Do you have foreign accounts as part of investment strategy? Have parents in another country given you signature authority over their bank accounts? Did you inherit a trust that contains assets located at a foreign bank?
Innocent spouse relief allows you to file jointly with a spouse but assign a portion of the refund or tax bill to each spouse. This is often preferable to filing married filing separate which limits available credits and deductions.
A recent report finds entrepreneurs in the sharing economy are not always receiving the forms needed to complete their taxes properly. Misunderstandings are also common when it comes to self employment taxes and tax deductions.
When we last heard from Joe, he was worried about how he would make ends meet since he had just lost his job in the Bakken oil fields of North Dakota.
This series follows the story of Joe, an oil worker who moved to North Dakota for an oil job. Joe is a composite of numerous people who have been in similar situations - we have combined their stories to protect their identities and to show just how common tax issues are in the wake of the downturn in the oil industry in North Dakota.