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Understanding the difference between standard and itemized deductions
One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to their tax situation, any changes...
Taxpayers should hang up if tax season scammers come calling.
The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it’s easy for people to...
Start the new year off by reviewing the Taxpayer Bill of Rights
By law, all taxpayers have fundamental rights when they're interacting with the IRS. These rights apply all year, not just during the filing season. However, knowing and understand these rights may help taxpayers resolve any filing season questions with confidence....
2022 Annual Report of the National Taxpayer Advocate.
National Taxpayer Advocate delivers Annual Report to Congress focused on taxpayer impact of processing and refund delays. WASHINGTON — National Taxpayer Advocate Erin M. Collins today released her 2022 Annual Report to Congress, saying taxpayers and tax professionals...
The new tax season arrived for Form 1040 and FinCEN 114.
The new tax season arrived. Form 1040 and FinCEN 114. The IRS set Monday, Jan. 23, as the beginning of the nation’s 2023 tax season, when the agency will begin accepting and processing 2022 tax year returns. With the three previous tax seasons dramatically impacted by...
When Would You Get Your Refund in 2023?
Isaac M. O'Bannon – CPA Practice Advisor It’s still a bit too early to think about it, but in case you are wondering, here’s our annual chart for the #1 question we get every year: “When will I get my tax refund?” The answer is never exact, but we are able to make...
Solidarity Tax on Large Fortunes. Wealth Tax in Spain
Last September 22, Ministry of Finance announced that the Government has reached an agreement for the creation of a new tax. The tax on large fortunes, or tax on the rich, will be levied on taxpayers with more than three million euros, some 23.000 people, under the...
State Taxes and Residency for expats
Regardless of where you reside, U.S. citizens and green-card holders living outside the United States are subject to U.S. income tax on their worldwide income. However, you might not realize that you're still considered a resident of your home state and are subject to...
Who is not required to declare U.S. taxes in 2023?
The IRS’ standard deduction thresholds have been upped for 2023, meaning that you may no longer be eligible to pay federal income tax on your earnings. As we approach the end of the year, some will already be looking ahead to 2023 and the upcoming tax season in the...
IRS will keep sending more money in refunds to 2021 filers. Backlog of more than 3.7 million tax returns
Starting in 2023, the Internal Revenue Service (IRS) will send more money in refunds to filers of the 2021 Tax returns. As a new year approaches, the Internal Revenue Service (IRS) prepares for a new tax season. However, there are taxpayers who are still waiting for...
If you are “Autonom@” these are the dates you must have noted
On January 1st, the new contribution system for the self-employed in Spain will come into force. From that moment on, a system of fifteen stretches will be progressively deployed (for 3 years) that determines the contribution bases and quotas based on the net income...
Tax Changes for 2022 will reduce some of the refunds.
After another year of tax law changes, there are significant updates for the 2022 season, with the possibility of a smaller refund or bigger bill for many taxpayers, experts say. With many everybody facing reduced tax breaks, it’s important to be proactive...
How to access to “Your Account Online” of the IRS
Welcome to today's webinar, Accessing IRS Online Services: Understanding the Identity Verification Process. We're glad you're joining us today. My name is Veronica Tubman, and I am a Senior Stakeholder Liaison with the Internal Revenue Service. And I have the pleasure...
Cómo acceder a “Your Account Online” del IRS
Bienvenidos y gracias por unirse con nosotros para el webinar de hoy. Acceder a los servicios en línea del IRS: Entender el proceso de verificación de identidad. En esta presentación aprenderá cómo hemos mejorado el acceso a muchos servicios en línea del IRS. También...
HOW TO CONTACT / CÓMO PONERSE EN CONTACTO CON U.S. Tax Consultants
A continuación en español HOW TO CONTACT U.S. Tax Consultants IMPROVING THE COMMUNICATION WITH OUR CLIENTS Phone, email, and appointments for online consultations/questions The way we work, where we work, and how we work have fundamentally changed over the past...
IRS Provides Updated Gift Tax Exclusions for 2023
It may come as a surprise to some that, under the Internal Revenue Code and related authority, gifts are ordinarily taxable. However, the IRS provides an annual exclusion, regularly indexed for inflation, under which gifts of a lesser value need not be reported. In...
Are you FATCA Compliance?
The Foreign Account Tax Compliance Act was enacted by the Congress in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act to combat tax evasion by US persons holding investments in offshore accounts. The United States Treasury Department and the IRS...
Report of Foreign Bank and Financial Accounts (FBAR). What is it?
The FBAR. What is it? Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by...
Digital Nomads in Spain and Portugal
SPAIN: Do you want to move to Spain as Digital Nomad? VISA and Tax implications? The Spanish Government has already approved the draft Law on Startups to attract investment, talent, and innovative entrepreneurship. The bill has two different components: the residence...
IRS increases 401(k), IRA contribution limits for inflation
It may be time to up your 401(k) contributions. The IRS is increasing the limit by $2,000 for 2023, the agency announced Friday. Cost of living adjustments will bring the 2023 limit to $22,500 (up from $20,500) for individual contributions to retirement accounts...
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