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FBAR vs 8938: Which One Should I File?

FBAR vs 8938

The FBAR and Form 8938 are used to report foreign financial assets to the U.S. government.  Both the FBAR and Form 8938 trigger huge penalties for failure to file. While the function of the FBAR and Form 8938 is very similar, there are differences between the two form.  One has a higher filing threshold than […]

Nonresident Alien vs Resident Alien

nonresident alien and resident alien for tax purposes

Nonresident aliens and resident aliens are required to comply with a variety of U.S. tax return rules.  This applies to individuals coming to the U.S. on business, for education, for marriage or for other personal reasons.  The rules are different for various visa types.  In this article we will discuss what is a nonresident alien […]

Heavy Highway Vehicle Use Tax: Due August 31, 2023

heavy highway vehicle use tax

The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy highway trucks and other motor vehicles operating on public highways.  Anyone who is required to register large trucks and buses with a taxable gross weight of 55,000 pounds or more must pay the tax. The required tax return is Form 2290, […]

A Guide to IRS Tax Penalties

tax penalties

The IRS imposes civil penalties in many situations.  Penalties are meant to act as a stick to motivate the public to comply voluntarily with the tax laws.  Tax penalties may be either civil or criminal. Civil penalties are financial Criminal penalties may involve jail time   This article will focus what you need to know […]

Family Business Ideas

Family Business Radio, Episode 47

Family business owners Olivia and Carmen Amyette, Infinity Energy Advisors, and Gary Massey, owner of Massey and Company CPA were the guests on this episode of Family Business Radio.  The subjects of the episode are family business ideas and entrepreneurship. Family Business Ideas – Podcast Olivia and Carmen, her mom, talked about Olivia’s accomplishments and […]

IRS Whistleblower Program: Getting Money from the IRS

IRS whistleblower program

The IRS whistleblower program provides the public with a unique opportunity to get money from the IRS, instead of paying money to the IRS as is usually the case.  Under the whistleblower program, the IRS pays money to people who “blow the whistle” on individuals or businesses who provide information to the government regarding tax […]

Solar Tax Credits

Solar Energy Tax Credit

The United States and much of the world is turning from fossil fuels to alternative forms of energy.  According to an August, 2023 article in the New York Times, this shift is found even in areas dominated by the oil and gas industries.  To a certain extent, this shift is encouraged in the United States […]

Cancellation of Debt

cancellation of debt and tax rules

Cancellation of debt refers to a debt being cancelled, forgiven or discharged for less than the full amount of the debt.  The portion of the debt that you no longer have to pay is considered cancellation of debt income (COD). Cancellation of debt frequently occurs in conjunction with foreclosure or repossession of property, such as […]

Divorce Tax Questions to Ask

Divorce and taxes

Divorce is hard enough without having to worry about taxes too.  But taxes are inevitable.  And a divorce adds a new layer of complication to tax preparation and tax planning.  No one wants to overpay their taxes as the result of a divorce. Filing Taxes After Divorce We have identified a list of common tax […]

Resolve Your Tax Debt To Save Your Passport

If I owe taxes can I get a passport?

Can You Get a Passport If You Owe Back Taxes to the IRS? If you owe significant tax debt, you may be in for a surprise. The State Department will revoke your passport, or not issue you a new passport, if you owe a significant tax debt to the IRS.  Therefore, taxpayers with tax debts and […]