If you're facing unexpected penalties from the IRS, you're not alone—and you do have options. One of the most overlooked forms of relief is the IRS First-Time Penalty Abatement (FTA). This program can potentially eliminate hundreds or even thousands of dollars in penalties. At Expert Accounting Services LLC, we help individuals and businesses in Atlanta and across the U.S.

Form 8621 is required by the IRS when a U.S. taxpayer owns shares in a Passive Foreign Investment Company (PFIC). A PFIC is generally a foreign corporation where: At least 75% of its income is considered passive (e.g., dividends, interest, rents, capital gains), orAt least 50% of its assets are held for producing passive income. Most foreign mutual funds, ETFs, and pooled investment funds are treated as PFICs under U.S.

What is Reasonable Cause The IRS may abate (remove) penalties if the taxpayer can demonstrate that they exercised ordinary business care and prudence but were still unable to comply with tax obligations. This relief often applies to: Failure to File (FTF) penalties Failure to Pay (FTP) penalties Accuracy-related penalties (in some cases) Information return penalties (e.g., 1099s, FBARs) If you’re working with a tax preparer Atlanta trusts, or a tax preparation CPA Atlanta families and businesses rely on such as EAS, we will help you build a strong reasonable cause case with supporting documentation.

Understand the affect of AI on the IRS and enforcement It's important to understand the importance of filing returns promptly and accurately, especially in the age of IRS AI Enforcement practices. The IRS Is Using AI to Crack Down on Taxpayers—What You Need to Know Artificial Intelligence (AI) is changing how the IRS identifies tax problems—and every taxpayer should take notice.

It's Crucial to Understand the filing requirements for FBAR Form 114 and IRS Form 8938, as well as what to do if you miss a filing. Don't take the risk of not filing your annual FBAR Form 114 or IRS Form 8938 if you are required to do so. If you have foreign assets you need to understand these requirements, and what to do if you miss one.

It's Crucial to Say in Compliance with all IRS Filing and Payment Requirements Don't take the risk of losing your Visa or Green Card status due to non-compliance with the IRS. There has never been a time in U.S. history where IRS compliance for foreign nationals has been more important than it is now.

If you’re behind on your taxes, it’s natural to worry about the worst-case scenario: Can the IRS actually take your home? The short answer is yes—but it’s far more complicated than many people realize. While property seizures do happen, they’re typically a last resort after numerous warnings and attempts to resolve the debt. In this article, we’ll break down how IRS seizures work, what steps lead up to them, and how a tax resolution professional like Expert Accounting Services LLC can help protect your home and financial future.

LLC Formation, L-1 Visas & Tax Implications Expanding into the U.S. market offers Canadian entrepreneurs access to new customers, increased profits, and growth potential. But before you start selling or serving U.S. clients, it’s essential to understand the legal, immigration, and tax consequences of doing business south of the border. In this guide, we break down how a Canadian citizen can start a U.S.

What You Need to Know The State of Georgia has passed legislation (House Bill 112) that authorizes a one-time surplus tax refund for Georgia taxpayers. This refund is part of the state’s effort to return surplus funds from the 2023 fiscal year back to residents — and it could put up to $500 back in your pocket depending on your filing status and tax liability.But in order to receive it, you must meet certain filing requirements for both your…

This is a stunning loss for the Administration.

The economy has been unpredictable in recent years, with inflation, job market shifts, and financial uncertainty affecting many industries. However, one group of professionals has continued to thrive—self-employed individuals. Whether you’re a freelancer, consultant, or small business owner, being your own boss offers advantages that can provide stability and financial growth, even in uncertain times. 1. Greater Control Over Your Income…

As Elon Musk continues to wreak havoc through DOGE, people are taking to Tesla dealerships.