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