCA, and FBAR filings, these are Canadian-specific tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with. RRSPs (Registered Retirement Savings Plans) are now exempt from trust reporting, and the contributions can be deferred income. TFSAs (Tax Free Savings Accounts) - There is little guidance to say if these should be treated as foreign trusts, foreign corporations, disregarded entities, or income that flows directly to the taxpayer. We do case by case analysis on these accounts. RESPs (Registered Education Savings Plans) and RDSPs (Registered Disability Savings Plans) are treated as foreign trusts that need to be reported on IRS Form 3520/A, and the income must be reported on a US return annually. PFICs (Passive Foreign Investment Companies) are treated as mutual funds. There are specific tax credits for Canadian tax and sourcing rules. Canadian bonds and Canadian guaranteed investment certificates (CDs) get OID treatment when they are held for more than one year. US-Canada Tax Treaty Information The US has a tax treaty with Canada. Under tax treaties, residents (not necessarily citizens) of foreign countries are taxed at a reduced rate, or are exempt from U.S. taxes on certain items of income they receive from sources within the United States. These reduced rates and exemptions vary among countries and specific items of income. Under these same treaties, residents or citizens of the United States are taxed at a reduced rate, or are exempt from foreign taxes, on certain items of income they receive from sources within foreign countries. Most income tax treaties contain what is known as a "savings clause" which prevents a citizen or resident of the United States from using the provisions of a tax treaty in order to avoid taxation of U.S. source income. Additionally, as part of the Treaty, the two countries have mutual agreements in place to collect taxes on behalf of the other country. For instance, Canada can collect taxes on a US person who is living in Canada. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/grCrbviIRTM IRS Medic

Common IRS issues for US-Australia citizen around the world.

Common IRS issues for US-Australia citizen around the world.

http://ift.tt/2vsZb6M Along with FATCA and FBAR reporting, specific Australian IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with. The Australian/US tax treaty exists but offer scant benefit. Superannuation tax issues The biggest, thorniest issue we encounter is on the US taxation of Australian Superannuation funds. The IRS does not consider things like Australian superannuation funds to be tax-deferred. They also may considered them to be “Grantor” trusts, requiring additional compliance forms. When the funds within these plans are distributed, they will be taxed like an annuity under section 72. This basically means that you will use your contributions (which have already been included in your income and taxed) as a basis in determining how much of a distribution is income. This will work whether you take a lump sum payment, yearly distributions, or distributions structured in any other way. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/YEmTAg6p5Jw IRS Medic

Common IRS tax issues of US-Hong Kong filers and expats

Common IRS tax issues of US-Hong Kong filers and expats

http://ift.tt/2v9OevA Along with FATCA and FBAR reporting, these are the specific Hong Kong IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with. Common tax issues we encounter for US expats in Hong Kong Income from closely held corporations, where all parties might not be US persons require precise tax filings. Acquisitions resulting in significant capital gains, and ways to avoid them. Gifting and inheritence issues. "Foreign" mutual funds. How to properly gift to a non-US spouse. "Foreign" pensions. FATCA and FBAR reporting. Offshore Voluntary Disclosure Programs If you have made a mistake in previous IRS tax filings, or haven't filed at all, we can help. We are the nation's premier offshore disclosure firm. We have helped thousands of Chinese and others from around the globe properly disclose to the IRS. We can help you too. Click here to visit our Offshore Disclosure summary page. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/VCEbcDREjto IRS Medic

Common IRS tax issues of US-French filers and Expats

Common IRS tax issues of US-French filers and Expats

Common IRS tax issues of US-French filers Along with FATCA and FBAR reporting, these are the specific French IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with: The US-French Treaty on Double Taxation The US-French tax treaty provides some relief from double taxation. However, it does not help elimiate a very common issue we encounte with Assurage Vie. Literally "Assurage Vie" translates as life insurance. However, the US tax code does not teat it as life insurance, so it is taxes on income it earns each year. And worse, it is treated as a passive foreign investment company, which involves oneous accoutning work and a less favorable tax treatment. Other issues we see French pensions may involve additional reporting and may be taxable, even if deferred in France. Inheritence of bank accounts; some of the bank accounts established my people who may or may not have been engaging in tax evasion is France, the US, or both. Taxation of rental propery in France. It is very common to not see this reporting correctly and many taxpayers ae missing an opportunity to accelerate depreciation Self-employment: Even small corporations may require extensive reporting. Offshore Voluntary Disclosure Programs If you have made a mistake in previous IRS tax filings, or haven't filed at all, we can help. We are the nation's premier offshore disclosure firm. We have helped thousands of Chinese and others from around the globe properly disclose to the IRS. We can help you too. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/PNCmMEh3A0o IRS Medic

Common IRS tax issues of US-Taiwanese filers and Expats

Common IRS tax issues of US-Taiwanese filers and Expats

http://ift.tt/2vt6dIz Along with FATCA and FBAR reporting, these are the specific Taiwanese IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with. Common Tax issues for US-Taiwanese individuals Closely held foreign corporations in the US, Hong Kong, Singapore, where all parties might not be US persons. This requires Investment in the US, especially real estate, where not all investors may be US persons EB-5 and other investment VISA holders. Often do not get the optimum tax advice before becoming a US person. Gifting money to adult children who are US persons living in the US. Offshore Voluntary Disclosure Programs If you have made a mistake in previous IRS tax filings, or haven't filed at all, we can help. We are the nation's premier offshore disclosure firm. We have helped thousands of Chinese and others from around the globe properly disclose to the IRS. We can help you too. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/JjHNY4tnOMg IRS Medic

US tax advisors for dual US-Israeli citizens

US tax advisors for dual US-Israeli citizens

http://ift.tt/2vajvye Common IRS tax issues of US-Israeli filers Along with FATCA and FBAR reporting, these are the specific Israeli IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with: Common tax issues of US-Israeli dual citizens Bank Leumi is often involved is a "blacklisted" bank of note Foreign facilitators list. Accounts can be frozen, and sometimes taxpayes can be freightened into doing something they shouldn't do. Our clients tend to have a lot of US-based income, along with Israel, and European investments. Inheritence of bank accounts throughout Europe from Holocaust survivors that have not been reporting to the US. Rental income in the US and Europe that might be missing important depreciation deductions. Offshore Voluntary Disclosure Programs If you have made a mistake in previous IRS tax filings, or haven't filed at all, we can help. We are the nation's premier offshore disclosure firm. We have helped thousands of Chinese and others from around the globe properly disclose to the IRS. We can help you too. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/suIuEUwxsY0 IRS Medic

Common IRS tax issues of US-Japanese filers and Expats

Common IRS tax issues of US-Japanese filers and Expats

http://ift.tt/2vt4mmT Along with FATCA and FBAR reporting, these are the specific Japanese IRS tax issues our team of tax attorneys, CPAs, and tax preparers assist our clients with. Typical tax issues we see with Japanese-American tax filers and Expats Foreign reporting --- the Bank Secrecy Act requires US person to retain bank recods fo 5 years. Yet in Japan, banks don't necessarily give or create bank statements. A spouse who is not a US person --- There are gifting limitations. Also, it is possible to file a joint return with a spouse who is a non-US person to lower taxes. Inheritence issues --- oftentimes US taxpayers did not know that their parents or in-laws put a bank account or asset in their name. The correct forms may be missing with great risk of penalty. US Children -- there are instances where children's investment income may spring a "kiddie tax" on their US parents. Offshore Voluntary Disclosure Programs If you have made a mistake in previous IRS tax filings, or haven't filed at all, we can help. We are the nation's premier offshore disclosure firm. We have helped thousands of Chinese and others from around the globe properly disclose to the IRS. We can help you too. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/OOlbiLMYVUs IRS Medic

The 6th Circuit undercuts Supreme Court order to dismiss FATCA suit

The 6th Circuit undercuts Supreme Court order to dismiss FATCA suit

http://ift.tt/2g9Ab2i Did the 6th Circuit jump the shark when it dismissed the Mark Crawford/Rand Paul FATCA suit? Attorneys for the Plaintiffs, Jim Bopp and Richard Colson lay out, succinctly, why the 6th Circuit's decision can't be allowed to stand. Not just because of FATCA, but for any case where the US government is causing harm. Decide for yourself. But it appears the 6th Circuit increasing the requirements to have standing to sue the government so high, those actually damaged by devastating laws like the Foreign Account Tax Compliance Act (FATCA) have no recourse in the courts. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/nXRT-dII_n8 IRS Medic

Using the IRS streamlined OVDP for Form 5471 Amnesty

Using the IRS streamlined OVDP for Form 5471 Amnesty

http://ift.tt/2wU9O46 The lesser known Form 5471 penalties, and how to decrease your risk of falling victim to these penalties   It’s a form that US owners of certain foreign corporations need to file. 1. Failure to file can result in a $10,000 penalty -- per occurrence.  2. The statute of limitations on assessment is much longer than people realize.   This is something the IRS is actively going after: In a recent case, the IRS assessed twelve(!) Form 5471 penalties against consultant who did business under a Canadian corporation. This resulted in a $120,000 tax penalty. A tax penalty that Canada actually helped the IRS collect.   The Streamlined Program It was created not just for FBAR amnesty, but it was also created Form 5471 amnesty.   Qualifications: 1. "Did you know that you had a Form 5471 filing requirement?"   2. Your subjective intent is the critical issue. 3. Don’t make assumptions about your situation 4. Every one of our offshore clients made some sort of mistake. 5. Yet, many mistakes are not large enough to make someone ineligible for the Streamlined program.   If you don't qualify for the Streamlined Program, the Full Offshore Disclosure Program is still available. We just prefer the Streamlined program because in terms of time and cost, it is much, much less onerous for our clients. The benefits of Streamlined OVDP for missing or incorrect Form 5471s  1. Only three years of Form 5471s are required 2. No penalty for filers who live outside the US. 3. A 5% penalty on stock value for those living in the US. There are many way to legitimately claim a low valuation of your controlled foreign corporation. 4. A much quicker process than full OVDP. 5. You'll learn how to properly file Form 5471s going forward. 6. Any other missing forms can all too be included in a Streamlined Disclosure. For example: missing Forms 8938, 8865, 3520, 3520A (foreign pensions), and 8621 Parent & Parent LLP 60 East 42nd Street SUITE 4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/rSuvAg33Rg8 IRS Medic

Canada collects $120,000 in Form 5471 penalties for the IRS

Canada collects $120,000 in Form 5471 penalties for the IRS

Mr. Dewees, was a U.S. citizen living in Canada, where he operated a consulting business. In 2009, Dewees learned that he had failed to comply with the FBAR requirements, and, thereafter, successfully applied to participate in the OVDP. IRS assessed a penalty of over $185,000 for not filing the FBARs. Dewees refused to pay the assessed penalty and withdrew from the OVDP. Because the business was incorporated abroad, Dewees was required to file a form 5471. Not filling the form carries a $10,000 penalty. And the statute of assessment is not 6 years. In September 2011, IRS notified Dewees that it had assessed a different penalty of $120,000 against him for failing to file Form 5471 from ’97 to 2008. Dewees requested an abatement of this penalty for reasonable cause, which was denied. Mr. Dewees was in Canada. Then pursuant to the U.S.-Canada tax treaty (the Treaty), the Canadian tax authority held Dewees’ Canadian tax refund in abeyance until the IRS penalty was paid in full. How did Canada do this? IRM 5.21.7.4 (11-13-2015) Mutual Collection Assistance Requests (MCAR) The United States has five bilateral tax treaties that contain broad provisions for mutual assistance in collection, also known as "MCAR" . Canada – All taxes including both individual and business Denmark – Income taxes France – Income taxes & estate taxes The Netherlands – Income taxes Sweden – Income taxes Note: On January 24, 2013, the United States and Japan signed a new Protocol to tad japan to the list. Once the new Protocol to the income tax treaty between the United States and Japan has been ratified, this section will be updated. Note FBAR penalties aren’t tax penalties so MCAR non-issue. Offshore penalty can be collected by MCAR. Takeaways: IRS only knew to assess 5471 penalties because taxpayer came clean. Pretty nasty. Expecting justice from Federal court is like corn expecting justice from chickens. If you made a disclosure look to make sue you have all your 5471s done, and properly done. Missing Form 5471s we see: 1. 5471s dormant corps 2. holding companies for asset protection 3. self-employment Other Delinquent Information Reporting Forms 8865, 5472, 3520, 3520A, 8938, 920 also carry $10,00 per year penalty. Think about these before opting out. You can win on FBARs but lose on 5471s. http://ift.tt/2wgDlHq https://youtu.be/S8ZeyIiZLnI IRS Medic

Understanding IRS offshore disclosures with OVDP lawyer Anthony E. Parent

Understanding IRS offshore disclosures with OVDP lawyer Anthony E. Parent

http://ift.tt/2vINUAU Between the scare tactics of the IRS and some tax practitioners, and the lackadaisical attitude of others lies the truth of the IRS offshore Disclosure programs, which OVDP attorney Anthony Parent says are more aptly named FBAR amnesty programs If you are thinking of making an IRS voluntary disclosure or concerned you need to, this video is a must-watch. Don’t make a disclosure if you don’t need to, and if you are going to make a disclosure, do it right, or don’t do it at all. In this video, IRS Offshore Voluntary Disclosure Program (OVDP) lawyer Anthony E. Parent discusses the complete evolution and history of the IRS offshore disclosure programs from the Pre-2009 Offshore Voluntary Disclosure Initiative (OVDI) practice, the 2009 OVDI, the 2011 OVDI, the 2012 OVDP, the 2014 Streamlined OVDPs. Learn how offshore disclosure evolved from a program designed for criminals to a program that is now designed to punish non-criminals. Despite the rough landscape, you can still make an optimum move to mitigate your risks. Or should you decide to do nothing, you can at least appreciate what the risks of doing nothing are. http://ift.tt/2w1OKLN Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/7V8es79EkWY IRS Medic

Common US tax issues for UK filers

Common US tax issues for UK filers

http://ift.tt/2uGvdRb The U.S.-U.K. tax treaty is one of the most beneficial treaties. But…because the US taxes based on citizenship, not residence, there are many tax traps lurking for UK citizens living in the US, and US persons living in the UK. The United States and United Kingdom have different tax years This can complicate things.  The calendar year must be used to calculate US taxes; not the UK tax year. Duplicative work is required The typical issues: The Foreign Earned Income Exclusion Foreign Tax Credits Treaty Information FBARs, FATCA, etc UK specific tax issues US person living in the United Kingdom UK person living in the United States Reporting requirements for private pensions, qualified life insurance policies, Individual Savings Accounts, treaty benefits and totalization benefits.. Non-UK financial accounts: Understanding other countries treaties that might be involved is critical. Our US-UK clients tend to be extremely mobile, creating additional tax complications. Parent & Parent LLP 60 East 42nd Street SUITE 4600 New York, NY 10165 (212)256-1335 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/xcAvXuJSCcs IRS Medic

Common problems of Indians with US tax requirements

Common problems of Indians with US tax requirements

http://ift.tt/2uL7w5Z Issues we see for US persons living in India, and Indian people living in the US. We often talk about FBARs, FATCA, Form 8938, but there are many more issues specific to each country The US-Indian Treaty provides little benefit The "Savings Clause" part of the treaty negates the double-taxation prohibition Anything earned in India is subject to US taxation. The foreign income exclusion applies if you are domiciled in India, and you may be entitled to a foreign tax credit for any taxes paid in India.   The NRE/NRO trap Indians not living in India can only have NRE/NRO accounts. The benefit is that these accounts are tax-free in India. If an Indian is also a US person, a NRE/NRO is taxable.  This trap has caused many Indians to fail to disclose their worldwide income Many have had to enter into some sort of offshore disclosure program.   Other issues we see: Treatment of fixed deposits with a term over one year Treatment of Indian life insurance, Indian Mutual Funds, EPFs, PPFs, NRE, NRO accounts, and pension funds HSBC India is on the foreign facilitators list. DEMAT Accounts involved complicated accounting, along with FBAR reporting. Parent & Parent LLP 144 S Main Street Wallingford, CT 06492 (203) 269-6699 http://ift.tt/1RfwK1f infor@irsmedic.com https://youtu.be/MqACHY-Fvro IRS Medic

When a full IRS offshore disclosure was a mistake.

When a full IRS offshore disclosure was a mistake.

Do you now regret entering into the full/standard IRS Offshore Voluntary Disclosure Program (OVDP)? In the video, tax attorney Anthony E. Parent goes over the four possible option his team sees: 1. Remain in the OVDP and pay the 27.5% or 50% offshore penalty 2. Opt-out of the standard offshore penalty regime and keep criminal protections. 3. Do nothing. Be removed. Get audited under opt-out standards but lose criminal protections. 4. File streamlined disclosure anyway and waste time and effort. For more visit: http://ift.tt/2vWzkJ6 Parent & Parent LLP 60 East 42nd Street SUITE 4600 New York, NY 10165 (212) 256-1335 http://ift.tt/1RfwK1f info@irsmedic.com https://youtu.be/EjoKEx46Kxo IRS Medic

What to do when you received a Certified mail slip from the IRS

What to do when you received a Certified mail slip from the IRS

If the postman leaves you a pink certified mail slip from the IRS, you always could go down to the post office, wait in line, claim your certified letter form the IRS, take it home, attempt to understand it, attempt to understand all of the issues you may have, attempt to formulate the best possible strategy, and then implement that strategy. Or you could just purchase our Total Tax Diagnosis service for $750 http://ift.tt/2utRqxv https://youtu.be/UDugms_prB0 IRS Medic

What to do when you received a Certified mail slip from the IRS

What to do when you received a Certified mail slip from the IRS

If the postman leaves you a pink certified mail slip from the IRS, you always could go down to the post office, wait in line, claim your certified letter form the IRS, take it home, attempt to understand it, attempt to understand all of the issues you may have, attempt to formulate the best possible strategy, and then implement that strategy. Or you could just purchase our Total Tax Diagnosis service for $750 http://ift.tt/2utRqxv https://youtu.be/l98DvuJdDuE IRS Medic

Why amending an FBAR may be more dangerous than you realize

Why amending an FBAR may be more dangerous than you realize

http://ift.tt/2uG1inf When you file an FBAR the IRS assumes you have a heightened knowledge. They will punish you for any technical mistakes...as opposed to someone who never filed an FBAR. In order to assess the willful FBAR penalty (up to 50% of the account value), the IRS must find a reason that you were "willful" in your actions. Unfortunately, we've seen the IRS argue things like, "You knew enough to amend an FBAR, but you didn't know enough to read the instructions correctly?" Then, they go one step further and say, "Since you knew about the FBAR, you must know about the Internal Revenue Manual, the Bank Secrecy Act of 1970 (as amended) and the recent FBAR litigation on what is required in federal district court." If you are unsure if you should amend your FBAR yourself or if you need help doing it, contact us. We can help. Parent and Parent LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/vDmOajBrqKg IRS Medic

Looking for someone other than the Big 4 to prepare your individual tax returns?

Looking for someone other than the Big 4 to prepare your individual tax returns?

http://ift.tt/1RfwK1f We've received some feedback from clients regarding the Big Four - both about FBAR preparation and outsourcing. Satsifactions seems to be dropping. In this video we discuss a new client's experience regarding the telephone call they received from their Big Four accountant. The CPA told him that while they found FBAR reporting requirements for him, they could not help him to file his FBAR. What was also interesting is the fact that the CPA had been outsourced from a foreign country, we've met with a few quite good CPAs who have been laid off by the Big Four in cost-cutting moves. While the Big Four are under enormous pressure to keep their profit margins high, and outsourcing is an easy way for them to do this. The question is, will outsourcing work translate into a quality product? A good client-professional relationship? If you are interested in our FBAR filing services o if you are individual with complicated international affairs considering an alternative, contact us. We will also review your current tax returns at no additional charge. Parent and Parent, LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com http://ift.tt/1RfwK1f https://youtu.be/rHjPP_4pEik IRS Medic

Protect privacy, encourage common sense: Defeat Senate Bill 1241

Protect privacy, encourage common sense: Defeat Senate Bill 1241

http://ift.tt/2tr4XJF In late May, Senator Chuck Grassley sponsored and introduced Senate Bill 1241. It's known as the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017". Honestly, the proposals in this bill are downright scary. The current law states that if anyone enters the United States with more than $10,000 in the form of cash (or money orders or bearer bonds), they need to fill out FinCEN Form 105 and submit it to FinCEN (the Financial Crimes Enforcement Network). The new bill proposes an expansion of the definition of what must be reported to include other things like virtual currency. This type of currency is most often stored in a digital wallets, or “hot wallets,” through companies like Coinbase for digitla currnecies like BitCoin and Ehteruem, or they can be stored offline in a hardware wallet. Doesn't that mean that no matter where you go, if you are carrying your cell phone or laptop, you're "transporting" the currency? This new law says yes, you must declare more than $10,000 in digital currency holdings. The bill also proposes steep penalties if there is failure to comply. The government could file a secret motion with a federal judge for a restraining order that would freeze any account you own. While the order is in effect your phone could be wiretapped, and the government could monitor your web browsing records and emails. And worse, the bill proposes to expand secret wiretaps. The Bank Secrecy Act is rife with problems, penalizing retired school teacher with FBAR penalties not the international terrorists it was claimed it would catch. The Bank Secrecy Act needs to be massively curtailed, not vastly expanded. Check back for updates, and feel free to Tweet the Senators to express your opinion about Senate Bill 1241: @ChuckGrassley ‏ @SenFeinstein ‏ @JohnCornyn ‏ @SenWhitehouse ‏ Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212)256-1335 http://ift.tt/1RfwK1f https://youtu.be/i3A8u4-cxzk IRS Medic

IRS Coinbase investigation update

IRS Coinbase investigation update

http://ift.tt/1RfwK1f The IRS made demands to Coinbase to turn over information on every single one of its US users in a letter sent in May. The IRS launched the investigation in part because the price of bitcoin soared from $13 to over $1,100 during the years in question Only 802 people reported their bitcoin gains or losses in 2015 to the agency on IRS Form 8949 (Sales and Other Dispositions of Capital Assets). IRS asked Coinbase for a long list of details about its customers who bought or sold bitcoin between 2013 and 2015, If Coinbase had complied with the original summons, it would have forced it to turn over personal details related to over a million accounts, and over 500,000 active customer accounts. This caused an outcry among digital currency owners, and led senior members of Congress to send a sharply worded letter to the IRS that warned its probe was "overly broad" and extremely burdensome." Because of this, the IRS has released “narrowed summons” and has made the following notable changes: The IRS told a federal court it is now seeking information only for those accounts that engaged in transactions worth $20,000 or more. Eliminates request for payment information and security settings. Eliminates request for power of attorney letters and corporate minutes tied to third parties Limits request for correspondence between Coinbase and users to portions that cover account opening/closing and transactions. IRSMedic, the Law Offices of Parent & Parent LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 https://youtu.be/vE4J7-_SlP0 IRS Medic

Exposed: The secret IRS travel ban

Exposed: The secret IRS travel ban

While the so-called Trump travel banned has earned a lot of attention, there is a far more obnoxious travel ban. And this one hits US citiznes traveling within the US. Two laws have worked in conjunctions to make an effective travel ban for certain Americans. The first law is the REAL ID law. The REAL ID law will require travelers to use a passport or a REAL ID for domestic air travel. The thing is not all states issue a REAL ID. So if you are in a state that does not have a REAL ID, you need a US passport, or green card or military ID if you have one. The is a second law, that when combined creates this travel ban on US citizen. It comes from the FAST Act of 2015. In it is a provision that requires the IRS to revoke passports to taxpayers who are seriously delinquent. So for residents in states that don't offer a REAL ID, and have their passports revoked (or can't get one issued) they will be GROUNDED by TSA and not be able to fly. How can this be constructional? Where is the outrage? https://youtu.be/4x5NuHhG6cY IRS Medic

5 tips on how professional firms can reduce cyber attack threats

5 tips on how professional firms can reduce cyber attack threats

Every single business that uses computers has a security risk. Every. Single. One. So what can do to reduce your risk of a cyber attack? 1. Remove client portals from any public webpage. 2. Stop using shared drives. Maybe you call this your P, S, T, X, Z drive. 3.Turn off network sharing. 4. Understand how attacks work and know that NO system is bullet proof. 5. Train your staff. Don't rely on your IT department alone. There are a lot of things you can do to make a hacker’s job harder. Do not get cocky. Backup your backup backups. Eternal vigilance is required. Parent & Parent, LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/n03X-tn5lA4 IRS Medic

Streamlined Disclosure audits are happening now

Streamlined Disclosure audits are happening now

http://ift.tt/1RfwK1f The IRS has been threatening that Streamlined Submissions will be audited for years now, but we've never seen that happen. Until now. We have been receiving calls over the last few days from people whose Streamlined Submission is under audit. This is the very first time we have seen this happen.   We believe that the IRS sees an opportunity to collect easy penalties. We believe this because their training says so.   What many people don't understand is how long the Statute of Limitations is for audits. But, if your Streamlined Submission has an errors on it, the Statute of Limitations has not even started to run. If any forms is missing, there are penalties (aside from FBAR penalties). These penalties are typically $10,000 per occurrence.   The IRS has to take advantage of all the "low hanging fruit" that they can, as quickly and easily as possible. If I had to guess, this is just the beginning of the audits and we will most likely get more and more calls from people getting audited for their Streamlined Submissions and Soft Disclosures.   When we submit any Streamlined Submissions to the IRS, we always submit them under the assumption that they will be audited. We are extremely detail oriented and thorough. Unfortunately, we often get clients who come to us and assistance because the company they hired to do their submission has made errors.   If you have been contacted by the IRS because your submission is being audited, or if you just want a second opinion on a submission done on your behalf, contact us. Submissions can be amended. We can help. Parent & Parent, LLP 60 E 42nd St #4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/OybUJWU4sFo IRS Medic

Lowlife attorney demonstrates futility of FATCA and FBAR

Lowlife attorney demonstrates futility of FATCA and FBAR

https://youtu.be/lX9daFHmAo4 IRS Medic

Thinking of renunciation? Common US exit tax questions

Thinking of renunciation? Common US exit tax questions

Summary available at: http://ift.tt/2sZqQPX In this video, Anthony and Claudine discuss common IRS Expatriation issues. - Including who is subject to the IRS exit tax, and people who think they are, but actually aren't. - And even if you are subject to the expatriate exit tax, you maight not have a tax due in certain cases - Form 8854 audits and audit chances - What a covered expatriate is - How to avoid being a covered expat - Special (beneficial) rules for certain covered expats and Green Card holders overseas For more on our Exit Tax Consultation Service visit: http://ift.tt/2tz04ur Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/YAwRnZokpYI IRS Medic

Fantastic FATCA and Tax Reform Updates July 21, 2017

Fantastic FATCA and Tax Reform Updates July 21, 2017

Joining us is Solomon Yue -- an integral force behind the effort to repeal the Foreign Account Tax Compliance Act (FATCA). Solomon is an American success story. He emigrated from China to become a successful entrepreneur and is now co-chair of Republicans Overseas. Driving him is his desire is to keep the American dream alive for others. He tells us about the current updates to FATCA. Including the amazing news that a Residency Based Taxation system is being proposed by House leadership and President Trump. We will be updated as these laws get closer to vote. Be sure to subscribe so you don't miss any updates. Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 http://ift.tt/1RfwK1f https://youtu.be/9NVDxStMBtE IRS Medic

The Pomerantz willful FBAR case: Taxpayer wins! (for now)

The Pomerantz willful FBAR case: Taxpayer wins! (for now)

http://ift.tt/2rwh6HE The government wanted to start collecting willful penalties against dual US/Canadian citizen Jeffrey P. Pomerantz. It filed a complaint in US federal court to do so. Things did not go so well for the government. The IRS and the US government faced significant push back from Judge James L. Robart of the Western District of Washington Court. The court the complaint faulty as it failed to allege facts to support a willful FBAR penalty on an account with CBIC. And while the complaint barely alleged enough facts to support a willful penalty against a Swiss bank account held by Mr. Pomerantz, the FBAR penalties were jumbled together and unable to be separated. Therefore the entire action failed. Mr. Pomerantz represented himself pro se. This means he represented himself Although tit appears as if he has some help from a lawyer or two who knew their way around FBAR penalties. http://ift.tt/1RfwK1f Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 The taxpayer won. More importantly the court held firm that the government has the burden of proof to assess willful FBAR penalties. The government will refile and we will monitor. https://youtu.be/ZXOH0v85xCE IRS Medic

The danger of IRS Private Debt Collections Notice CP40

The danger of IRS Private Debt Collections Notice CP40

http://ift.tt/2rskfYZ If you've received IRS Notice CP 40, it means that the IRS is notifying you that they have assigned your tax account to a private collection agency for collection. The IRS is mandated to use these agencies because of a law that passed in 2015 to collect on certain unpaid tax accounts. What should you do: You can read Publication 4518, What You Can Expect When the IRS Assigns Your Account to a Private Collection Agency (.pdf) for more information Access the IRS Private Debt Collection (PDC) webpage. This is a useful tool to ensure you aren't falling victime to a scam (more below) Contact the private collection agency at the phone number on the notice Wait until the private collection agency contacts you Contact us for help. If you choose to hire us, we can contact the collection agency on your behalf. How can you be sure the private collection agency contacting you is under contract with the IRS? There are countless scammers out there that pretend to be the IRS. They call people, they send fake mails and emails. So how do you know you're not dealing with a scammer? We sugguest using our Total Tax Diagnosis service. Find out more here: http://ift.tt/2bYeDxM Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/cj3nDDiBm0k IRS Medic

The IRS CP90 means something very important.

The IRS CP90 means something very important.

http://ift.tt/2rrT4gW If you have received a CP90 Notice from the IRS, it means they are notifying you of their *FINAL* warning of thier intent to levy certain assets for unpaid taxes. This is generally what most people refer to as garnishments or levies of wages and bank accounts. You have the right to a Collection Due Process hearing. What should you do if you disagree with the notice? Within 30 days, request a Collection Due Process hearing on Form 12153, "Request for a Collection Due Process or Equivalent Hearing". You can appeal the intent to levy and other disagreements you have at a Collection Due Process hearing. To put it more clearly, you can dispute the ability to pay the debt, and/or dispute the validity of the debt. http://ift.tt/1RfwK1f Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/vOBj6yolLfI IRS Medic

How to respond to an IRS Final Notice of Intent to Levy LT 11

How to respond to an IRS Final Notice of Intent to Levy LT 11

http://ift.tt/2tdzUwm It is critical you know the best way to respond to an IRS LT11 Notice of Intent to Levy. This notice gives the *IMPORTANT* right to a collection due process hearing with the IRS Office of Appeals. If you don't respond correctly, you could lose this very valuable right to get a much better deal. And if you don't respond, you lose your right to tax court. Learn what to do when the IRS send your this Final Notice of Intent to Levy by watching this video with Claudine and tax attorney Anthony Parent. http://ift.tt/1RfwK1f Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/JtTZUN1L0wE IRS Medic

How to properly respond to an IRS Notice of Intent to Levy CP 504

How to properly respond to an IRS Notice of Intent to Levy CP 504

http://ift.tt/2s2HNp0 The IRS CP504 is a scary letter that is a bit misleading. While it gives the IRS the ability to intercept your state refund check, the IRS stll has one more notice they MUST send out before they can undertake any other type of enforced collection. In this video, Anthony and Claudine go over the specific language of this notice of intent to levy and translate it into something you can understand. Before you call the IRS or ignore this letter, learn what your best way to respond is by watching this video Parent & Parent LLP 60 EAST 42ND STREET, SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/yGQirfoGMgA IRS Medic

The dangers of letting the IRS keep your refund: Contesting Notice CP63

The dangers of letting the IRS keep your refund: Contesting Notice CP63

http://ift.tt/2sHf0Gw If the IRS believes you owe taxes, they will use Notice CP63 to inform you they are holding your tax refund until you file one or more returns. How frustrating it must be to think you're going to get a refund, only to find out that the IRS is going to keep it because they think you owe them money! What actions should you take if you have, or haven't filed tax returns? What this video to find out. http://ift.tt/1RfwK1f Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 info@irsmedic.com https://youtu.be/LmgH0hUzCU8 IRS Medic

IRS Passport revocation update: The importance of Notice CP-508C

IRS Passport revocation update: The importance of Notice CP-508C

http://ift.tt/2rB9ZAU https://youtu.be/tPp1g6N1x4o IRS Medic

Dealing with IRS Revenue Officers and Field Agents...succesfully

Dealing with IRS Revenue Officers and Field Agents...succesfully

Learn the difference between a revenue officer, a revenue agent. Learn what each can do. And what they can't do. Watch this video to learn the answers to these questions: Can an IRS Revenue officer or Agent show up unannounced at your home, at your business? Can an IRS Revenue Officer or Agent have you arrested? Is there any difference between an IRS Revenue Officer and an IRS Revenue Agent? Does hiring a tax attorney make you look guilty to a Revenue Officer or Agent? Should you care? http://ift.tt/2s1oY8Q Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/QqRsJT-4tI8 IRS Medic

What does an IRS CP2000 mean?

What does an IRS CP2000 mean?

The IRS says the CP2000 is not a bill, but it sure looks like a bill. Learn what to do if the IRS sends you a CP2000 notice. http://ift.tt/2rI9RxL Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/yxQOr1HNmG4 IRS Medic

Coinbase John Doe

Coinbase John Doe

The IRS went to court in November, seeking to issue a John Doe summons for access to Coinbase's user records. This is a massive invasion of privacy, and for what end? It seems as if they just want to know where people's money is, as the chance of them getting any revenue from this plan is quite slim. Three lawmakers – Senator Orrin Hatch, Representative Kevin Brady and Representative Vern Buchanan – have requested information about the IRS’s strategy regarding digital currencies in a letter dated May 17th. The IRS has a deadline of June 7th to reply. Check back for updates. IRSMedic, the Law Offices of Parent & Parent, LLP 888-727-8796 info@irsmedic.com https://youtu.be/L6UGosqxm3s IRS Medic

Why every decent person in the world should be terrified by FATCA

Why every decent person in the world should be terrified by FATCA

We know that it is mostly US citizens living around the world who are most outraged by the hideous law known as the Foreign Account Tax Compliance Act (FATCA). But if the complete truth about this law was known, about how it really works and how it will be fully implemented, cauldrons of tar would be set to boil, and bags of feathers would be on standby. In this article Claudine inquires upon Anthony the four most outrageous things about FATCA. Anthony obliges by discussing: 1. The shredding of the 4th Amendment 2. The shredding of the Constitution separation of powers. 3. The wholesale destruction of legitimate privacy concerns 4. The minefield planted for unsuspecting US-based businesses --- mines that could blow up and destroy people's livelihood. And for what? Maybe a couple hundred million in revenue? But with $3.5 trillion in record receipts, is the US Treasury this starved for revenue that it has to destroy everything this country is supposed to protect? Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 http://ift.tt/1RfwK1f https://youtu.be/VhxtpFBZ2tE IRS Medic

How far should we go to make FATCA work?

How far should we go to make FATCA work?

Our reaction to some rather amazing suggestions by FATCA architect Professor Elise Bean. Around 7:45 we talk about what we consider an extreme proposal, that would cost more than any international tax non-compliance ever could. Professor Bean's entire letter is available here: http://ift.tt/2rwdG8c https://youtu.be/i0zFpgpIDVA IRS Medic

What you need to know about IRS seizures

What you need to know about IRS seizures

In this video, Anthony and Claudine explain what an IRS seizure is, how a seizure happens, how to avoid a seizure, and how to get your property back after a tax seizure. The two also discuss how a seizure is different from an IRS levy or garnishment and the difficultly the government has in enforcing seizures on property held overseas. But the government does have some leverage -- they can revoke a US passport for tax debts over $50,000 Ultimately, an IRS seizure is the last resort. The IRS does not want to seize money. Running a government tax auction is very time consuming and the amount realized does not usually satisfy the entire debt. So the cash remains outstanding. Also, the IRS really doesn't want to seize a primary residence of a taxpayer. However, Anthony explains circumstances where it could happen...and how to avoid that situation. Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 http://ift.tt/1RfwK1f https://youtu.be/aYWdxvUzDIo IRS Medic

US expats cry way too much about their IRS taxes

US expats cry way too much about their IRS taxes

****SARCASM ALERT**** Why all the crying? The IRS has made life for US expats around the world so easy. All the forms are online as the instructions. For free. And the instructions are super easy to read and never contain contradictions. And sure you may have to consult a tax treaty, the treaty protocol, and the savings clause (which will negate the treaty), but again, those are all online too! 100000% FREE - With FBAR and Form 8938 to report foreign assets - Form 3520 and Form 3520-A for foreign pensions - Form 5471 and Form 8865 for self-employment income if in a corp or partnership and - Form 8821 for foreign mutual funds and - Form 720 excise tax for foreign life insurance (don't forget about 7702-g computations!), All it takes is a 80+ hours of work or a few thousand dollars for middle class family living overseas to get to the point where they can properly use Form 1116 to exempt income or use the credit. Failure to file any of the forms above (aside from Form 720) result in a $10,000 penalty (or more in case of the FBAR), even if not intentional. Having no tax due is not a full defense. Because hey, the information is all online and free. So I am not sure why there is all the belly aching. Or perhaps more accurately this is a barbaric tax system that should be given the heave-ho. Parent & Parent LLP 60 EAST 42ND STREET SUITE 4600 New York, NY 10165 (212) 256-1335 https://youtu.be/Z5m93_lbyBU IRS Medic