Own an LLC? NEW Beneficial Owner Reporting may be Required

January 1, 2024 – FinCEN has begun accepting Beneficial Owner Reporting Beneficial Owners, i.e., the individuals who ultimately own or control the LLC will have to report their information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau...

E-File Opens 23 January, 2023 – IRS

IRS individual E-File opens January 23, 2023 (24th in Australia).  This includes PRIOR year individual tax returns (2021 and 2020).  Not all Federal forms have been made final – including many of the “foreign” forms needed by US Persons...

FBAR due APRIL 18 in 2023

FBAR Deadline: April 18, 2023 If you have an interest in a foreign bank account, and your balance is above the threshold, you have a reporting requirement.  FBAR Filing threshold  sum total of all accounts is equal to or greater than $10,000 USD/equivalent.   The...

US Tax Filing Websites sending Financial Info to Facebook

Tax filing services such as H&R Block, TaxAct, TaxSlayer and Ramsey Solutions SmartTax have been quietly transmitting sensitive financial information to Facebook, The Markup reported.  The data was sent through a widely used code called Meta Pixel. ...

Don’t miss the Deadline!

In from Washington. Deadline for reporting foreign accounts The deadline for filing the annual Report of Foreign Bank and Financial Accounts (FBAR) is Tuesday April 17, 2018. This is the same as for a federal income tax return. This means that the 2017 FBAR, Form 114,...

Tax Cuts and Jobs Act

How Big is Your Tax Cut? Historic tax bill – first since 1986 to radically change the US Tax Law – but how big is your Tax Cut? Tax Rates CURRENT LAW (2017) has a seven tier rate structure: 10, 15, 25, 28, 33, 35 and topping @ 39.6% for all filing...

Streamlined Filing Procedures

Back Taxes If you’re behind in filing taxes with the IRS, you may be eligible to catch up using Streamlined Filing Procedures.  Streamlined is intended for taxpayers that acted non-willfully and do not have criminal exposure or exposure to civil fraud penalties...

US Filing Deadline, Citizen filing from Overseas

Filing Deadline Act quickly!  As a US Citizen filing with the IRS from overseas, the filing deadline for your 2015 tax year is June 15, 2016. If you require more time to complete and file your US Federal tax return, you may file Form 4868 – Application for...

IRS Penalty Abatement

IRS Penalty Panic! You just received a notice from the IRS.  The fees and penalties are high.  Good news, you may be eligible to have the penalties removed.  Sometimes, despite your best efforts, you end up filing your taxes late and paying late.  The Internal Revenue...