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