When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number still need to understand the risk they are taking when they fail to disclose offshore financial accounts, assets, and income. Read More in the article from JD Supra We are attorney/CPAs experts on US International Taxation.  Visit our website at www.taxmeless.com or email ustax@hotmail.com.   Our whatsapp us number is 818-519-9219. Kauffman Nelson LLP ..read more

Tax rules for US expatriates living abroad can be complex and depend on various factors such as income sources, residency status, and specific tax treaties between the US and the country of residence. Here's an overview: 1. Foreign Earned Income Exclusion (FEIE)**: One of the primary benefits for US expatriates is the FEIE, which allows qualifying individuals to exclude a certain amount of their foreign earned income from US taxation. For tax year 2023, the maximum exclusion amount is $112,000 per qualifying individual. 2. Foreign Tax Credit (FTC)**: If you pay foreign taxes on income that ..read more

Not filing your tax return or paying your taxes on time or at all can lead to serious consequences, including: Penalties for late filing: The IRS will issue a Failure to File Penalty of 5% of the unpaid taxes you owe for each month or partial month that your tax return is late, unless you are also issued a Failure to Pay Penalty in the same month. In that case, the Failure to File Penalty may be reduced by the amount of the Failure to Pay Penalty for that month. The penalty will not, however, exceed 25% of the taxes you owe.  Penalties for late payment: The IRS will ..read more

 From entrepreneur Magazine:    https://www.entrepreneur.com/business-news/these-are-the-cheapest-countries-to-buy-a-citizenship/454254?utm_campaign=Daily%20Newsletter&utm_medium=email&_hsenc=p2ANqtz-_w_pC99dlBIpi2WjvS_v5wrkudeySUSDAly1Ny9VBw_-7WhW5hF-hQmFb66R7quEi3kSzLz7UBVCBHBC4DCDCm57aztw&_hsmi=291018315&utm_content=291018315&utm_source=hs_automation   (copy an paste this link into your web browser) Find the country you can live in and save taxes. We can help you save on your US taxes if you live  abroad either as retired person or bus ..read more

 The Internal Revenue Service reminds taxpayers living and working outside the U.S. to file their 2023 federal income tax return by Monday, June 17, 2024. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. This deadline does not apply to taxpayers who live or have a business in Israel, Gaza or the West Bank, and certain other taxpayers affected by the terrorist attacks in the State of Israel. They are granted relief until Oct. 7, 2024, to both file and pay most taxes due. For more information, check out Notice 2023 ..read more

 If you owe the IRS money (and are very late in paying)  can legally request the US State Department not renew it or suspend your US passport.  They also have in the past requested US Customs and Border agents to take your passport away from you when taxes are due and not paid.  They will let you into the country but you cannot leave until you clear up your debt to the IRS.  The rules are set forth HERE. If you owe past taxes or tax returns we can help you avoid problems that may arise when you return to visit the US.  We have helped hundreds of taxpayers catch ..read more

A new law that's taking effect next year is going to require millions of small businesses to begin filing disclosures about their true ownership with the Treasury Department or face stiff penalties, and most are unaware of it. As a result of the Corporate Transparency Act of 2021, corporations, LLCs and other entities formed under state law (domestic reporting companies) or similar entities formed under foreign law and registered to do business in the U.S. (foreign reporting companies) must report their beneficial ownership to FinCEN — the Treasury Department's Financial Crimes Enforcement Net ..read more

A new law that's taking effect next year is going to require millions of small businesses to begin filing disclosures about their true ownership with the Treasury Department or face stiff penalties, and most are unaware of it. As a result of the Corporate Transparency Act of 2021, corporations, LLCs and other entities formed under state law (domestic reporting companies) or similar entities formed under foreign law and registered to do business in the U.S. (foreign reporting companies) must report their beneficial ownership to FinCEN — the Treasury Department's Financial Crimes Enforcement Ne ..read more

 US expatriates working abroad may be able to deduct their rent if their income exceeds the current foreign earned income exclusion ($112,000 for 2022). The rent has to exceed a certain minimum amount which is often set by the country you live in.  If your an expat and need to take advantage of this special rule on your US tax return CONTACT US FOR ASSISTANCE.  Visit our website at www.taxmeless.com for a lot of expat taxation information that you may find useful.   ..read more

 Expatriate taxation for US citizens are complicated. You must file a US expat tax return no matter where you live and work in the world each year so long as you earned in excess of a certain amount. Failure to file can result in substantial penalties and interest and possible criminal prosecution. Learn all of the rules and regulations at our website www.taxmeless.com   At our website you can download a 2022 tax questionnaire which you can use for the current year and any past unfiled returns. Contact us with your questions and inquiries by email HERE.   Our whatsa ..read more