By: Coleman Jackson, Attorney, Certified Public Accountant July 16, 2019 The 1970 Currency and Foreign Transactions Reporting Act, which is otherwise known as the Bank Secrecy Act requires U.S. residents, citizens and businesses with foreign bank accounts and certain other overseas assets to report those interest to the Financial Crimes Network annually on Form…
By Coleman Jackson, Attorney and Certified Public Accountant June 10, 2019 The Holy Bible at 1 Timothy 6:17 says that God gives to us richly all things…. It is a blessing to be able to give. Giving is an expression of gratitude and love. It is good to give. Every relationship should be based on…
By: Coleman Jackson, Attorney, Certified Public Accountant May 16, 2019 The United States Treasury has collaborated with over seventy countries to enforce the Foreign Tax Compliance Act (FATCA) which became U.S. tax law in 2010. FATCA in a nutshell requires Specified Individuals with foreign assets over a certain threshold amount to report those…
By: Coleman Jackson, Attorney, Certified Public Accountant May 06, 2019 Statement of Specified Foreign Financial Assets is Department of Treasury (internal Revenue Service’s Form 8938. Form 8938 is filed with the taxpayers’ annual tax return. Internal Revenue Code Sec. 6038D mandates that specified individuals, who include U.S. citizens, resident aliens, and certain non-resident aliens…
April 08, 2019 By Coleman Jackson, Attorney, Certified Public Accountant Texas is a community property state, which means that income earned by either spouse during their marriage is an item of community income. Under federal tax law, each spouse is liable for federal taxes on community income regardless of which spouse earned the…
By Coleman Jackson, Attorney, CPA March 15, 2019 Internal Revenue Code Section 3101 imposes on the income of every individual a federal tax equal to 6.2 percent of the wages received by the individual with respect to employment. The Code also imposes a 1.45 percent hospital tax on every individual who receives wages regardless…
By: Coleman Jackson, Attorney and Certified Public Accountant February 13, 2019 United States citizens, lawful permanent residence and certain other persons that are classified under 31 U.S.C. Sec. 5311 and promulgated Regulations must file with the Financial Crimes Network annually a Report of Foreign Bank Account, Form 114. The U.S. persons covered under the…
By Coleman Jackson, Attorney, Certified Public Accountant January 08, 2019 The United States Congress has authorized the denial or revocation of United States passports to taxpayers with seriously delinquent tax debt. This authorization is codified in Internal Revenue Code Section 7345 and is pursuant to section 32101 of the FAST Act (the “Fixing America’s…
By: Coleman Jackson, Attorney, and Certified Public Accountant December 11, 2018 Internal Revenue Code Section 6012(b)(1) states that “[t]ax returns of decedents are to be made by the decedent’s executor, administrator, or other person charged with the property of the decedent.” A person having charge of the decedent’s property means a person who has…
By Coleman Jackson, Attorney, CPA October 15, 2018 Pursuant to Internal Revenue Code Section 162, a business can deduct an expense incurred in the business if it is an ordinary and necessary expense. An ordinary expense is customary to the taxpayer’s industry, trade or profession. Business expenses must be necessary, useful or helpful in…
By: Coleman Jackson, Attorney and Certified Public Accountant September 22, 2018 The IRS is closing down the Offshore Voluntary Disclosure Program on September 28, 2018. This voluntary international tax compliance program was designed to help people, organizations and business entities hiding money, accounts and assets overseas to get current and come into compliance with U.S….
By Coleman Jackson, Attorney and Certified Public Accountant August 10, 2018 Paid Tax return preparers must exercise due diligence when preparing and assisting taxpayers in complying with federal tax laws. Internal Revenue Code Sec. 6695 (g) imposes a civil penalty on paid tax return preparers who fail to comply with due diligence eligibility requirements under…
Whether you’re a small or medium-sized business owner seeking tax or business representation, or an individual seeking immigration assistance, we are ready to provide vigorous and compassionate legal support. Reach out to Coleman Jackson, P.C. today to discuss how we can help you.