Taxes and Attorneys: October 2017

Tuesday, October 31, 2017

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

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

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.

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

Tuesday, October 17, 2017

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

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

Monday, October 16, 2017

Pros & Cons of IRS Streamlined Installment Agreements

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

Friday, October 13, 2017

Why territorial taxation needs to be part of tax reform

https://youtu.be/sDACKfNj4dw IRS Medic

Wednesday, October 11, 2017

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

Monday, October 9, 2017

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

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