Learn what you need to know about with clear, in-depth articles on U.S. taxation with a focus on U.S. taxpayers overseas. See what tax expert Randall Brody has to say and get the real scoop.
Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.
Since 1997, Tax Samaritan founder Randall Brody has been helping people save money on their tax return. We specialize in the preparation of taxes and the resolution of tax problems for Americans living abroad, as well as the unique tax issues that apply to taxpayers that are gamblers, teachers, nurses and military. Each of our returns is prepared from the practical, real-world need that we see every day from our clients – a simple process to complete your return while paying the least amount in taxes.
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Many U.S. taxpayers are confused about the reporting requirements for foreign pension plans. Although the IRS has posted information on this topic, the average taxpayer may still have questions. Because the reporting requirements are complex and the associated penalties are harsh, it is important for every affected taxpayer to understand these laws. Participation In A Foreign Pension U.S. taxpayers … Continue reading U.S. Tax Treatment Of A Foreign Pension→
The Tax Cuts and Jobs Act (TCJA), passed in December 2017 made significant changes in the tax law that apply to shareholder’s of foreign corporations and required the creation of the IRS Form 8992 as well as a revision of Form 5471. This has drastically and fundamentally changed how controlled foreign corporations (CFCs) will operate … Continue reading Form 8992 [Updated 2019] – GILTI Calculation→
What is FATCA ? The Foreign Account Tax Compliance Act, or FATCA, is a law that was enacted in March 2010. The purpose of this act is to prevent tax evasion involving offshore accounts, as well as to promote better overall tax compliance among people with foreign financial assets. The provisions of this law have … Continue reading What is FATCA?→
Form 8858 is a form often required by the IRS for people who own certain foreign entities. If you are required to complete this form, you must do it accurately and on time to avoid incurring penalties from the IRS. What Is Form 8858? Form 8858 is entitled “Information Return of U.S. Persons with Respect … Continue reading What You Need to Know About Form 8858→
If you have a financial interest in a foreign financial account, it may be a requirement for you to file a Report of Foreign Bank and Financial Accounts (FBAR) with the Financial Crimes Enforcement Work, a bureau of the Treasury Department. If you don’t file this report when it is due, the IRS can impose … Continue reading Understanding FBAR Penalties→
The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. Understanding the changes will be essential for all taxpayers, especially those abroad. On December 22, 2017, President Donald Trump signed H.R. 1, “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on … Continue reading Tax Cuts And Jobs Act of 2017 – A Summary→
2017 Individual Tax Changes Many of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to … Continue reading 2017 Individual Tax Changes – A Review→