YOU may be liable for US self-employment taxes if you have become an independent contractor either for a new employer or a foreign employer with no ties to the US….

(Part 2) WE talked about other payment plans in our other newsletter. Now let us explore Offer-in-Compromise “OIC” under Code section 7122. OIC is a tax liability settlement agreement of…

Nonresident Alien NRA tax withholding is applicable to U.S sourced income paid to foreign person and does not apply to payments made to U.S. persons. Foreign persons include nonresident alien…

AFTER an audit of your tax returns by the IRS and you disagree with the determination, you have the option to either accept the assessment and settle the tax you…

(Part 2) FORM 1098-T from an eligible educational institution is REQUIRED for 2016 TO CLAIM  the American Opportunity Tax Credit AOTC (previously Hope Scholarship Credit), Lifetime Learning Credit LLC, and…

(Part 2) FORM 1098-T from an eligible educational institution is REQUIRED for 2016 TO CLAIM  the American Opportunity Tax Credit AOTC (previously Hope Scholarship Credit), Lifetime Learning Credit LLC, and…

THE American Opportunity Tax Credit AOTC and Lifetime Learning Credit can reduce your tax liability if you pay for college in 2016 even if you are studying outside of the…

The IRS announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by providing: • Payment plans – more taxpayers can apply without financial statements. • Offer…

IF you do not agree of the IRS results of examination, your options are: request a meeting or telephone conference. If after the meeting or conference you still do not…

AFTER an audit of your tax returns by the IRS and you disagree with the determination, you have the option to either accept the assessment and settle the tax you…

1. DON’T be late. Always remember first good impression will get your audit off on the right foot. 2. Don’t walk in without records. Be prepared with complete and organized…

DURING and after the recession, many borrowers who were financially distressed lost their homes and had their loans cancelled. It was a relief to have their debts reduced or forgiven,…

DURING and after the recession, many borrowers who were financially distressed lost their homes and had their loans cancelled. It was a relief to have their debts reduced or forgiven,…

YOU may be subject to harsh penalties – penalties that are more severe than you expect, penalties that can even exceed balances in your accounts if you are a US…

STARTING 2015, filer of Form 8938 who satisfies the reporting obligation by completing Part IV Excepted Specified Foreign Financial Assets, must complete the newly added checkbox on item D on…

THE exclusion from gross income of discharged qualified principal residence indebtedness is extended for two years through December 31, 2016. It applies to discharge occurring before January 1, 2017 or…

WE talked about tax consequences of short sales, foreclosures, and abandonments of homes. Let us now talk about tax consequences of cancelled debt on qualified real property – including rental…

YOU must have noticed questions on Schedule E, Part I for rentals: • Were you required to file Form 1099-MISC? • If so, did you or will you file? Very…

(Part 2 – Basics) ESTATE planning is simply how you want your assets distributed to your heirs after you die with as little time and expense as possible. This can…

(Part 1) MAJORITY is concerned with saving money on their taxes, but ignore planning to avoid estate taxes, which can consume at least 40% of a family’s taxable estate before…

THERE are two important aspects that should be taken into consideration in your estate planning: 1. Asset reduction which reduces your estate and the amount of estate taxes that must…

“  A single taxpayer is only required to file if the overall value of his specified foreign financial assets is more than $200,000 on the last day of the tax…

SHOULD you report the accounts to the U.S. government if you have offshore bank accounts? Yes, if at any time during the year the aggregate balances exceed $10,000. What if…

THE IRS requires specified individuals who file FBAR forms with an interest in  “specified foreign financial asset” have a further requirement to file From 8938 (Statement of Specified Foreign Financial…

NEW Foreign bank account rules were aimed to fight terrorism financing, tax evasion, fraud, and money laundering. Sorry to say, but folks like me and you get snared in the…

1. HEALTH COVERAGE. Information Reporting. The provider of your health coverage is required to send Form 1095-A,  1095-B, or 1095-C with  list of individuals included in your family health coverage…

1. YOU are required to file a California tax return if your gross income exceeds: a. Single – $16,256 (no dependent). b. Head of household – $27,489 (with one dependent)….

EXEMPTION Credits: a. $109 –  Single, Married filing separately, Head of Household. b. $218 – Married filing jointly. c. $337 –  Dependent. d. $109 –  Age 65 or older. e….

(Part 2 Of 2) J.P. Morgan Securities Philippines, Inc. JPMorgan Chase Bank, N.A. – Manila Branch Land Bank of the Philippines Legazpi Savings Bank, Inc. Longmeadow Corporation Macquarie Capital Securities…

(Part 1 Of 2) 14-678 Property Holdings Inc JV 18-2 Property Holdings Inc JV 19-1 Realty Corporation JV 6-24 Property Holdings Inc JV 6-3 Property Holdings Inc JV AB Capital…