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The New FinCEN Beneficial Ownership Disclosures: What You Need To Know
The US Government is seeking to increase transparency around the “true” beneficial owners of U.S. entities or entities doing business in the US. In particular, the US wants to: Cut through all the layers of company ownership to identify the individuals or [...]
Why the US is the 2nd Largest Tax Haven in the World
For years, the IRS has complained about “tax havens” like Switzerland whose secrecy laws have enabled wealthy US citizens to hide assets offshore and (illegally) shelter their foreign income from US taxation. Since 2009, the US has made great strides in chipping [...]
How To Get IRS Help Faster amid Ongoing COVID-19 Delays
As of mid-2021, if you called the IRS, your chances of getting through to a live person were only about 7%. The IRS has not been able to adequately staff its phone lines or keep up with call volume for several reasons: [...]
11 Years Is Too Long To Wait for Mental Health Treatment
Yes, we are a tax firm. But this blog post has nothing to do with taxes. It is about a topic that is much more important. October 10 is World Mental Health Day, and mental health affects us, our employees, our clients, [...]
Why Has the Stock Market Soared While the Economy Has Been Struggling?
For the past 8 months, this question has been the most often-asked question of the team at Wolf Group Capital Advisors (WGCA), a sister firm of The Wolf Group. We recently connected with Bob Len, WGCA Managing Director, to solicit his thoughts [...]
How Long Do You Really Have To Respond to an IRS Tax Due Notice?
If you live overseas, travel regularly, or split your time between different locations, you may have had the unpleasant experience of receiving an IRS notice after the payment due date listed in the notice. Or perhaps, during the COVID-19 pandemic, you were [...]
Tax Relief for Individuals Affected by the Recent Winter Storms in Texas
On February 20, 2021, President Biden declared a “major disaster” for Texas due to the severe winter storms that lasted from February 11 through February 20. The storm caused significant issues, such as loss of power and water, home damage, water pipe [...]
G-4s Are Receiving Worrying Letters from the IRS
The IRS is currently on a mission to identify individuals who haven’t been filing their US tax returns each year. It is specifically targeting individuals who the IRS suspects are “high-income non-filers.” As a result, many G-4 visa holders have recently ended [...]
Will Your Taxes Go Up or Down under the Biden Tax Plan?
Will your taxes go up or down under the Biden Tax Plan? Many of you are asking this question. In a nutshell, the answer is that if you earn $400,000 or less annually, your taxes are likely to go down slightly. If [...]
IRS Offers New, Friendlier Payment Plans for Taxpayers during COVID-19
If you are having trouble paying your taxes, it often helps to take a proactive approach and agree on a payment plan with the IRS. As we all know, tax problems do not resolve themselves and will not get better with time. [...]
