How non-US persons can avoid tax traps when living or investing in the United States

How non-US persons can avoid tax traps when living or investing in the United States

http://ift.tt/2e7WQ94 The United States is the land of opportunity for non-US persons that are looking to live or invest here. It is also full of dangerous tax traps. The good news is that many of these traps can be avoided. In this video, we talk about the four biggest tax traps for those looking to live or invest in the US and how to avoid them. Trap #1 - the Capital Gains trap We discuss what a capital gain is, and what to do before you become a US citizen is if you own stocks. Trap #2 - the Foreign Life Insurance trap Bear in mind what "foreign" means in this case! It means "non-US". If you are from China and have a Chinese bank account, it's not foreign to you! But it is foreign to the US. Foreign life insurance is not considered to be life insurance under the US tax code. It is treated as an investment, which means you are taxed much more on it! also, you are also going to pay a 1% excise tax it...not yearly, but quarterly. The good news is that if you have any foreign life insurance, there are ways to handle it. Trap #3 - the Ownership of Real Estate Real estate should not be in your name for both tax and liability purposes. You need a plan in place to avoid heavy estate taxes (up to 35%!). Also bear in mind that if you own rental property, you will be taxed on that income. Trap #4 - Foreign Reporting Requirements There are NUMEROUS IRS forms that need to be filled out, some quarterly and some yearly. If you fail to file these forms, there are severe monetary penalties. You need to report things like foreign bank accounts and assets, mutual funds, and partnerships, just to name a few. If you are considering becoming a US person, or living/investing in the US, make sure you have a plan in place to avoid these nasty tax traps. Contact us for assistance. Our team of attorneys, CPAs and tax planners have international experience. Any information you share with us is subject to the attorney client privilege. 888-727-8796 info@irsmedic.com IRSMedic - The law offices of Parent & Parent, LLP http://youtu.be/toqTlc_oPDU IRS Medic

What medical expenses can be deducted from your taxes?

What medical expenses can be deducted from your taxes?

http://ift.tt/1TUcrWR A lot of people don't know that you can deduct some medical expenses on your taxes! It's important to understand all of the rules the IRS has about who can claim these deductions, and what are considered allowable expenses. The IRS allows you to deduct qualified medical and dental expenses if they exceed 10% of your adjusted gross income (AGI) for the tax year. Right now if you or your spouse is 65 or older, the threshold is 7.5% of your AGI, but that is scheduled to increase to 10% in 2017. You can add together expenses for yourself, your spouse, and your dependents. This actually includes not only your children, but "qualifying relatives" such as siblings and parents. In the video, we also discuss what is a "qualified" medical expense, along with the single most important thing to do if you are going to take advantage of this tax deduction. If you need assistance with any tax prep, planning, or resolution, contact us. We're here to help. IRSMedic, the law offices of Parent & Parent, LLP 888-727-8796 info@irsmedic.com IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. http://ift.tt/1jKT9Ip http://youtu.be/TWyoWCfE5pU IRS Medic

How long should I keep my tax records?

How long should I keep my tax records?

http://ift.tt/1RfwK1f We have had so many clients ask us this question. As with many IRS and tax issues, the answer is "it depends". In this video, Attorney Parent and Claudine discuss why you should err on the side of caution and hold on to them as long as possible. There are two instances in which you may need to hold onto your tax records indefinitely. First, if the IRS suspects you filed a fraudulent return. But wait, if you didn't file a fraudulent return you would have gotten rid of your records so how would you be able to prove it wasn't fraudulently filed?! Second, the IRS is outright targeting those who have money overseas. There are many reporting requirements for those that have money in offshore accounts. With many of the forms, if you do not file them (or improperly file them), your return could remain open for assessment FOREVER. Learn more about the ASEDs here (assessment statute expiration date). IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. If you need assistance with a tax issue or tax planning, contact us. We're here to help. IRSMedic The Law offices of Parent & Parent LLP 888-727-8796 info@irsmedic.com http://youtu.be/mzyOPW2fzc4 IRS Medic

Total Tax Diagnosis by IRSMedic

Total Tax Diagnosis by IRSMedic

http://ift.tt/2cLbe9W Video introduction to Total Tax Diagnosis by IRSMedic. Find out about your history with the IRS so you can find the best solution for you. A real diagnosis of your tax matter so you can find real relief. http://ift.tt/1RfwK1f 888-727-8796 ttd@irsmedic.com IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. http://youtu.be/eZuREwL7wjQ IRS Medic

IRSMedic, Parent & Parent LLP - Total Tax Diagnosis

IRSMedic, Parent & Parent LLP - Total Tax Diagnosis

http://ift.tt/2bYeDxM If you have a tax issue you need assistance with, contact us. 888-727-8796 or info@irsmedic.com. In this video, Attorney Anthony E. Parent and Claudine Gindel talk about some of the services offered by IRSMedic - Total Tax Diagnosis. TTD Services Total Tax Diagnosis Report: The goal of the report is to find out what the IRS thinks about you – this is critical to figuring out how to solve the problem. Some things the report will show are: - The Penalty and interest amount that the IRS claims you owe - Exactly what returns have been filed – are there any missing or incorrectly filed returns? - If you are you eligible for First Time Penalty Abatement - If the IRS is actively trying to levy or garnish you - If your tax debt could be discharged in bankruptcy - When the IRS loses its’ ability to collect your tax debt - How to get proof of every letter the IRS claims they sent you - Whether or not you’re at a heightened risk of being audited - Where your tax payments have been applied, and if the IRS lost any of your money! You'll also get the IRSMedic Handbook; this breaks down the report so you can understand the information. You can book a Strategy Session; our team of Enrolled Agents, CPA’s and Attorneys will review your investigation. You will be scheduled for a one-on-one strategy session with a tax resolution specialist. You will be given legal guidance as well as suggested strategies in writing on how to rid yourself of an IRS problem forever. If you don’t think you got your value, you can simply request a full refund. For information about the different packages, visit http://ift.tt/2bYeDxM IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. http://youtu.be/IRjpM9uYclQ IRS Medic

What exactly is a "Foreign Bank Account"?

What exactly is a "Foreign Bank Account"?

http://ift.tt/1RfwK1f If you need assistance with a domestic or international tax problem, contact us at info@irsmedic.com or call 888-727-8796. Thanks to the Bank Secrecy Act of 1970, there are strict reporting requirements of offshore bank accounts on an FBAR form. Not to mention hefty penalties for non-filing. But...there is no official list, anywhere, of what exactly a foreign bank account is. In this video, Attorney Parent and Claudine discuss things like online gambling accounts and Bitcoin - should they be reported? IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. Learn more about our services and fees here: http://ift.tt/1TUcrWR Fill out our online submission form here: http://ift.tt/2c0WYbY http://youtu.be/5ZRoOOhmkCQ IRS Medic

Israel stands up to FATCA

Israel stands up to FATCA

Need help with a tax issue, or offshore reporting requirements? Contact us at info@irsmedic.com or 888-727-8796. http://ift.tt/1RfwK1f We've talked extensively about FATCA's affect on US taxpayers, especially those living and working overseas. It's an intrusive law requiring US taxpayers to report certain foreign financial accounts and offshore assets to the IRS. But FATCA is more than just that; there is now officially a requirement that affects international financial institutions as well. Effective September 30, 2016, all non-U.S. financial institutions globally have to report financial information of American clients and U.S Green Card holders who have accounts holding more than $50,000 directly to the IRS. All along, we've been hoping that some country, any country, would stand up to the U.S. We thought for sure that the invasive nature of the program plus the extremely high costs of implementation would cause some kickback. At first it seemed that all of the countries were simply too afraid to fight the Superpower bully. Until Israel. Just days prior to the program going into operation, Justice Hanan Meltzer ordered officials to stop work leading up to implementation. Meltzer, a judge in the Supreme Court of Israel. made his decision because of Rinat Schreiber. Schreiber, a dual citizen of the US and Israel, filed a tort claiming that FATCA violated the nation’s Basic Law on Human Dignity and Liberty. His argument is that the reporting requirement contradicts right to privacy, property, and equal treatment. We agree with him. Some additional information from Nigel Green here: http://ift.tt/2clLijn IRSMedic, the law offices of Parent & Parent LLP Helping US taxpayers around the globe for over 10 years 888-727-8796 info@irsmedic.com http://youtu.be/St_GWDi3p-M IRS Medic