We’re thrilled to have you join us on this platform where we share insights, offer expert advice, and explore the exciting world of international bank licensing, fintech, and regulatory compliance. Here, you will find a wealth of information spanning various topics, from starting up an international bank to navigating complex tax and business planning strategies. Whether you’re a seasoned player in the financial services sector or an entrepreneur looking to enter this space, our blog aims to be a reliable resource for you. We hope to inspire, educate, and engage you as we delve into the intricate dynamics of the regulated business landscape together. Enjoy the journey, and don’t hesitate to engage with us – we value your questions, comments, and ideas.
INTRODUCTION
The biggest challenge facing Americans living and/or working abroad is the United States Internal Revenue Service. The U.S. is one of the few countries that tax its citizens abroad, and the only one that regularly locks up its people up in prison cells for violations of the tax code. The Service’s hostility to foreign tax […]
Hiding Money in the U. S. of A.
Want to hide money from the tax man? Come to the United States. The U.S. system welcomes foreigners with arms wide open and eyes wide shut
Fiscal Cliff Tax Break for Your 401(k)
Good news for the millions of Americans with 401(k) plans. Buried in the Fiscal Cliff bill was a big break – you can now convert your 401(k), 403(b) and other defined contribution plans to a Roth at any time.
Unfiled Tax Returns
First Things First: Taking Care of Unfiled Tax Returns The first step in dealing with the IRS is to file your delinquent federal personal income tax returns. Until these tax returns are submitted, the IRS can’t set up an Installment Agreement or accept an Offer in Compromise. Clients often come in missing two, five or […]
IRS Wage Garnishments
The IRS Wage Garnishment: How It Works, How to Stop It When you owe money to the IRS and you do not contact the government to set up monthly payments or file an Offer in Compromise, they can levy your paycheck, and this course of action is referred to as an IRS wage garnishment or […]
IRS Tax Liens
IRS’s Enforced Collection Measures and What to Do About It If you owe money to the IRS, the government will usually file a Federal Tax Lien. A tax lien is a negative mark on your credit report and “attaches” to any real estate you own. It is typically filed with your country recorder’s office. By […]
IRS Offer in Compromise
What to Do When You Owe the IRS: The Offer in Compromise The IRS Offer in Compromise (OIC) program is the most misunderstood, misrepresented, and abused tax debt resolution program in history. It reached nearly mythic status with late-night television ads promising to settle your tax debt for pennies on the dollar, and then crashing […]
IRS Bank Levies
When Your Hard-earned Money Is at Risk—The IRS Bank Levies If the IRS has levied your account, you have only 21 days to submit all the necessary documents and secure a release before the money is gone. Time is of the essence, so please contact us immediately! One of the most powerful and vicious collection […]
IRS FAQs
Frequently Asked Questions (FAQs)—IRS Tax Problems and IRS Tax Debt Relief. The IRS Offer in Compromise Program Defined 1. What is an IRS Offer in Compromise? In most cases, an IRS Offer in Compromise is a way to settle your IRS debt for less than the balance due, because you are unable to pay the […]
Swiss Banking is Dead
Swiss Banking is Finished
Expat Taxes
Filing Tax Returns—The Basics The following page applies to U.S. citizens and residents living and/or working outside of the United States. U.S. persons (citizens and permanent residents/Green Card holders) are required to file a tax return each year, no matter where they live, if their income is above US$9,350 when filing as single, or US$18,700 […]
Taxpayer Bill of Rights
Taxpayer’s Bill of Rights In tough economic times, many business owners and self-employed people find it difficult or impossible to pay their Federal taxes. When the debt is too large to pay, you then get the joy of negotiating with the Internal Revenue service. NOTE: Of course, everyone has a hard time paying their taxes. […]
Offer in Compromise Basics
Getting Out of Trouble—the Offer in Compromise By Christian Reeves Tax Attorney “Chris, I’m in a big trouble,” started one of my clients. “I owe around US$50,000 to the IRS for the last three years and I’m now unemployed. My only asset is a car worth about US$1,000. Do I have options?” “Yes, you do,” […]
IRS Statute of Limitations
IRS & The Statute of Limitations By Christian Reeves Tax Attorney The bottom line is that the IRS usually has 10 years to collect from you once a tax return is filed, and generally has 3 years to audit your return to assess additional tax. Understanding the 10 year collection statute is important when negotiating […]
Installment Agreements
When the IRS Makes a Deal with You—the Installment Agreement By Christian Reeves Tax Attorney “I owe the IRS $20,000 because I didn’t have enough withheld from my paycheck over the last few years. I’m working full-time, but I have no savings. Is there any way I can pay off my debt?” Yes. In fact, […]
Collection Standards
The IRS Collection Standards—Friend or Foe? By Christian Reeves Tax Attorney Chances are that you are reading this because you are considering paying your back taxes through an Offer in Compromise or an Installment Agreement. In the forms you have to fill out in both cases you’ll need to document all your expenses. There’s a […]
Bankruptcy & Taxes
Can I Dump My Tax Debt in Bankruptcy? Bankruptcy and Tax Debts By Christian Reeves, Tax Attorney Personal income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. However, special rules apply to tax debts that make it difficult, if not impossible, for most people to dump […]
The Spoils of War – Big Time Tax Increases for 2013
After the war, the spoils go to the victor – 2013 tax rate increases for the Democrats
Foreign Earned Income Exclusion 2013 Amount
The Foreign Earned Income Exclusion 2013 amount got a little bump up for inflation and managed to avoid the financial cliff.
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