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5 Things You Should Know About Foreign Source Income
…taxes, your tax credit will be pegged at $250. 2. You can get civil penalties if you fail to comply with FATCA. The Foreign Account Tax Compliance Act (FATCA) requires…
Practical Reasons That Will Make You Want to Work with a Tax Resolution Service Firm
…time. When you hire professionals, they handle the process for you. They do the research, gather the necessary documents, and communicate with the IRS on your behalf. They know the…
4 Valuable Info You Need To Know About IRS’ One Time Forgiveness
…you don’t have any ability to pay. However, those are not reasonable excuses to neglect reaching out to an IRS representative. In this article, we’ll discuss the options available to…
7 Ways the Pandemic is Changing Tax Systems Around the World
…a long list of tax bills waiting to get settled when the time comes. And unlike previously implemented systems, the global pandemic has also affected how taxes work. In most…
Everything You Need to Know About How to Take a Bad Debt Deduction
…leverage it as part of your tax compliance strategy. Learn more about bad debt deduction in this article. What is Bad Debt Deduction? A bad debt tax deduction is a…
Form 8938 and Form 8621: Revealing 4 Key Differences You Need to Know to Avoid Mistakes in Filing
…Form 8621 to report income from Passive Foreign Investment Companies (PFICs) or foreign mutual funds. This form is officially referred to as Information Return by a Shareholder of a Passive…
Taxation of Cryptocurrency: Here is the Ultimate Guide for Beginners
…called blockchain. As a virtual currency, crypto functions as a medium of exchange, unit of account, and a store of value, much like fiat or “real currency.” By comparison, fiat…
Urgent Things You Need to Know About Filing Taxes When Married to a Foreign Spouse
…dues. Tax Samaritan has served expats since 1997, helping clients understand and comply with intricate tax laws through tax preparation services. Contact us today, or get a free tax quote!…
Emerging Debt-Free: What You Need to Know About 1099-C Cancellation of Debt Form
…creditors might cancel the debt and issue a Form 1099-C. Receiving this form can impact your tax liability. To avoid IRS complications, it’s essential to understand the basics of the…
Self-Employment Taxes: How To Make Your Tax Filing a Breeze
Self-employment offers freedom and flexibility, but it also comes with a big challenge when tax season rolls around. Unlike regular employees who have taxes automatically deducted from their paychecks, self-employed…