This podcast will address whether a non-US person has a US tax return filing requirement. It will also cover the specific examples of whether a rental property has an annual filing requirement or not vs. a personal use property. FIRPTA withholding requirements will be discussed and an example of how to eliminate the FIRPTA withholding based on an allowable exception to the legislation.
This episode will discuss minor details that can cause big problems. Something as simple as not filing your S Corp election correctly can be the cause of additional professional fees to get it straightened out. Doing it right the first time will save lots of time and aggravation later. In addition we will discuss when to start filing your new business tax returns and what happens if you fail to file. As a final note we will discuss expenses incurred prior to starting the business.
Getting married? Getting divorced? Both of these could possibly put you into a tax pitfall. This episode will discuss a case where a wife signed a joint tax return that ended up being fraudulent upon IRS examination. The wife was unaware of the fraud and still was on the hook for penalties and potential criminal activity. The other case we will discuss is a newlywed couple that was married late in the year. The couple did not get get advice that could have saved them thousands of dollars in health care subsidy repayments. In both cases this could have been avoided with careful tax planning.
CPAofFlorida the WOW Podcast is hosted by the mother daughter team of Janet Noack, CPA and Andrea Dillon, CPA.
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