05 Aug Do You Have to Pay Taxes on Life Insurance?
When can a life insurance death benefit be considered taxable income and what steps can reduce exposing the beneficiary of your policy to unnecessary taxes?...
Line Nav
Tax Advocacy
27 May Estate Tax Planning: Benefits of a Credit Shelter Trust
Sometimes called an AB Trust, the Credit Shelter Trust is designed to take full advantage of any estate tax exemptions while simultaneously reducing or eliminating estate taxes payable when the surviving spouse dies....
18 Dec Understanding a Tax Transfer Certificate
A tax transfer certificate is a document issued by the U.S. Internal Revenue Service certifying that a United States citizen who died while living abroad does not owe the federal government any estate taxes. Banks and financial services companies require an IRS tax transfer certificate before they release any of the assets held with the decedent named as an account owner....
13 Aug Delinquent FBARs
The FBAR (Report of Foreign Bank and Financial Accounts) is a Form FinCEN 114. The Bank Secrecy Act details the FBAR filing requirements. This form must be filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department....
04 Aug American Abroad: How to get a US Transfer Certificate
This week, Aaron Katsman of Lighthouse Capital and Ariel S. Rosenzveig, Esq. discuss the inheritance process for Americans living abroad with investments in the US....
12 Jun Penalty Relief Due to Reasonable Cause
You may qualify for relief from penalties if you made an effort to comply with the requirements of the law, but were unable to meet your tax obligations because of circumstances beyond your control — due to “reasonable cause.”...
16 Apr FBAR & FATCA
The FBAR (Report of Foreign Bank and Financial Accounts) is a form that the Internal Revenue Service (IRS) requires U.S. taxpayers with certain foreign bank accounts to file, wherever they may live—at home or abroad (“expatriates” or “Expats”)....
09 Apr How Do I Request an IRS Penalty Abatement / Refund?
The IRS provides some relief options that a taxpayer can apply for to reduce or eliminate penalties and interest assessed....