Employment taxes make up two components: 1. The taxes withheld from each employee’s paycheck – FICA, Medicare, FWT and SWT – we call this component Trust Fund Liability. 2. The second category is the employer’s matching share of the FICA Medicare withheld by from each employee’s paycheck. Now any business will be liable for […]
It’s hard to think of a less romantic topic than tax planning but if you and your honey are considering to “tie the knot” here are some tax consequences that you should be aware. Marriage Penalty or Marriage Bonus? In particular, the test is geared toward telling you whether you’ll pay a marriage penalty or get a […]
Topics Covered: 1. Tax Planning if you are looking to get married – Marriage Penalty or Marriage Bonus? 2. What are some of the actions Revenue Officers take to collect taxes? 3. A Double Life, Missing Millions and Murder – can IRS debt lead to death? 4. The ABC’s of employment taxes and IRS collection efforts. Listen […]
U.S. taxpayers who own a Canadian Registered Retirement Savings Plan (RRSP), Canadian Registered Retirement Income Fund (RRIF) or own or are the beneficiary of a Canadian Registered Education Savings Plan (RESP) may have special tax reporting requirements. Reporting Requirements for all RRSPs, RRIFs, and RESPs Some IRS reporting requirements are the same for RRSPs, RRIFs, […]
Question: My mother just passed away and I inherited $5 million that she kept in offshore bank accounts. The problem is that while she was alive, she did not report the existence of these accounts on the FBAR nor did she report the interest income made on these accounts on her tax returns. What are […]
U.S. tax authorities and foreign governments are on track to conclude dozens of agreements in coming months on the sharing of financial data about citizens giventhe July 1, 2014 deadline nearing for implementation of a sweeping U.S. anti-tax evasion law – the Foreign Account Tax Compliance Act (FATCA). If a foreign bank or financial institution […]
If you paid or accrued foreign taxes to a foreign government on foreign source income that is still subject to U.S. tax, you may be able to take either a credit or itemized deduction for those taxes. The IRS allows the foreign tax credit so that you are not doubly taxed on the same income. […]
We hear this question all the time. CPA’s prepare tax returns and there are a lot of CPA’s and other tax professionals who are great in preparing tax returns. A taxpayer will provide them with information and tax documents and a return will be generated for filing with the IRS. This process I refer to […]
It is surprising how many people think that just because someone worked for the IRS, they think that the former official has some kind of advantage in private practice. What I find is that IRS agents are trained to deal with matters that are black and white. However many times matters are gray and that’s […]
Unfortunately, this is a trap that so many taxpayers full into. Revenue Officers are by definition “Collection Officers” for the IRS. Revenue Officers are assigned to accounts to collect back taxes. The Revenue Officer is working for the government’s best interest to collect the taxes that are owed as quickly as possible and to have […]
Follow
Follow