N eed help? Sometimes things can be overwhelming or you are being contacted by the IRS about your taxes and you feel lost. Take a look here to see if you fall into any of these categories, and if not, please get in touch with us here.

a. I have fallen behind in paying my taxes. It has been several years.

Let us work with you to enure you are compliant with the IRS so your tax stress may be eased.  The best thing to do is to dialogue with us regarding your specific situation and begin to collect your documents in preparation for filing your returns and addressing any penalties or interest that may be owed to the IRS.

Often the situation is not as dire as it may seem.

b. Help! The IRS sent me a notice...

The advantage to having IRS-authorized Enrolled Agent working with you is that we are certified to assist you in any and all matters before the IRS.  Please provide us with a copy of the notice and we will be glad to advise further.

c. Do I really need to report my overseas bank account as part of my US taxes?

According to the Foreign Bank Account Report (FBAR), it is your responsibility to report financial holdings even if they do not result in taxes needing to be paid to the US government.

United States persons are required to file an FBAR if:

  1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.  

United States person means U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Contact TieTax for more details on this issue.

d. I fell short of meeting the physical presence test (35 day requirement). What are my options?

It is possible to file an extension while waiting to meet the 330 day requirement.  Contact TieTax for more details on this issue.

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