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.
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
Removal Of Restrictions For Cuba Income The IRS has just released Revenue Ruling 2015-08 that removes restrictions for claiming the foreign tax credit for income taxes paid on Cuba income. In addition, the previous tax rule disallowing Cuba income deferral for income earned through a Controlled Foreign Corporation (CFC) has also been removed. Taxes Imposed … Continue reading Cuba Income and US Tax Benefits
IRS Estimated Taxes The United States income tax system is a pay-as-you-go tax system, which means that you must pay income tax as you earn or receive your income during the year. You can do this either through withholding or by making payments for estimated taxes. If you do not pay your tax or you … Continue reading Estimated Taxes – Determining What To Pay And When
Taxes For Expats At Tax Samaritan, we are a highly specialized team of Enrolled Agents (EA) that provide U.S. taxes for expats securely with the convenience and quality interaction that you expect from a local professional. If this is your first time abroad, the concept of taxes for expats may have not ever crossed your … Continue reading Taxes For Expats
Purpose Of An IRS Power Of Attorney Authorization If you are dealing with a IRS tax problem, you can decide to represent yourself or have an Enrolled Agent represent you with an IRS Power of Attorney Authorization. The IRS Power of Attorney form, Form 2848 is used to authorize another person to act on your … Continue reading IRS Power Of Attorney – A Convenient Way To Get Help
IRS Form 8938 – Purpose Of The Form The IRS Form 8938, Statement of Specified Foreign Financial Assets is used to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold. While there is overlap … Continue reading IRS Form 8938 [Updated 2019]
Top Five Questions Before Hiring A Tax Professional When hiring a tax professional there are several questions that you should ask to narrow down to the cream of the crop. However, the bottom line is that hiring a tax professional is a personal choice and ultimately you want to then find the right match or … Continue reading Top Five Questions To Ask Before Hiring A Tax Professional