RM Martin CPA

06/04/2025

Expat Tax Filing Deadline is June 16th !

Due Date and Filing Extension

As a reminder to U.S. citizens and resident aliens who live abroad and have not filed their 2024 tax return, June 16th is the due date to either file a return or file for an automatic extension. The extension to file is not an extension to pay taxes due.
The extension must be filed in a timely manner. We can file your extension electronically before the due date.

IRS Streamlined Filing Compliance Procedures

For taxpayers living abroad who are delinquent reporting their financial interest(s) in foreign accounts/assets(i.e. FBAR, forms 8938, 3520 and 5471), the Internal Revenue Service offers streamlined filing compliance procedures. The IRS offers a similar version for taxpayers who reside in the United States.

According to the IRS, taxpayers eligible to use these procedures and who comply with the instructions, will not be subject to certain penalties. The general filing requirements for these procedures include but are not limited to the following:

· You must file tax returns for the most recent three years for which the tax due date (including extensions) has passed. The Form 1040 U.S. Individual Income Tax return must be complete and accurate (including any required forms such as forms 8938, 3520, 5471)

· For each of the most recent three years that an original tax return has been previously filed, you must file an amended tax return which should also include required forms (i.e. form 8938,3520,5471)

· For each of the most recent six years that the FBAR due date has passed, you must electronically file the FBAR(s) with the FinCEN bureau of the U.S. Treasury Department.

Our office can help you file, using the Streamlined Foreign Offshore Procedures! We offer a flat fee filing package, which includes the FBAR and individual tax returns ( including any applicable information returns such as forms 8938, 3520 and 5471). Please contact us for more information and to get started using these streamlined filing compliance procedures! You can email us at [email protected] .

01/05/2025

The cognitive impact of feeling perpetually overwhelmed can range from mental slowness, forgetfulness, confusion, difficulty concentrating or thinking logically, to a racing mind or an impaired ability to problem solve. When we have too many demands on our thinking over an extended period of time, c...

01/03/2025

It’s widely believed that the most successful entrepreneurs are young. Bill Gates, Steve Jobs, and Mark Zuckerberg were in their early twenties when they launched what would become world-changing companies. Do these famous cases reflect a generalizable pattern? In fact, the average age of entrepre...

01/01/2025

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Email from RM Martin, CPA Wishing you the best in the New Year!       Sending you heartfelt wishes for a peaceful, joyous and prosperous 2025. HAPPY NEW YEAR to you and your family! RM Martin, CPA 800

12/29/2024

All leaders have two selves. There’s the self we prefer to present to the world – the one that is run by our pre-frontal cortex and is measured, rational, and capable of making deliberate choices. And then there’s the self, run by the amygdala, that is reactive and impulsive and often causes u...

12/28/2024

Three days after a panel of judges granted a Department of Justice motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. An AICPA statement Friday urged CPAs to be prepared to file BOI reports.

12/28/2024

Focusing on the positive brings positive results.

12/24/2024

If enacted, the regs would require practitioners to maintain a certain level of technological competence, among other things.

12/24/2024

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The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.

12/21/2024

Top reasons to choose RM Martin, CPA to help you move forward with your taxes.
• We value the clients we serve!
• Affordable pricing.
• Simple, easy process.
• IRS experienced.
We are a virtual public accounting firm, providing services where you are. To learn more, please visit our website. http://ow.ly/yryI50N9abb

12/20/2024

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024.

12/20/2024

Important reminder for self-employed individuals and those with taxable income not subject to tax withholding: the deadline for your 2024 Fourth Quarter estimated tax payments is January 15, 2025. Ensure timely payment to avoid penalties and keep your finances in check for the upcoming year. Remember, estimates are required for both federal and state taxes. Stay informed and compliant. DM with questions and/or for more information.
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