Americans Abroad, Tax Scams And IRS’ New Coalition To Combat Tax Fraud

Cybercrime and fraudulent activities continue to evolve and expand. Protecting taxpayers has become an increasingly complex challenge for both governmental authorities and those in the tax profession. Recognizing this, in mid-August the IRS spearheaded the formation of the Coalition Against Scam and Scheme Threats. CASST is an outgrowth of the Security Summit, a public-private initiative … Continue reading Americans Abroad, Tax Scams And IRS’ New Coalition To Combat Tax Fraud →

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 →

TikTok’s (Wrong) Tax Advice and How the Trust Tax Rules Really Work

My earlier post describing TikTok tax advice as to the magical workings of the “Non-Grantor Irrevocable Complex Discretionary Spendthrift Trust” (NGICDST) proved highly popular. The NGICDST is being marketed heavily on social media platforms and certain business websites. After the Internal Revenue Service (IRS) discovered the promotional material, the agency shut down any notion that … Continue reading TikTok’s (Wrong) Tax Advice and How the Trust Tax Rules Really Work →

Beware TikTok Tax Advice – IRS Tanks a Trust Scheme

This will be a very short post with a few simple lessons I have shared before: Fast tax advice, is like fast fashion. A waste! It's all too often a big mistake with serious repercussions. If something sounds too good to be true, it is. So, if you have not heard of it yet, today’s … Continue reading Beware TikTok Tax Advice – IRS Tanks a Trust Scheme →