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As the tax filing season approaches, along with taxpayers, fraudsters also become hyper-active. Being informed of tax scams is very important for taxpayers in order to protect their assets and avoid financial and taxation problems since information like Social Security Number, Tax Identification Number, and Electronic Filing Identification Numbers (EFINs) are highly confidential, and once...
Along with the changes to IRS Form W-2 for tax year 2016 and thereafter under the Protecting Americans from Tax Hikes (PATH) Act of 2015, there have been changes to the deadline and penalties associated with IRS Form 1099-Misc, and Form 1099-K as well. The following is an overview by A.G. Tax analysts on the...
Last year, due to the Protecting Americans from Tax Hikes (PATH) Act of 2015, the Internal Revenue Service (IRS) updated the deadlines for some of the tax forms. This affected the filing and extension deadline for Forms W-2 for the 2016 tax reporting year. The new due dates apply to IRS Forms W-2, W-2AS, W-2CM,...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. are required to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part VI of the series, we will discuss the requirements to...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. are required to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part V of the series, we will discuss the requirements to...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. need to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part III of the series, we will discuss the requirements to file...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. are required to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part II of the series, we will discuss the requirements to file the...
In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. need to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part I of the series, we will discuss the requirements to file the FBAR Form 114. I. Foreign Bank and Financial...
A U.S. ITIN (Individual Taxpayer Identification Number) is required by Canadians and other foreigners who do not have U.S. Social Security Numbers (SSNs) to file their annual U.S. income tax return to report any U.S. sourced income, such as rental income and to report gains/losses from the sale of property. It is necessary for foreigners,...
Earlier in the year, the U.S. government permanently extended a few tax credits to reduce the tax burden on low to mid-income group taxpayers and small business owners. Due mostly to falling fuel costs, in an announcement of the standard business mileage rate for 2016, the IRS announced that the allowed deduction will be calculated based...
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