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Understanding the FBAR and Form 8938 is crucial for tax pros due to the prevalence of U.S. tax residents owning assets abroad. These assets, such as foreign bank accounts and foreign securities, may trigger mandatory reporting requirements. You need to be able to differentiate between the two forms, identify the applicable filing thresholds and stay […]

Question: Laura is a U.S. citizen and is employed by a foreign hospital in Jamaica, where she works as a physician. Is she required to pay U.S. FICA taxes on the wages she earns working for the hospital? Would a totalization agreement between Jamaica and the U.S. have any impact on her requirement to pay

The IRS is starting its compliance initiatives to combat erroneous ERC claims by sending Letter 105 C, Claim Disallowed, to taxpayers who claimed the credit and their entity did not exist, or they did not have employees for the time period the credit was claimed. The initial batch of 20,000 letters is expected to hit

Properly categorizing assets as deductible or capitalizable can lead to significant tax savings and minimize errors in tax returns. This also allows you to provide valuable advice on asset management, timing of acquisitions and overall tax efficiency. This knowledge is vital when supporting clients during audits and ensuring compliance with ever-evolving tax laws. Below, you’ll

Death can be an unpleasant subject, but every tax pro needs to be ready for the day when someone who has lost a family member walks into your office looking for help with the deceased’s taxes. You need to know what information you need, where to find it and how to report it to the

Question: Suzanne and Mike Sparks, a married couple, transferred their assets, including rental properties, to a single qualified revocable trust of which they were both considered grantors. As such, the income, expenses and credits were reported on their Form 1040, U.S. Individual Income Tax Return, (MFJ). When Mike died on April 1, 2023, the trust

By identifying eligible research and development (R&D) activities and expenses, you can optimize tax returns and secure significant tax savings for your clients. Accurate knowledge of the credit regulations will ensure your clients fully benefit from available tax incentives while fostering innovation and competitiveness in their industries. Below, you’ll find a few of the top

In the face of financial difficulties, businesses may vacate properties, leading to foreclosures or bankruptcies. You as the tax pro play a crucial role in comprehending Forms 1099-A and 1099-C for varied entities. Below, you’ll find a few of the top questions from a recent webinar on the topic and their accompanying answers. If you