I am making an important shift in this community. Income, Expats, & Taxes is moving from a fully free community to a freemium community created for tax preparers who want to learn more about the expat tax niche and build income around serving U.S. citizens living outside the United States. The free part of the community will remain open. Anyone interested in expat tax can still join; read general posts, and learn more about the opportunity in the expat tax space. Paid membership will be $100 per year. Paid members will receive: - Detailed IRS updates and expat tax insights - Premium strategy posts not available in the free area - Bi-weekly Q&A sessions - Guidance on building an expat tax niche - Access to the 6-Figure Framework offer when it opens - Access to prompts to help you create your 6-Figure framework The reason for this change is simple: the expat tax niche is growing. More U.S. citizens are exploring life outside the United States because of remote work, rising living costs, lifestyle changes, and the desire for more freedom. That means more people will need tax preparers who understand U.S. tax responsibilities, foreign-earned income, extensions, compliance, deductions, and year-round tax strategy. This creates an opportunity for tax preparers who are ready to stop chasing only seasonal tax work and start building a specialized, year-round income path. This is the next level. If you are a tax preparer who wants to explore the expat tax niche, build smarter offers, and create more income beyond tax season, this community is being built for you.

Taxpayers who discover an error after filing a federal tax return may need to file an amended return. There are some instances where an amended return isn’t required such as when the IRS corrects errors during processing or requests missing forms or schedules separately. Reasons to file an amended returnIf there are changes to key items on the original return, including: - Filing status - Income - Deductions - Credits - Dependents - Tax liability Taxpayers can use the "Should I File an amended return?" tool within the IRS Interactive Tax Assistant to help decide if they should file an amended return to correct an error or make other changes if they already filed.

Just a friendly reminder.. please don’t use this space to promote your business, products, or services in any way. Any promotional posts will be deleted, and you may be blocked. Thanks for understanding!

If you don’t already have a Written Information Security Plan (WISP), now is the time. Under the FTC Safeguards Rule, maintaining a WISP isn’t optional, it’s required. More importantly, it’s one of the most effective ways to protect your clients and your business. A strong WISP helps you: - Identify risks before they become problems. - Prevent data breaches, not just respond to them. - - Stay compliant with IRS and FTC data protection requirements. - Act quickly and confidently if something goes wrong. - At a minimum, your WISP should include: 1. Risk Assessment – Identify internal and external risks to client data. 2. Safeguards and Controls – Encryption, firewalls, and access controls. 3. Data Handling Policies – How data is stored, accessed and disposed. 4. Incident Response Plan – Clear steps for responding to breaches, including reporting procedures and client notifications. 5. Employee Training – Ensure your team understands security best practices and phishing awareness. 6. Ongoing Reviews – Keep your plan current and effective. Failure to have a WISP can lead to fines, legal issues, and reputational damage. More importantly, it can leave your clients exposed. Putting a plan in place now gives you confidence that you’re ready, no matter what happens. Protect your business. Protect your clients. And stay ahead of the risk. Resources: Pub. 5708, Creating a Written Information Security Plan for Your Tax & Accounting Practice Pub. 5709, How to Create a Written Information Security Plan for Data Safety (one-pager)

A business annual report is a routine state compliance filing, not a financial report or tax return. Most LLCs and corporations must file one with their state, typically once a year, to keep their public record current and maintain good standing. Still, requirements vary by state and entity type. - If you own an LLC, corporation, or nonprofit: You may need to file an annual report with the state where your business is registered.  - If you run a tax-exempt nonprofit: You may need to file IRS Form 990 or Form 990-PF with the federal government, plus any state annual report filing. - Note: An investor or shareholder annual report is a separate document.