IRS Tax Records, Foreign Assets: When (And What) To Keep Or Toss

Many people face the dilemma of what to do with old tax returns and supporting paperwork, often wondering when it’s safe to discard them. However, determining the right time can be tricky, especially for taxpayers with foreign assets. Those with overseas financial interests must pay particular attention for several reasons, including expanded statutes of limitation … Continue reading IRS Tax Records, Foreign Assets: When (And What) To Keep Or Toss →

Filing A U.S. Tax Return – Even When Not Required – A Very Smart Move

Many taxpayers, especially retirees living abroad, may find themselves in a situation in which their income is too low to meet the threshold for filing a U.S. tax return. Retirees who only receive Social Security income (or small amounts of other additional income), for example, often fall below the tax filing requirement. Understandably, many people … Continue reading Filing A U.S. Tax Return – Even When Not Required – A Very Smart Move →

Tax Return Preparer’s Mistakes Or Fraud: Innocent Taxpayer Takes Hit

UPDATE Oct. 31 2024 -- the "international tax expert" discussed in this article was just sentenced to over 15 years. Be careful out there. Sadly, we are living in an age where carelessness (and far worse) abounds, even when dealing with professionals. When it comes to US tax advice and returns, having an honest advisor … Continue reading Tax Return Preparer’s Mistakes Or Fraud: Innocent Taxpayer Takes Hit →

To Amend or Not to Amend – That is the Question

Discovered an error in a prior year’s tax return? Everyone is busy preparing US tax returns for 2023. Taxpayers should note that thorough preparation of the current year’s tax return should include a review at least, of the return filed for the prior tax year. (Taxpayers using new return preparers should be wary if … Continue reading To Amend or Not to Amend – That is the Question →

Tax Statutes of Limitation – Run Fast, IRS is Right Behind You

With tax season in full swing, now is a good time to review the various civil statutes of limitations (SOL) rules that apply to US tax matters. Perfect timing to review because we also have a Tax Court case from last month showing how harsh the consequences of the SOL can be if a taxpayer … Continue reading Tax Statutes of Limitation – Run Fast, IRS is Right Behind You →

Outrunning (and Outwitting) the IRS Using the Statute of Limitations

With tax returns either filed, in progress for Americans abroad, put on extension... (or late because an extension was not properly filed), now is a good time to look at the various statutes of limitations (SOL) applicable to US tax matters. What is a tax SOL? Simply, the SOL prescribes the length of time permitted … Continue reading Outrunning (and Outwitting) the IRS Using the Statute of Limitations →