IRS and state tax problems can turn any one's life upside down. The purpose of the IRSMedic channel is to empower taxpayers about what can be done to stop and avoid these headaches. We'll talk about tax problems people face and how they were able to successfully resolve them. By subscribing to this channel, you will:
*Learn the common ways taxpayers turn a manageable tax problem into a monster. *Stay up to day with the latest news on the IRS Offshore Voluntary Program (OVDP) and FBAR penalty abatement. *Learn advanced techniques of tax negotiation. *Learn how to avoid criminal entanglements with state and federal taxing authorities. *Stay abreast of the latest IRS tax settlement news.
Where is the IRS tax court? They had me under 2 names and was billing me on my business that was closed since the end of 2002. I have an irs agent finally catch this and said I could be owed over $4k for paying for something I never owed. It’s been like 5 months and I could use that money, but even if I eventually do, this caused my life hell for financial crisis. So if I feel only getting my overpayment money back is really letting them off the hook for all the damages they’ve caused me.
what are you assuming to be the territorial jurisdiction of ewe esse herein? if one corrected these records to support their stance as non-person, non-citizen, what records remain to renounce? please define income applied herein. please define person applied herein. are you aware of SEDM?
Once you ask the IRS to take you out of collections to get your affairs in order how long do they give you ? And if you need a little more time will they give it to you ?
"No right to enter ever again." This is a fact that terrifies many who would otherwise renounce, the apologists will say you can get a visa but they don't understand that this can be refused. That means you may never even see your family again, that's evil.
Thanks for this video! There were a few things I never thought about like their system being hacked into. It feels really invasive that they would ask for your account number.
This would only devalue the UK passport. There are huge advantages in being a US citizen, the UK however is not all that special. I would expect dual citizens to simply ditch their UK passports.
Appreciate the detailed breakdown! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?
This tax on unrealised capital gains will be taxed on a rolling yearly basis or randomly? How can the irs know when a person is likely to liquidate his or her assets?? Suppose I never plan to sell, say the house i own and live in???
Here is an topic idea for a future show. Green card holder arrives in US with no income but has all his money in foreign bank accounts. Only discovers what FBAR is when his income resumes after 2 years and prepares first income tax return.
Homelanders and even a lot of expats do not even understand the issue. Some ignore it, some neglect it. I do know someone in germany, whom‘s accout was canceled b/c he did not have an SSN and could not get it. He only speaks german, that is one of the problems
I would advise John Alan to get Norwegian citizenship ASAP - just in case. There is no downside to having dual citizenship! You can’t renounce without a second citizenship! Better to have it and not need it, than to need it and not have it!
I’m in a similar situation. My mom recently passed away and I was in charge of all end of life decisions and her estate. My older brother is now having medical problems with me as POA. Renouncing would limit my ability to provide care! I’m between a rock and a hard place! 🤷🏻♂️
If i am not required to file a tax return due to income less than the standard deduction, doni still need to file just the Schedule B if i have a foreign account with less than 10000 $ aggregate
I believe that one of the ways to challenge the irs is to continue to go to court and one day we can overturn this. It will be incremental wins until one day we can strike down this whole thing (fbar, cbt).
It's going to be a heck of an uphill battle. The IRS/Treasury Dept. has unlimited resources to defend against litigation and to appeal in the event that they lose. Those taking them to court do not. Add to that the doctrine of "judicial deference," which is US courts' policy of being biased in favour of the government whenever it is one of the litigants. That doctrine is finally being weakened, thankfully
No question it is difficult but this is the ONLY way to go! Americans abroad must unite and fund the best lawyers out there to protect against this. These people - Ms. Toth, Schwarzbaum - should have never battled this evil on their own!
Thanks for watching! John's insight into this is amazing. Foreign mutual funds weren't a big enough thing in 1986 to worry Wall Street. But foreign wealth advisors with billions of AUM was and still is.
I inherited a single house in CA in 2020 from my Mother after she passed away. The property was taxed at a tax base of 1.2 million dollars. I had to sell the house for $800,000 dollars in 2022 to pay my tax. In my case, if I had to pay unrealized capital gain tax in 2020 and 2021, can I claim unrealized tax loss of $400,000 dollars when I sell the house 2 years later?
If you used the house in a trade or business or rented it out I would imagine you could claim your loss. I am confused - did you have to sell the house for other taxes? You got the stepped up basis on your mom's date of death. There must have been significant appreciation between 2020 and 2022 for there to be a realized gains upon sale.
You mean assessed property value increased? From a Federal Income Tax perspective there was a step up in basis but that is well below the estate exemption so there would not have been Federal Income Tax on the property at the estate level before you inherited it.. Asset basis and property valuation are entirely different; the latter is just a way to distribute the local tax levy burden among residents.. Sound like you just didn’t like the increase in assed property value as California Prop 13 from years ago limits how much assessed value can increase while under the same ownership - frankly making the local tax burden disproportionately shared by recent home buyers..
The US Constitution is merely a sales pitch. Everything the anti-federalist said would happen did happen. But even worse. Our entire federal government is a scam and the greatest enemy of the American people.
The guy on the left is one crack pipe hit away from a heart attack…holy hellfire and brimstone just look at him!😂 I had to hit the mute so my ears could rest but even just watching him tweak out on this IRS form is pure comedy! Yeah…he was on a good one that day😂🎉
@@irsmedic It’s astonishing how they get away with such lunacy. The forms are deliberately written so that the average Joe does not understand. Because if people looked further, they might see the man behind the IRS curtain is not so scary.
Thanks for this. Im trying to come up with my gameplan as a futures trader who wants to live abroad. I dont care to be here for the 330 days so it works great for me
thanks for watching! Check out this recent video on how you may be able to stay in the US 182 days per year tax free via the closer connection test. But you have to renounce. That is non-US citizens have privileges Americans can only dream about. Works great for Canadians. ru-vid.comvGTpr1b1Dl0
If you're a US citizen, the way to live in the USA tax-free (all year even, not just limited to 182 days) is to avoid earned income (which is subject to payroll taxes even if you make too little to pay income taxes), keep your interest and non-qualified dividends and short-term capital gains within the standard deduction, and keep your qualified dividends and long-term capital gains at the 0% tax bracket, and/ or live off of Roth IRA proceedings, and/ or in many cases live off of real estate in which you're taking enough depreciation and other expenses to offset rental income.
Great comment. Yeah, most people don't know you can live in the US be a US person every day of the year and make around $88400 as a married couple totally tax free. The problem is how to structure income so it is all long term capital gain -- and that's where installment agreements can really help tremendously in living a tax-free lifestyle that won't include worries about getting caught.
I always wondered how does 🇺🇸 know how long you’ve been in the country so that they would establish (or not) whether you pass the substantial presence. This video answered it. Thanks guys.
Because the entire premise of the whole freaking video doesn't even apply to you if you're a US citizen. "The closer connection" test is for non-citizens. If you're a citizen, then you have to file and potentially pay taxes regardless of where you live.
Because we are lied to as they steal from us by devaluing our money and then tax us on the inflation they cause. Demoralized, the government then really attacks.
IRS is just another mechanism and supporter of capitalism who defend the interests of economic elites. If this isn't true, why do most who work for them make nearly or over six figures, while the poor they target make only survival? It's just a part of the whole capitalist agenda.
I don't think you know how it really works. Americans are divided in the dumbest of ways possible so we always fight the wrong enemy. The enemy IS Washington. DC. We can not vote our way out. Uniparty always wins.
What prevents law enforcement from absconding with undetermined amounts of cash from anyone regardless of the amount? (You're pulled over with $6K and you have a receipt, but the officer destroys the receipt and pockets the cash, or reports half the cash and keeps the other half)?
So, is this how businesses deposit large amounts of cash? They just have a form 8300 they include in night deposit box? Shouldn't it be illegal for anyone to be required to post bail/bond that exceeds $9999.00 since assets to defend yourself may be in cash (Criminal = cash, poor people = cash, people with bad credit = cash, People who refuse to use technology Amish/Mennonites = Cash....) If I won the lottery and I want to have 10 million dollars in cash, is it not legal for me to have that cash? And even if I have a receipt, can it be seized from me?
The bank files 8300. Cash isn't illegal but the government wants it to be for some people (us). And yes, we are all are freaked out about using cash. Which means that for our treasonous government, mission accomplished.
Transition tax was intentional, trump blunder! Not thinking through the effects other than to appease his maga cult with an America First theme. That's exactly why GILTI was written into tax §.
Unfortunately most of the MAGA movement is fairly clueless and easily manipulated by lip-service. They actually think Lincoln was a great president. We can not count on them for much help. Trump had no idea what he signed which is pretty disgusting for someone who promised to drain the swamp.
@@irsmedic Spot on. He does not read, just like many of his followers. They go to fox / aon / newsmax for resonance chamber reinforcement, providing the feedback look to their cult leader, an endless supply of emotional fealty. If he gets elected again, it will be blunder after blunder and USA Plunder, worst that it already is today! Elon Musk is doing anything he can for those tax cuts! Billionaire and $100,000,000+ club members are fighting for the extension of the TCJA 2017 tax cuts! Lastly, he's a failed businessman, convicted of 34 felonies with business fraud! His CFO Alan Weisel berg knew about the tax codes rules on "fringe benefits" and how those are to be taxed as income and income in the situation's but must be declared. He did it all for Trump and paid the ultimate price. He kept such good records that the spreadsheets matched the exact amount that they reduced from the salaries for the Mercedes, the multi million dollar apartments, and somebody's grandsons high and college university tuition! SCAMMERS ALL OF THEM !
They only needed as much information to create a fundraiser list. I used an interesting name in the survey So when they market to me I will have the proof of their criminality.
