The sunset of the TCJA – the Tax Cuts and Jobs Act of 2017, is currently scheduled for the end of 2025. The TCJA contributed substantial changes to the US tax code that have benefited many US taxpayers. How should a US taxpayer approach this risky contingency? Prudent investors and...
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You Need to Review Your Irrevocable Trust
Do you employ an irrevocable trust or trusts as part of your estate plan? You need to review your irrevocable trust to ensure it still delivers the benefits intended. It is generally possible to modify an irrevocable trust, however, this requires expert guidance from an experienced tax and estate planning...
Quick Reminder to All Self-Employed Workers, Businesses and Estimated Tax Filers: Deadline Approaching
Just a quick reminder to all self-employed workers, businesses, and estimated tax filers: We are a week away from the Aprile 15 deadline for 2024 Q1 estimated tax payments. This includes many corporations, retirees, high income wage earners and expatriates who are required to “pay-as-you-go.” US taxpayers are required to...
An IRS Audit Doesn’t Have to Be a Nightmare
An IRS audit doesn't have to be a nightmare of financial and emotional fear. How do most US taxpayers react when they receive an audit letter from the IRS? What are the actions you can take to not only improve the likelihood of the best possible outcome in an IRS...
What Happens If You Don’t File an FBAR
It is common for a US taxpayer to ask “what happens if you don’t file an FBAR or a Form 8938, Statement of Specified Foreign Assets with the IRS? Why do I have to worry about filing an FBAR in San Diego or anywhere in the US, and what happens...
New Corporate Tax Increase Proposal and Focused IRS Audits – Is the Cost of Business Going Up?
The Biden Administration’s new corporate tax increase proposal will face substantial challenges in both branches of Congress this year. The IRS continues to focus on the tax profiles of large corporations, limited partnerships and high-income individual US taxpayers. Is the cost of business going up? The administration recently proposed an...
What Do You Need to Know About a Trust and Why?
Most US homeowners and business owners understand the importance of an estate plan; they just never seem to get around to completing the task. What do you need to know about a trust? Why are trusts a central component of any estate or business succession plan? A trust is a...
When to Consider the IRS Streamlined Procedures
What are the IRS streamlined filing compliance procedures (known more commonly as the “streamlined procedures”), and when should a US taxpayer consider the IRS streamlined procedures to come into compliance with IRS reporting requirements? US taxpayers have been required to disclose offshore accounts and foreign financial activities to the IRS...
What is Known as the IRS Survivor’s Penalty?
What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and state taxes when simply changing their status from “married filing...