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Discover the consequences of forgoing IRS Streamlined Procedures for expats. Edward Parsons, CPA explains penalties and compliance risks you face.
The Cost of Skipping IRS Streamlined Procedures Read More »
Discover the serious consequences of ignoring international tax obligations. Edward Parsons, CPA explains cross-border tax rules and compliance requirements.
International Tax Obligations: Critical Consequences Read More »
Understanding FBAR regulations is crucial; non-compliance can lead to hefty penalties. Learn about the costs and stay informed to avoid pitfalls.
FBAR Regulations: Reasons Non-Compliance Can Cost You Read More »
Maximize tax benefits with IRS streamlined filing options. Learn who qualifies and how these programs can simplify your tax obligations for peace of mind.
Eligibility for IRS Streamlined Filing Options Read More »
Navigate the complexities of the CDP appeal process with expert CPA guidance. Secure your future today by effectively managing IRS levies and appeals.
Secure Your Future: CDP Appeal Process & CPA Guidance Read More »
A rejected streamlined filing eliminates the 5% penalty reduction permanently for the assets covered in the submission. There is no formal appeal process, the IRS retains every document submitted, and the standard penalty structure applies in full. Total exposure after rejection typically increases by five to ten times the streamlined penalty. Voluntary Disclosure or reasonable
Rejected Streamlined Filing? Your IRS Exposure Can Escalate Quickly Read More »
Form 14654 is the IRS certification used for the Streamlined Domestic Offshore Procedures. It combines three high-risk elements into one document: the non-willful certification narrative, the 5% penalty calculation, and the eligibility statement. A mistake in any of the three can lead the IRS to reject the entire submission, eliminate streamlined penalty relief permanently, and
Form 14654 Mistakes Can Increase Your Streamlined Filing Penalty Exposure Read More »
If the IRS reclassifies your foreign company as a Controlled Foreign Corporation (CFC) under the constructive ownership rules of IRC Section 958, you owe Form 5471 for every year you were a U.S. shareholder. The penalty is $10,000 per form, per year, plus tax on undistributed GILTI and Subpart F income. The Streamlined Filing Compliance
Section 962 is an election that lets individual U.S. shareholders of a Controlled Foreign Corporation (CFC) pay tax on GILTI and Subpart F inclusions at the 21% corporate rate instead of the 37% individual rate. The catch: when the CFC later distributes those earnings, you get taxed again as a qualified dividend. For prior unfiled
Being a U.S./Colombia dual citizen can make taxes feel confusing fast. You may live in Miami, file a U.S. tax return, keep cuentas en Colombia, receive income from Colombia, own property there, pay Colombian taxes, or have pension accounts that do not look like normal U.S. retirement accounts. Then someone tells you, “If you are
Taxes Colombia USA: What Dual Citizens Often Miss Read More »