G4 visa holders are increasingly receiving IRS notices claiming that they should have filed a tax return or did not fully report all their income on their tax return. As the IRS increases the use of its computerized tax document “matching program” to identify [...]
Hoping to claim the new $6,000 additional deduction for seniors, or the new deductions for tip income, overtime income, or car loan interest? You can now see how these deductions will appear on your tax return. When the One Big Beautiful Bill Act (OBBBA), [...]
Not sure what “modified adjusted gross income (MAGI)” is or how to determine whether yours qualifies you for newly available tax deductions and credits? Many of the new OBBBA tax benefits that are available beginning in 2025 or 2026 use MAGI to determine eligibility. [...]
When the One Big Beautiful Bill Act (OBBBA) was passed in July 2025, it introduced many new deductions and credits, contingent on your income meeting certain thresholds. When defining those thresholds, OBBBA uses the term “modified adjusted gross income (MAGI).” The problem is, many [...]
Due to tax law changes passed in 2025, the timing of your charitable contributions may make a big difference in your tax bill. Some taxpayers will receive a much better benefit from accelerating their contributions and making them before the end of the 2025 [...]
The IRS is hitting the road, targeting high-income earners who haven’t filed federal income tax returns or paid taxes for 2018 or previous years. The agency estimates that billions are lost in tax dollars from these non-filers. The goal is to collect and the [...]
Do you have financial accounts or foreign assets overseas? If so, did you know that there is a big deadline looming under the Foreign Account Tax Compliance Act (FATCA)? Foreign institutions are required to obtain IRS Forms W-9/W-8BEN from US clients. Under FATCA, foreign [...]
For years, new clients (and some of our current ones) have been asking why they should bother fixing their prior US tax filings to report previously unreported foreign income or foreign assets. The most common question is “How will the IRS ever know?” Years [...]
As you know by now, Prince Harry and Meghan Markle, the Duke and Duchess of Sussex, welcomed their first-born son, Archie, on May 6, 2019. In a prior blog post, we discussed the US tax consequences (individual income tax, international informational, and Expatriation Tax) [...]
On September 11, the IRS announced a new campaign to closely examine whether individuals working at international organizations (I/O) are fully and properly calculating their taxes. The announcement was a surprise and was made at the same time as the announcements for several [...]
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