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- Many clients of mine have asked the difference between Tax Attorney vs. CPA and questioned why they would need a tax attorney than CPA. Why? While CPAs are authorized to represent clients in IRS disputes, they typically do not have the training or experience that a tax attorney would have when it comes to representing a client. If you are facing an audit with the potential for harsh penalties, a tax attorney would be the
- Foreign tax compliance awareness – Are you aware of Foreign Account Tax Compliance Act (FATCA)? The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act. Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. There are serious penalties for not reporting these financial assets (as
- Form 2555: Foreign Earned Income Exclusion (FEIE) is a great tax saving opportunity for Americans living abroad, allowing the exclusion of $104,100 in foreign earned income per person in 2018. It allows a US Citizen or resident alien to exempt employment and self-employment income from US Taxation. In order to claim FEIE, income must be earned in a foreign country, and once you choose to exclude your foreign earned income, the election remains in effect
- A foreign corporation is a CFC if its stock is more than 50 percent owned by US shareholders. The general rule was that earnings of a CFC are not subject to U.S. taxation until such earnings are distributed as dividends, which allowed opportunities for U.S. shareholders to defer U.S. tax on the foreign income earned by the CFC. Under the Tax Cuts and Jobs Act (TCJA), a U.S. shareholder of a CFC is taxed
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