This IRS webinar specifies the U.S. income tax obligations of U.S. citizens and residents abroad; lists the requirements for claiming the foreign earned income exclusion; and summarizes the U.S. employment tax obligations of U.S. citizens and residents abroad. This is a topic that can cause a lot of confusion among taxpayers, especially among those living or [...]
This IRS webinar explains the impact of residency status on U.S. taxation. It differentiates residency status under U.S. immigration law versus U.S. tax law, and determines an individual’s residency status for U.S. tax purposes. It also describes the special tax rules that apply to dual-status individuals. Make sure you're up-to-date on this complicated aspect of tax [...]
It's important to think about hurricanes, tornadoes, and other disasters so you're prepared in case they happen. This includes safeguarding your tax forms and other financial records. First, you could take advantage of electronic record keeping. See if you can receive your bank statements and related documents by email. For paper documents such as W-2s and [...]
If you think filing invoices, tracking expenses, and keeping records isn't that important, think again. Come tax time, the IRS doesn't allow you to "casually" do taxes. If you forgot to keep good records so far, the IRS does allow you to reasonably reconstruct figures and provide receipts. Tax preparer due diligence must-do's include asking the [...]
Things aren't always as they seem. In this episode of Tax Tales: The Case of the Unclear Aunt, does Aunt Joan qualify for the EITC? The preparer must take a closer look at Aunt Joan's AGI and whether the tie-breaker rules apply to determine if she can claim the EITC.
