For this year, 2020, there are some key items to consider involving credits, deductions, and refunds:

Recovery Rebate Credit/Economic Impact Payment.

Taxpayers who received an Economic Impact Payment should keep their Notice 1444, Your Economic Impact Payment, with their 2020 tax records. You may be eligible to claim the Recovery Rebate Credit  on your tax year 2020 federal income tax return if:

you didn’t receive an Economic Impact Payment, or your Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018), plus $500 for each qualifying child you had in 2020.

If you didn’t receive the full amount of the Economic Impact Payment for which you were eligible, you may be able to claim the Recovery Rebate Credit when you file

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How much did Colin Kaepernick actually receive from his “opting out” of the contract with the San Francisco Giants following the 2016 season and the recent  Collective Bargaining Agreement, (CBA), with the NFL.[1]  In a recent interview between Kaepernick’s attorney, Mark Geragos and
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So, this year you are preparing your own tax return, no need for a CPAs, Enrolled Agent or Tax Attorney…great!

But have you thought about “FBAR” and your 2018 tax return!!!

You might ask, do I have to worry about this FBAR quagmire if I have never been outside of the United States?

YES

What triggers this FBAR compliance for me?

Usually this is triggered when you have foreign interest on your form 1099-int.  You investments from your money managers, such as Schwab, Merrill, Wells Fargo, etc.… will send you this rather thick packet of how your investments have performed for 2018 that have a summary page at the front.   Now look to see if you have “foreign interest” and/or “foreign tax paid”.  If

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FOREIGN TRUST WITH U.S. JURISDICTION? FRACTIONAL OWNERSHIP OF A FOREIGN ENTITY? BEWARE!!! The Tax Season for filing 2018 tax returns is now upon us and the full brunt of the Tax cuts and Job Act (TCJA) will occupy tax compliance by both the Taxpayers and the Tax Preparers.  One of the most stag

Hello and Welcome to my first News Letter on Matters That Will, Almost Certainly, Affect You in This New Year, 2019.

I know that 2018 was a difficult year and now with the traumatic effect of the U.S. Government Partial Shutdown with the stock markets swings to record lows, we are facing a much higher tax liability for our personal US Tax Returns for 2018.

A lot of deductions we historically were allowed in recent past years have been revised for tax years beginning in 2018 and there is for the most part little that we can do to mitigate the increased tax liabilities. We can, however, calculate our expected tax increase and make a 4th Quarter Estimated Tax Payment by no later than 15th January 2019 for the 2018 tax year. This payment will act to compensate for the unlimite

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More End Of The Year 2018 Tax Planning: The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018. This triggers a phase out of the tax credit available for purchasers of new Tesla plug-i
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If you are considering the New IRS Voluntary Disclosure Program, what questions should you be asking of yourself and your Legal Counsel?

On November 20, 2018, the U.S. Internal Revenue Service, (IRS) issued its Memorandum that addresses the process for all domestic and offshore voluntary disclosures following the IRS’s official closing of the Offshore Voluntary Disclosure Program just this September 28, 2018.

The new voluntary disclosure practice enables U.S. taxpayers, which are:

S. Citizen worldwide; S. Tax Residents in the U.S. Green-Card Holders

whether residing in the U.S. or abroad, with exposure to criminal liability or substantial civil penalties due to a willful failure to report foreign financial assets and pay all tax due thereon, a way to comply w