Share this US Expat Tax Survey far and wide!

Share this US Expat Tax Survey far and wide!

Laura's survey here: https://ift.tt/2UcWju6 Washington DC is full of people inoculated from the horrors of the Congress' laws. We NEED TO MAKE SURE EVERYONE IN DC KNOW THE REAL STORY! Share this incredible US Expat tax survey conducted by Laura Snyder on behalf of the Taxpayer Advocate with everyone you know, including your congressperson. We can't expect any positive changes until Washington actually understands and appreciates the impacts of their current laws. Too often the IRS bears the brunt of the blame. But the fact is, as guests John Richardson, Keith Redmond and Laura mention, often times it is the unelected government bureaucrat that is far more humane and reasonable than Congress. This seems like a failure of our Republic. A potential cure is to blast this survey and the others that support it to Congress all day and night until they finally get it through their thick heads that their dumb tax laws fail to raise revenue, waste resources of the IRS, and terrorize and diminish Americans everywhere. https://ift.tt/39eBDpV https://ift.tt/39eBhQi Thanks to attorney John Richardson of citizenshipsolutions.ca and Keith Redmond, global advocate for the American aboard, you can find him on Facebook at American Expatriates 2.0. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269 -6699 info@irsmedic.com https://youtu.be/v0RIPUCihEA IRS Medic

IRS Form W8-BEN-E discussed and explained

IRS Form W8-BEN-E discussed and explained

How do you fill out IRS Form W8- BEN-E. Even if you are familair with the US tax code, Form W8-BEN-E can challenge even experience tax professionals. In this video, Ryan Socash of KultAmerica discusses advice his tax team in Europe gave him about how to fill out IRS Form W8-BEN-E. Ryan looked at the instructions and thought his tax team made an error. So he and tax Attorney Anthony Parent thought ti would be great to analyse who was right while the two dicusss general questions about IRS Form BEN-E. And you probably can guess who was right (hint: he is a huge fan of our channel). Form W8-BEN-E is a critical tax document used by entities around the world which provide services to their American counterparts. Common reactions to this form include confusion, insecurity, and frustration. However, when handled by a professional Tax Attorney W8-BEN-E is not difficult or expensive to resolve. In this episode of Tax-line, Attorney Anthony parent breaks down the purpose for Form W-8-BEN-E, and offers insight on how to properly complete it with out opening new liabilities. https://youtu.be/mdowoMfeDb0 IRS Medic

IRS Form 3520 and 3520-A Penalty Relief Program: Can it work for your foreign retirement reporting?

IRS Form 3520 and 3520-A Penalty Relief Program: Can it work for your foreign retirement reporting?

Understand that the IRS can not be expected to know the IRS does. At the SAME EXACT TIME the IRS announces a penalty relief program, the IRS still sends out automatic computer generated Form 3520 and Form 3520-A for $10,000 a piece...in error. Even our clients have received these completely wrong penalty notices that we have forced the IRS to take back. But we wonder - does the average taxpayer or tax professional know when the IRS is wrong about Form 3520 or Form 3520-A? In this video, guests tax attorney John Richardson and citizenshipsolutions.ca and Keith Redmond of Americans Expatriates 2.0 join Anthony E. Parent, Esq. and the three discuss the new IRS Form 3520-A Form 3520 penalty relief program (a program the IRS wouldn't need so much if they stopped wrongfully assessing Form 3520 and Form 3520-A penalties) for US taxpayers who have foreign pensions overseas where they live as expats, or had pensions before they came to the US. The new program allows certain taxpayers from having to file an otherwise-required Form 3520 or Form 3520-A. But this only applies for foreign pension and pension like accounts - not for true foreign trusts or foundations. Also there are contribution limits yearly and total to be aware of. Additionally, taxpayers must be in compliance in order to use the program. For help with this program or how to reduce or eliminate your IRS penalty exposure follow the links to IRSMedic.com info@irsmedic.com Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 https://ift.tt/1RfwK1f https://youtu.be/HsAPBYQNF6o IRS Medic

US expats: What kind of tax preparer is best for you?

US expats: What kind of tax preparer is best for you?

Does it make sense to file and prepare your taxes yourself? For some savvy folks, the answer is yes. For others, self-help software and a lot of bulk service providers aren't quite up to snuff. In this videos tax attorneys Anthony Parent and John Richardson discuss the best kind of tax preparers with Keith Redmond, one of the biggest Expat Advocates in the world. While tax reform did make filing taxes easier for most Americans, it did not make anything easier for US expats. And worse, the stakes are high, much higher than domestic returns if something goes wrong. but for US expats, it is common that Form 5471, 8938, 3520-A, 8865 and the like are required. Well that all have $10,000 penalties if the forms aren't filed or are field incorrectly. Additionally there is an FBAR penalty which doesn't require you to owe taxes to be penalized...even worse. So it is important that your return be done right with someone wit hthe irght level of expertise. Whether a CPA, attorney enrolled agent, all three can do a great jo for you -- assuming they are qualified. In this video, we give you some tips on how to qualify someone you are considering. if you feel we are a good fit for you contact us at 888-477-4258 or info@irsmedic.com Our clients come from around the globe to find us. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269-6699 info@irsmedic.com https://ift.tt/1RfwK1f https://youtu.be/aUOJYeHjAg8 IRS Medic

2020 US Expat tax news, updates & compliance tips

2020 US Expat tax news, updates & compliance tips

https://ift.tt/2vcoijt A video every American living overseas really should watch. Between FATCA, FBAR, and tax reform there is a lot of changes that can really have dire consequences if that handled correct. And so too the IRS's new awareness of foreign information return reporting like Form 8938 and Form 5471 Tax attorney Anthony Parent interviews fellow tax attorney John Richardson, Laura Snyder, a lawyer from the IRS Taxpayer Advocate's office, and Keith Redmond, global advocate for the American abroad. The four give candid advice to taxpayers based on their decades of experience. Who needs to be in compliance. What the IRS can do if you are not in compliance. Who is at risk for audit or criminal proceedings? And the four discuss an issue look of how Congress and the IRS look at the problem - and possible ways to get relief for Americans aboard who often have to pay large tax preparation fee just to prove they ow no money to the IRS (or could be due a refund) The video concludes with Attorney Richardson suggesting a Treasury Regulation that could on its own - defeat citizenship based taxation and give the IRS a tax code it can enforce. Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269 6699 info@irsmedic.com https://youtu.be/osSq74gEPBQ IRS Medic

The IRSMedic 2020 IRS Form 5471 guide - Part 4: Categories, schedules & fees

The IRSMedic 2020 IRS Form 5471 guide - Part 4: Categories, schedules & fees

Complete guide here: https://ift.tt/2RN1tun How to determine your IRS Form 5471 Category: https://ift.tt/2Rtqrjz Questions of on IRS Form 5471 Schedules: https://ift.tt/318GTJv Questions on IRS Form 5471 Preparation fees https://ift.tt/2O30yF3 US Taxpayers, their CPAs, accountant attorneys, enrolled agents, taxpapyers and even th3 IRS are massively confused by IRS form 5471 rules. In this Part 4 of our 2020 Form 5471 series, Anthony Parent and Robert Hanson discuss the following questions: How do I know what Category I am for Form 5471? Here are some rules of thumb: • If you know that you directly, indirectly, or constructively own greater than 50% of the foreign entity, then you are probably a Category Four and/or Five filer. • If you have had a change in the percentage of ownership of a foreign company, are an officer or director of the company, then you could be a Category Two or Three filer. • Category One is back. Tax Reform brought back Category One, and thanks to the transition tax, this can be a big issue. Do I need Form 5471 schedule H? What is schedule H? Schedule H is the schedule that documents what your earnings and profits are for the year. You will only need this if you are Category Four or Five filer. When was Form 5471 schedule J introduced? Schedule J has been around for as long as we've been doing the form. Schedule P is new. Are there state Forms 5471? We are not aware of any particular information reporting forms at the state level. Some of the issues in recent years have been whether states will actually be taxing GILTI inclusion amounts. Is net income on Form 5471 schedule C cash flow? Not by default, and only in limited circumstances. Schedule C is used in situations where there is a disregarded entity, or just a sole proprietorship. You do not use a Schedule C to report income from a foreign corporation. If you “check the box” and possess an eligible LLC abroad, then you may be able to use schedule C income at that point. What is the average fee for preparation of a Form 5471? It is difficult to define an “average” 5471, as there are simply too many variables from case to case. The simpler cases – such as preparing Form 5471 on a dormant corporation – can be of negligible cost, whereas a more complicated or extensive Form 5471 can cost over $15,000 to prepare. Further, the large firms don’t necessarily want anything other than non-price-sensitive corporations as clients. So for the global entrepreneur, it can actually be very hard to find a firm that can complete a Form 5471 that would survive the toughest scrutiny, and be reasonably priced. https://youtu.be/ptKG3ivP9g8 IRS Medic

The IRSMedic 2020 Form 5471 Guide Part 3: Top preparation and filing questions answered

The IRSMedic 2020 Form 5471 Guide Part 3: Top preparation and filing questions answered

Our entire 2020 Form 5471 guide is here: https://ift.tt/2RN1tun In this video, tax attorneys Robert Hanson and Anthony Parent of Parent & Parent LLP answer the most common question that taxpayers, CPAs, Enrolled Agents, tax preparers, attorneys, controllers - heck - even IRS employees have about IRS Form 5471! Including: When is IRS Form 5471 due? • Do I report controlled foreign corporation bank account information on Form 8938, since it's already on Form 5471? What about an FBAR form? FinCEN form 114? • Where on Form 5471 do you track foreign taxes and credits paid? • Can foreign corporation tax be used as a tax credit on Form 5471? • How does one value a company based on Form 5471? • Is a Form 5471 balance sheet required to be in U.S. dollars? • What schedule does Subpart F income go into on Form 5471? They have traditionally been on Schedule I, did tax reform change it? • How does one amend a Form 5471? If you need help with your own Form 5471 or those of your clients, feel free to reach out to us - info@irsmedic.com 888 477-4258 Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269 -6699 https://youtu.be/Jo9u2iI76J0 IRS Medic