Tax Samaritan’s tax resources pages are the source for the information you need, from tax tips and relevant articles in our blog to tax tools, such as tracking your tax refund and to filing requirements. If you’re dealing with a new life event this year, like a new child, read on in this area to learn more about how this changes your tax situation.
Please feel free to contact your Tax Samaritan tax professional for answers to your specific tax situation.
Wonder About A Shell Company In light of the recent scandals, you might be wondering yourself if your name came up on the list of “Offshore Billionaires evading taxes”. Truth is, few of us know that owning a shell company or having an offshore bank account is NOT synonymous with tax evasion. It is indeed … Continue reading The Panama Papers – What To Do If You Own A Shell Company
Form 1042-S – US Source Income Subject To US Income Tax Withholding The US real estate market continues to be an attractive one for foreign investors, despite the fragile economy, the uncertainty that comes with the upcoming elections and despite the less than favorable regulatory environment heavily influenced by FIRPTA and the rest of the … Continue reading Form 1042-S And 30% Withholding Tax On Rental Income
The Need For An Expat Tax Professional – How To Find The Best Online Expat Tax Professional Firms for 2019 If you live overseas, chances are that you will require a U.S. expat tax professional at some point when preparing and filing your taxes. In doing so, you are going to need to research who … Continue reading Best Online Expat Tax Professional Firms 2019: A Review
IRS Form 8832 – The Key To A Simpler Tax Return? It seems to me that most Americans don’t really dive into understanding the tax laws, such as with the Form 8832, that impact them until some life event forces them to. And there’s a lot of that going on with the FATCA implementation essentially … Continue reading Form 8832 – What Is The Form 8832 And The Check-The-Box Election
All the recent scandal about the Panama Papers and tax havens and shell companies bring to light the hornet’s nest that FATCA has been stirring up. The media makes it sound like having a shell company or an offshore account automatically makes you a criminal – but that is far from the case. I will … Continue reading Panama Papers – Explained
The Skinny On The Foreign Account Tax Compliance Act (FATCA) How Is It Impacting You? It’s what Swiss bank executives yelled out when they received fines for aiding American citizens in hiding assets from the IRS, fines that have netted a billion dollars . It’s what Bank executives all over the world now utter when … Continue reading Foreign Account Tax Compliance Act (FATCA)–The New F Word
IRS Form 982 Do I need to file it? Extreme caution should be taken when presenting your tax returns for a year in which some of your debt was forgiven. In an economy where we have seen years of cancelled debt due to soaring primary residence debt, rising education costs, and record level credit card … Continue reading Form 982-Reducing The Tax due On Your Cancelled Debt
Avoiding Taxes With Offshore Income The IRS has stated that avoiding taxes by hiding Offshore Income or overseas assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. Since the first Offshore Voluntary Disclosure Program (OVDP) opened in 2009, the IRS reports … Continue reading Hiding Offshore Income On The IRS “Dirty Dozen” List
FBAR Disclosures Top 1 Million Yesterday, the IRS announced that FBAR disclosures topped 1 million filings to a record of 1,163,229 FBARs, up more than 8 percent from the year prior. As awareness and compliance efforts increase, it is important that taxpayers in the US and overseas are aware of the FBAR filing requirements and … Continue reading FBAR Filing Requirements – What You Need To Know
Two Cayman Island Financial Institutions Plead Guilty in Manhattan Federal Court to Conspiring to Hide More Than $130 Million in Cayman Island Offshore Accounts U.S. Attorney Preet Bharara for the Southern District of New York, Acting Deputy Assistant Attorney General Stuart Goldberg of the Justice Department’s Tax Division, and Chief Richard Weber for the Internal … Continue reading Cayman Island Offshore Accounts