October 4, 2015
September 18, 2015
September 17, 2015
September 10, 2015
IRS Makes it More Difficult for Taxpayers - They will not accept Checks for $100 million US or more soon!
September 9, 2015
If the IRS discovers you have foreign accounts and are not filing form 114 (FBAR) form by June 30 following the end of each fiscal year they can assess civil penalties of $10,000 US or more for each year you failed to file that form. There is still time to file this form late but avoid penalties under certain circumstances. Contact us if you wish to know more or want help filing your forms late.
You must go back six years due to the statute of limitations governing that form. If you did not file a correct one in past years, best to amend also to avoid potential problems. Write us at email@example.com or visit our website at www.taxmeless.com
LINK TO CHECK OUT IF YOUR FOREIGN BANK OR FINANCIAL INSTITUTION IS REPORTING TO IRS FATCA Foreign Financial Institution (FFI) List Search and Download Tool
September 8, 2015
September 4, 2015
You can also learn more about your tax questions at our website at www.taxmeless.com
August 16, 2015
August 14, 2015
Arbitration Laws Are Great in Mexico and its Less Costly and Much Faster than the Mexican Court System
If you have an arbitration clause in your agreement you can usually get a decision within 6 months to a year and have that arbitration decision entered with the court as a judgment very quickly. It is also possible to remove legal disputes from the Mexican Courts and have them resolved with arbitration if both parties agree. The parties may agree just so they both get a quicker decision and possibly a more knowledgeable decision.
When parties arbitrate they can pick the arbitrator with experience in the particular area of law governing the dispute. Often when disputes are litigated in Court, the judge has little or no background in the governing law and therefore the final decision can be arbitrary and not predictable.
Arbitration decisions in most situations cannot be appealed. But if you have chose a knowledgeable arbitrator (1 or 3 arbitrators can be used ), and it saves you waiting 5,10 or more years for a decision, that disadvantage may be worth ignoring
In lieu of arbitration of disputes, consider mediation. When parties mediate a neutral mediator with experience in the applicable laws works with the two opposing parties to help them reach a mutually satisfactory resolution. Statistics show that mediation has a 30 to 50 percent chance of success and it is significantly less expensive than arbitration or litigation in Court.
Want to know more about Arbitration or Mediation in Mexico? Want the proper provisions included in your legal agreements and wish to know how to arbitrate your legal dispute in Mexico? To learn more email us at firstname.lastname@example.org. Don D. Nelson, Attorney at Law, CPA.
August 2, 2015
The due date of Form 1065 partnership returns is not March 15th for Calendar year partnerships
The due date of Corporate return form 1120 will not be April 15th for Calendar year corporations.
These changed due dates start after 2015.
Read more in this Forbes Article
July 21, 2015
- Business versus Hobby. A key feature of a business is that you do the activity to make a profit. This differs from a hobby that you may do for sport or recreation. There are nine factors to consider when you determine if you do the activity to make a profit. Make sure you base your decision on all the facts and circumstances of your situation. Refer to Publication 535, Business Expenses to learn more. You can also visit IRS.gov and type “not-for-profit” in the search box.
- Allowable Hobby Deductions. You may be able to deduct ordinary and necessary hobby expenses. An ordinary expense is one that is common and accepted for the activity. A necessary expense is one that is helpful or appropriate. See Publication 535 for more on these rules.
- Limits on Expenses. As a general rule, you can only deduct your hobby expenses up to the amount of your hobby income. If your expenses are more than your income, you have a loss from the activity. You can’t deduct that loss from your other income.
- How to Deduct Expenses. You must itemize deductions on your tax return in order to deduct hobby expenses. Your costs may fall into three types of expenses. Special rules apply to each type. SeePublication 535 for how you should report them on Schedule A, Itemized Deductions.
- Use IRS Free File. Hobby rules can be complex. IRS Free File can make filing your tax return easier. IRS Free File is available until . If you make $60,000 or less, you can use brand-name tax software. If you earn more, you can use Free File Fillable Forms, an electronic version of IRS paper forms. You can only access Free File through IRS.gov.
July 2, 2015
See Forbes article for list of Swiss Banks Included
June 26, 2015
FORM BE 10 DUE BY JUNE 30TH OR THERE MAY BE PENALTIES - THIS FORM MUST BE FILED IN MOST SITUATIONS WHEN YOU OWN A FOREIGN CORPORATION
June 25, 2015
June 13, 2015
Over 65 articles by experts on every aspect of purchasing, owning and selling real estate in Mexico. http://www.mlsinbajasur.com/real-estate-articles.html
June 1, 2015
If you need additional time to qualify for the bonafide residence foreign earned income exclusion (form 2555) you can file form 2350 to extend your return further out until a date you have qualified for a full calendar year living abroad.
Your Form 114 (FBAR) which reports your foreign financial accounts is due on 6/30/15 for 2014 and cannot be extended any further. Failure to timely file this reporting form can result in substantial penalties. You can only file this form on line at http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
Though expats get these special extension rules, any taxes owed must be paid in by 4/15/15 to avoid penalty and interest charges if any taxes are later due with the return.
May 28, 2015
Form BE10 - Form Required by Bureau of Economic Analysis of Department of Commerce for those who own 10% or more of a foreign corporation
May 21, 2015
READ MORE ABOUT COLLEGE EDUCATION BENEFITS FOR EXPATS AND THEIR CHILDREN HERE