Watson CPA Group - Knowledgebase

Knowledgebase

General FAQs
I've never heard of the Watson CPA Group- can I get references?
By Jason Watson (Google+) Of course! Because of privacy concerns and IRS disclosure laws, we cannot provide that information on our website. However, please call or email us, and we can send you our list of references. Please understand that because many of our competitors would like to have...
07 Oct, 2013 Views: 0 Comments: 0
I got a huge refund last year. Can I expect the same this year?
By Jason Watson (Google+) Trick question. The amount of refund (or in some cases tax owed) is largely dependent on tax withholdings throughout the tax year in addition to various one-time tax credits. Yes, we maximize your deductions. Yes, we ensure that you are claiming everything you are...
07 Oct, 2013 Views: 0 Comments: 0
Payroll Tables Gotchas
By Jason Watson (Google+) Payroll tables can be problematic in an insidious way throughout the year. There are two situations that you should be aware of- First, those of you that have large swings in compensation from check to check can find themselves unnecessarily giving money to the IRS...
16 Oct, 2012 Views: 0 Comments: 0
May I deduct contributions to foreign charities?
By Jason Watson (Google+) Generally No. There are exceptions for Canada, Mexico and Israeli charities but you must have income in those countries to deduct the associated charitable donation. For example, to donate to a Canadian charity you must have Canadian income. From a theoretical...
07 Oct, 2013 Views: 0 Comments: 0
How do I report my foreign bank accounts (FBAR)?
By Jason Watson (Google+) Congress created the Bank Secrecy Act in 1970, but since the Patriot Act especially the last few years, the rules and regulations of Reporting of Foreign Bank and Financial Accounts (FBAR) have changed quite a bit. Generally, if you have a financial interest in or...
16 Oct, 2012 Views: 0 Comments: 0
Is the Offshore Voluntary Disclosure Initiative (OVDI) still in full swing?
By Jason Watson (Google+) Yes. Like its predecessors, the 2009 OVDP, which ran from March 23, 2009 through October 15, 2009, and the 2011 OVDI, which ran from February 8, 2011 through September 9, 2011, the 2012 OVDI addresses the civil side of a taxpayer’s voluntary disclosure of foreign...
16 Oct, 2012 Views: 0 Comments: 0
How do I pay my taxes while living in foreign country without having a US bank account?
By Jason Watson (Google+) There are several options but predominantly there are two- EFTPS: The Electronic Federal Tax Payment System is a free service from the US Department of the Treasury. All federal taxes can be paid using EFTPS. You can make payments via their web site, a voice response...
16 Oct, 2012 Views: 0 Comments: 0
What are the filing timelines for submitting my ExPat tax returns?
By Jason Watson (Google+) Taxpayers claiming the exclusion of foreign income are automatically given an extension until June 15 (60 days after the typical tax return deadline). However, we always suggest a traditional extension to October 15. Be aware, however, there are interest and penalties...
07 Oct, 2013 Views: 0 Comments: 0
Can I pay my taxes with a credit card?
By Jason Watson (Google+) There are several options but predominantly there are two- EFTPS: The Electronic Federal Tax Payment System is a free service from the US Department of the Treasury. All federal taxes can be paid using EFTPS. You can make payments via their web site, a voice response...
16 Oct, 2012 Views: 0 Comments: 0