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Archive for Mary Beth Lougen

Last Opportunity To Register – Thursday June 2, 2016 Free Webinar Includes CE – Preparation Form 8621 Calculator

Mary Beth Lougen

On June 2, 2016 by popular request, many people asked that the Form 8621 Calculator Webinar be offered a second time! The complimentary webinar was hosted by TaxConnections and presented by Mary Beth Lougen of American Expat Tax Services and George Kiss of American Expat Tax Tools. Rarely do you experience a webinar where tax professionals wanted more information on  the great tool that literally takes off 22 hours of preparation time on a passive foreign investment corporation.

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No Uniform Treatment Of PFICs At The State Level

mary beth

Ownership by a U.S. citizen of foreign exchange traded (ETF) or mutual funds will most likely trigger the requirement to file a Form 8621. This is because the Internal Revenue Service (IRS) considers these investments as Passive Foreign Investment Companies (PFICs). The taxation of PFICs is incredibly complicated due to the various ways they can be taxed on the federal level.

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How to Get a Copy of Your Prior Year’s Tax Information

For the original IRS announcement, please see:

IRS Tax Tip 2016-25, February 23, 2016

There are many reasons why you may need a copy of your tax return information from a prior year. Transcripts are free and available for the most current tax year after the IRS has processed Read more

Last Opportunity To Register- May 12th 2016 Complimentary Webinar On PFIC- One CE Credit Earned


We only have a limited number of seats left in this free webinar! You will benefit from joining us on Thursday, May 12th 2016 at 1:00PM EDT/10:00AM PDT. If you have ever encountered the IRS Form 8621, you must join us to learn how you will cut away more Read more

Want Relief From Form 8621? Tax Professionals Love This Free Webinar With CE Credit!

Mary Beth Lougen

Want Relief From Form 8621? Tax Professionals Love This Free Webinar With CE Credit!

You are invited to join us for a Complimentary Webinar Thursday May 12th at 1:00 EDT on the webinar everyone is talking about which saves a tax preparer 22 hours in preparing a PFIC calculation. While the IRS states it takes 24 hours to prepare Form 8621, we are going to show you how to prepare the form in less Read more

You Are Invited To Free Webinar On Form 8621 – May 12th 2016 At 1PM ETD

Mary Beth Lougen

Complimentary Webinar on May 12th 2016 at 1:00PM EDT

TaxConnections highly recommends tax professionals join this free webinar presentation! You will benefit learning how to turn what is a nightmare IRS Form to fill out on PFIC. Mary Beth Lougen and William Kiss present the amazing software and they will even give you a User Read more

Amazing Form 8621 Calculation Webinar- Receive 5 Complimentary Calculations For PFIC

Mary Beth Lougen

Attend Form 8621 Calculation Webinar- Receive 5 Complimentary Calculations For PFIC

In the vast world of US international taxation, computation of the 1291 tax, Mark to Market, and QEF Elections for clients owning Passive Foreign Investment Companies (non-US mutual funds) has become a mainstay and a major headache for most US tax practitioners. The IRS regulations for PFICs are some of the most complicated in the entire US Code. The amount of time spent Read more

IRS Asks Taxpayers to Resist Calling Next Week

The Internal Revenue Service is urging taxpayers to resist the urge to call the agency for answers to tax questions as it anticipates an avalanche of phone calls next week and is instead asking them to go online for help.




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State Tax Considerations For American Expats

One of the more common tax questions from American Expats is do I have to file a State return?

Unfortunately, there is not an easy answer to that question, as it depends on the State and your personal situation… but you may have to file a return. There are a few factors that you need to look at first.

• Do you still own property in the State? Some expats keep their home and rent it out. In that case a return must be filed.

• Are you still receiving income from the State? Interest, dividends, bank accounts, mailing address and other types of State sourced income may trigger a need to file. Read more

I Hit The Jackpot! Now How Do I Get My Withholding Back?

For Canadians gambling in United States casinos, “What happens in Vegas, doesn’t have to stay in Vegas”.

Unlike Canada, the United States considers winnings from gambling and lotteries to be taxable. Under the Tax Law jackpots of $600 or more will incur a non-resident withholding tax of 30%. So if you win $10,000 you only go back to Canada with $7000.

But as a Canadian, can you get that money back? The short answer is maybe. The US-Canada Tax Treaty allows Canadians to deduct their U.S. gambling losses (with a few exceptions) in a given year from winnings.

How do you substantiate the losses? You don’t have to submit your receipts to the IRS. Read more

FATCA: But I Have Never Even Heard of FATCA ?

This is a very common statement being made lately by scores of Americans living outside the US. The reason is the enactment of the Foreign Account Tax Compliance Act or FATCA. In fact Expat groups, foreign banks and governments and have been communicating their concerns particularly surrounding the privacy aspect and the IRS intrusion on their finances. But nothing has stopped the implementation of the next phase of FATCA, which takes effect in July of 2014.

What is important to understand is that the Tax Law hasn’t changed in regards to foreign income. That has always been taxable, subject to exclusions etc. What FATCA does is gives the IRS information on foreign accounts held by US citizens. So Americans can no longer shelter their income in foreign tax havens like the Caymans. That income must be Read more