Working in two different cities always presents issues and complexities, but it becomes a completely different headache when one of those cities is in a different country altogether. This becomes even more complicated once you introduce real estate and other location specific deductions.
A few years ago a Wall Street banker came to us and expressed his frustrations with his tax situation. He was splitting time between NYC and London, and was generating income in both locations. By the time we met with him, he was already three years late on filing returns and unsure how to address the issue.More
At tax time, does someone you know receive a Schedule K-1 (Form 1065) from an investment they or their financial advisor bought into; maybe in the oil & gas industry? Their tax preparer is familiar with the K-1, but they may or may not know what to do with the attached information. Supplemental information documents look confusing, and they do not contain explicit instructions on what to do with the data, which may lead to some tax preparers ignoring this information. Since the documents typically report tax deductions, the IRS is not going to make a taxpayer claim them. Hypothetically, everyone would be none-the-wiser after losing out on tens-of-thousands of dollars in tax deductions.More
Have you considered selling your primary home, but are unsure of the tax implications of the sale? Most homeowners do not take the necessary steps to prepare themselves of the possible tax burden of selling their home.More
Are you withholding enough from your paycheck? We’re nearing the midpoint of the year, and now is the best time to ensure that you are withholding the correct amount of taxes from your wages.More