Large Tax Refunds and Cheap Preparers: Risks for Colombians in Miami Un refund grande se siente bien. Especialmente cuando usted trabaja duro, paga renta, mantiene familia, manda dinero a Colombia, y siente que cada dólar cuenta. Pero hay una pregunta incómoda que muchos Colombianos en Miami necesitan hacerse: ¿Ese refund fue legítimo, o su preparador […]
You have cuentas en Colombia, and now you are seeing two terms everywhere: FBAR and Form 8938. They sound similar. They both involve foreign accounts or foreign assets. They both can matter for Colombian taxpayers in Miami. But they are not the same form, they are not filed the same way, and filing one does
FBAR vs Form 8938 for Colombian Accounts Read More »
You live in Miami. You filed a U.S. tax return. But you also have Colombia in your financial life. Maybe you earned income in Colombia. Maybe you received rent from an apartment in Medellín, Bogotá, Cali, Cartagena, or Barranquilla. Maybe you have Colombian bank accounts, a pension voluntaria, dividends, interest, business income, or taxes paid
Do Colombians in Miami Need to Report Colombian Income on U.S. Taxes? Read More »
Worried que te prepararon mal los taxes? Learn what Colombians in Miami should check first, including ingresos de Colombia, cuentas en Colombia, refunds, IRS transcripts, pensiones, property, and foreign tax credits.
Me Prepararon Mal Los Taxes? What Colombians in Miami Should Check First Read More »
Form 8938 is required for U.S. taxpayers with foreign financial assets above $50,000 (single filers in the U.S.). Missing the filing deadline triggers an immediate $10,000 IRS penalty. Every 30 days of non-compliance after an IRS notice adds another $10,000. The IRS Streamlined Filing Compliance Procedures can reduce or eliminate that penalty if your failure
To retrieve your IRS IP PIN, log in to your IRS Online Account at IRS.gov and check your Profile page. If you cannot access your account, call 800-908-4490 to have your IP PIN reissued. You can also file Form 15227 if your income is below $84,000 (individual) or visit a Taxpayer Assistance Center in person
How to Retrieve Your IRS Identity Protection PIN (IP PIN)? Read More »
IRS transcript codes 150, 806, 766, and 768 are transaction codes on your IRS account transcript. Code 150 means your tax return was filed and your tax liability has been assessed. Code 806 shows your total withholding credits from W-2s and 1099s. Code 766 represents a tax credit applied to your account, such as the
What Do IRS Transcript Codes 150, 806, 766, and 768 Mean? Read More »
Yes, some federal tax lien cases can be resolved without hiring a professional. If you owe under $25,000, all your returns are filed, and you are not facing a property sale, refinancing, or active levy, you may be able to handle the resolution yourself with the right guidance. Complex cases involving multiple tax years, business
Can You Resolve a Federal Tax Lien on Your Own? DIY vs. Professional Help Read More »
The IRS Fresh Start Program changed federal tax lien rules in two significant ways. First, the IRS raised its lien filing threshold from $5,000 to $10,000, meaning taxpayers who owe less than $10,000 generally will not have a lien filed against them. Second, Fresh Start created a pathway for lien withdrawal (not just release) for taxpayers
IRS Fresh Start Program and Federal Tax Liens: Do You Qualify? Read More »
Filing bankruptcy can eliminate your personal obligation to pay a tax debt. But the federal tax lien attached to your property is a separate legal claim, and it does not automatically disappear when the debt is discharged. In a Chapter 7 case, the lien remains on any property you owned at the time of filing.
Federal Tax Lien and Bankruptcy: What Survives Chapter 7 and Chapter 13 Read More »