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IRS Voluntary Disclosure Extended

Posted in General on Jan 09, 2012

IR-2012-5, Jan. 9, 2012

WASHINGTON ? The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.

This is the third run of this program and I would anticipant the last so make it count.

Read me here - http://www.irs.gov/newsroom/article/0,,id=252162,00.html

Last Updated by Chuck on 2012-01-09 16:50:53

GEMMS Commercial

Posted in General on Dec 15, 2011

At long last we have finally created and uploaded our commercial. If you ever wondered what we do or what GEMMS stands for - here it is - http://www.gemms.us/Videos. Please be sure to Like on Facebook, +1 if you Google+, and send to your family and friends.

Last Updated by Chuck on 2011-12-15 06:51:08

Last Chance to Claim Home Energy Credits Expiring in 2011

Posted in General on Nov 29, 2011

Cross References

? IRC �25C, Nonbusiness Energy Property

? Form 5695, Residential Energy Credits

The nonbusiness energy property credit is scheduled to expire at the end of 2011 so taxpayers only have a short time to take advantage of this credit.

The 2011 credit is more limited than in past years but is still available for qualifying improvements placed in service for the taxpayer?s principal residence located in the United

States before January 1, 2012.

Principal residence. The taxpayer must own the home and use it as a principal residence.

Credit. The nonbusiness energy property credit is a credit for making qualifying energy

efficient home improvements. The tax credit is 10% of the cost (up to $500), or a specific

amount, for qualified energy efficient improvements. It must be an existing home and the

taxpayer?s principal residence. New construction and rentals do not qualify.

Eligible items include:

Item:	Credit Amount:
Biomass stoves	$300
Heating, ventilating, air conditioning (HVAC)	Varies from $50 ? $300
Insulation	10% of the cost, up to $500 (does not include installation costs)
Roof (metal and asphalt)	10% of the cost, up to $500 (does not include installation costs)
Water heaters (non-solar)	$300
Windows and doors	10% of the cost, up to $500, but windows are capped at $200 (does not include installation costs)?must be ENERGY STAR qualified

Energy Star. For 2011, an Energy Star label is generally sufficient proof that property is

qualifying property for the nonbusiness energy property credit.

Lifetime maximum credit. The lifetime credit for all types of property is $500. Therefore,

a taxpayer is not eligible to claim a 2011 credit if they claimed energy credits in previous

years that exceed $500. Additionally, the credit is nonrefundable and may not be carried

forward.

Basis. If a taxpayer receives a credit, the taxpayer?s basis in the qualifying property is

reduced by the amount of the credit received.

www.GEMMS.us

Last Updated by Chuck on 2011-11-29 17:50:00

Why More U.S. Expatriates Are Turning In Their Passports

Posted in Expatriate on Nov 14, 2011

I have been screaming about the long term expatriates giving up their citizenship for years now and finally someone is listening. Time has written an article about it.

Read more: http://www.time.com/time/world/article/0,8599,1983238,00.html#ixzz1dixX6Rpa

Last Updated by Chuck on 2011-11-14 15:11:50

IRS Updates -Foreign Persons Receiving Rental Income From U.S. Real Property

Posted in Expatriate on Oct 24, 2011

U.S. real estate professionals and rental agents/property managers are encountering an increasing number of situations that involve foreign persons? acquiring U.S. real estate as a part-time residence, for investment or in some cases to conduct a U.S. business.

Read more here -

http://www.linkedin.com/news?viewArticle=&articleID=864037108&gid=118813&type=member&item=76843219&articleURL=http%3A%2F%2Fwww%2Eintltaxcounselors%2Ecom%2Fblog%2F%3Fpage_id%3D9907&urlhash=Vev8&goback=%2Egde_118813_member_76843219

Last Updated by Chuck on 2011-10-24 05:49:36

Shameful Double Taxation of Individual Expatriates

Posted in Expatriate on Oct 21, 2011

Everything you wanted to know but were afraid to ask about IRC 877A - Expatriation Taxation of US Citizens.

http://www.gemms.us/gemms/877A-Expatriation.pdf

Last Updated by Chuck on 2011-10-21 13:23:05

IRS to Begin Fingerprinting Tax Preparers

Posted in Expatriate on Oct 18, 2011

The Internal Revenue Service plans to start fingerprinting thousands of tax preparers as part of its oversight program and run the fingerprints through an FBI database.

www.GEMMS.us

Last Updated by Chuck on 2011-10-18 10:48:06

Individual Tax Return Filing Deadline

Posted in General on Oct 14, 2011

Your individual taxpayer extensions (Form 4868) will expire this weekend. That is, our 2010 Individual Tax Returns will be due at 11:59:59pm on Monday October 17, 2011.

If you need any assistance, please do not hesitate to contact us immediately. We will be around all weekend to meet your needs.

Last Updated by Chuck on 2011-10-14 13:21:37

I like Herman Cain's 9-9-9 plan but have one question.

Posted in Expatriate on Oct 12, 2011

What happens to all the people that work in the tax fields if his plan is fully implemented?

That is, what happens to the employees at the IRS, the Big 4 firms, the HR Blocks, the people that make tax programs, the Post Office (the only thing they deliver any more is the tax returns), even Auditors (why would we need audits if taxes were flat) and the other local tax firms like us?

Here is the link to his plan - https://www.hermancain.com/999plan

Addition - 10/19/11 - Question raised to www.FORBES.com

http://www.forbes.com/sites/deborahljacobs/2011/10/19/cains-9-9-9-plan-has-tax-pros-worried-about-their-jobs/

Last Updated by Chuck on 2011-10-19 13:11:06

Accidental Expatriate

Posted in Expatriate on Oct 03, 2011

Many companies are sending individuals outside the U.S. to work without understanding the effects to the individuals' tax situations. Read more here:

http://www.gemms.us/gemms/accidentalexpat.pdf

Last Updated by Chuck on 2011-10-14 13:18:51

Welcome To Our Blog!

Posted in General on Sep 16, 2011

This is the home of our new blog. Check back often for updates!