Tax Reporting for Foreign Real Property Rentals
This article addresses the reporting of foreign real property rental activities conducted directly by individuals who are United States citizens or subject to United States taxation as resident aliens. The discussion focuses on foreign currency... Patrick D. Dimmitt, EA
Three Untapped Niches of Opportunity for Your Firm in 2021
Dentistry. Construction. Real estate. Working with clients in these industry verticals can provide your firm with incremental growth. While these niches are certainly solid areas to explore as you look toward increasing your firm’s profitab... Gaynor Meilke
Anti-Money Laundering: A Primer
The Problem Despite the prevalence of credit and debit cards, Cash App, and Venmo, cash still is, in many circles, king (or queen). As of November 11, 2020, there was US$2.01 trillion in circulation.Ellie Nava-Jones, EA
Preparing an Accurate FBAR: Ten Common Mistakes
The failure to file an accurate and complete Financial Crimes Enforcement Network (FinCEN) 114, (Report of Foreign Bank and Financial Accounts (FBAR)) can result in serious penalties and consequences for a taxpayer. Unfortunately, the FBAR is one of those deceptively simple forms that does not appear to be complex due to the limited number of entries required. However, those unfamiliar with the form are prone to mistakes, as detailed rules ex... Randall Brody, EA