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