Owe the IRS Money? – You Might Lose Your Passport…
For those U.S. taxpayers that still owe the IRS some money, you might lose your passport over unpaid debts. This issue largely impacts dual citizens that live abroad.
How to Use IRS Form W-4 to Reduce Your Withholding Taxes
The IRS Form W-4 is a withholding certificate completed by an employee and provided to their employer. The employer uses this information to calculate the correct amount of federal withholding taxes that should be deducted from an employee's paycheck.
IRS Form 2848 for a Power of Attorney
The IRS Form 2848 is a power of attorney form which individuals and businesses can nominate a tax professional to represent them before the IRS. The POA also allows the representative to contact the IRS and obtain taxpayer information.
How to File IRS Form 8949 for Qualified Opportunity Zones
The IRS Form 8949 has special reporting requirements when deferring gains on investments in qualified opportunity fund investments. This article and video tutorial cover the reporting rules.
What is the Real Estate Professional Election?
Real estate investors generally have to treat their rental real estate income as passive income subject to the passive activity loss (PAL) rules. The real estate professional election may be available to some investors. This article and video discuss the real estate professional election and how to qualify.
Can a Non-US Person be a Partner in a US LLC
The U.S. limited liability company (LLC) is one of the most coveted entity types in the world. There are generally no restrictions on who can be an owner in a U.S. LLC, however, there are special reporting requirements. This article and video cover the basic reporting requirements.