GringoPost | Ecuador: Tax facts, humor and quotes

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Tax facts, humor and quotes

Tax fact: Publication 17 "Your Federal Income Tax for use in preparing 2017 return" is 292 pages long this year.................irs.gov
Humor: "65% of people say that cheating on your income tax is worse than cheating on your spouse. The other 35% were women"...............Jay Leno
Quotes: "Congress can raise taxes because it can persuade a sizable fraction of the population that somebody else will pay".............Milton Friedman.

Before I give you additional information on the tax seminar, let me address some comments/concerns that have been voiced. First off, "I am not now, nor have I ever been a member of the "IL", or any other likeminded community. No one pays me to blog, or write for them. Secondly, for those of you who willingly offer your "free" advice, don't just offer a tidbit. Tell the whole story.......as far as FBAR goes, give them all the facts that surround the FBAR disclosures. You know the saying "a little bit of knowledge can be dangerous to your health". If you want to "help" people understand everything related to FBAR, spell it out in full so as not to lead people into thinking they are safe in what they do, or don't do on a return. FACT, even the smallest mistake about FBAR can cost you $10,000. How is that for part of the puzzle? Third issue I wish to address, if you want to "work" for free, be my guest. I am a professional tax preparer registered with the Internal Revenue Service. I've given 32 years of my life to the preparation of tax returns. I've earned the right to charge and I don't have to give my expertise away for free. If my fee of $ 25 is too "rich" for a 2-hour seminar, plus almost 60 hours of preparation, plus printing, then so be it. After-thought, the individual who pointed out that you can get all of this information for free is actually correct. If, you have the time, energy, and desire you too can prepare your own return or taxes for others. Just understand, as a paid preparer, you will be subject to the Office of Professional Responsibility (OPR) where our fines start at $50 per occurrence, and up to $25,500 per year, or worse including jail time.

For those US citizens, who operate a business in Ecuador, don't let anybody tell you that you don't have to report that income and file a tax return. You have what is referred to as a "tax event." To put it bluntly, if you don't file, the Service will consider that as tax fraud and can charge you criminally if they so desire. There is no statute of limitation on non-filing, or filing of a fraudulent return.

Now back to the seminar, The Subjects to Be Covered are:
Basic Filing Requirements
Tax-Related Identity Theft
Social Security - Proof of Life
FATCA/FBAR Requirements
Foreign Earned Income Exclusion
IRS Letters, Notices, Penalties, and Civil Audits
When a Civil Audit Turns Criminal
U.S. Passport Revocation
Taxpayer Dies, Executor Responsibilities
Bit-coin and The IRS, The Latest Developments
Inherited IRA Rules
Hobby Loss Rules

If you have an interest in attending, please reserve: ojohnnio@aol.com with your name(s) in your party.

Wed. January 10, 2018 from 10 AM till noon, The Vegetable Bar

John Papile