U.S. Income Tax for Expatriates, Nonresidents & U.S. International Tax Matters

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If you were born in the USA or your parents where US citizens you could be an Accidental American and may have problems soon with the IRS. Most individuals in this situation do not know that even if they never received a social security number or Taxpayer ID number, the IRS can come after them and make it difficult to open a foreign bank account even in the country which they reside. READ MORE HERE
A taxpayer that willfully attempts to evade paying income taxes is subject to criminal and civil penalties. The type of fraud will determine the applicable penalty. The following are some examples of possible punishments for specific types of tax fraud: Attempt to evade or defeat paying taxes: Upon conviction, the taxpayer is guilty of a felony and is subject to other penalties allowed by law, in addition to (1) imprisonment for no more than 5 years,…
The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased…
The IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased…
Many clients and potential clients have asked us what other services do we provide other than tax US tax return preparation.  A list of some of those services are included below:  Phone and internet  mini -consultations with individual taxpayers  in connection with expatriate, nonresident and international tax planning and questions. Phone and internet consultations with CPAs and Enrolled Agents that require advice or consultation on International, Nonresident and Expatriate US tax forms, rules and regulations.…
Many clients and potential clients have asked us what other services do we provide other than tax US tax return preparation.  A list of some of those services are included below:  Phone and internet  mini -consultations with individual taxpayers  in connection with expatriate, nonresident and international tax planning and questions. Phone and internet consultations with CPAs and Enrolled Agents that require advice or consultation on International, Nonresident and Expatriate US tax forms, rules and regulations.…
The IRS does not consider virtual currencies such as BItcoin to be the same as cash or money. They consider it to be an asset to be treated for tax purposes much like stock, when purchased, sold or held as an investment. There are certain situations however when virtual currency is reportable the same as a foreign bank account on the FBAR form 114 which is used to report foreign bank and financial accounts.  Failure…
The IRS does not consider virtual currencies such as BItcoin to be the same as cash or money. They consider it to be an asset to be treated for tax purposes much like stock, when purchased, sold or held as an investment. There are certain situations however when virtual currency is reportable the same as a foreign bank account on the FBAR form 114 which is used to report foreign bank and financial accounts.  Failure…
Tax scams with calls, letters, emails, etc. allegedly from the IRS are out of control.  We even get the phone calls and emails here in our offices at Kauffman Nelson LLC.  Many sound authentic but all have the sole intent of cheating you out of your money.  Often the message includes immediate threats of prosecution, etc.  These scam attempts occur not only in the US but wherever Americans live abroad. Do not give anyone on…