Streamlined Foreign Offshore Procedures
For U.S. taxpayers living abroad or with foreign assets, navigating U.S. tax compliance can be…complicated lets say. Many Americans with overseas interests fall behind on their U.S. tax filing obligations not out of intent, but simply because they were unaware of the rules. Fortunately, the IRS Streamlined Filing Compliance Procedures offer a practical and more […]
CP2000 Notice – What It Is and Recommended Next Steps
If you’ve opened your mail and found a CP2000 notice from the IRS, you’re not alone and more importantly, you’re not necessarily in trouble. Every year millions of taxpayers receive this automated “under-reporter” notice. Despite the scare of receiving mail from the IRS, a CP2000 is not an audit. Instead, it’s the IRS notifying you […]
Form 8621 – Solving the PFIC Headache
If you hold foreign mutual funds, ETFs, or similar investment products, you may have stumbled across one of the most dreaded forms in U.S. international tax compliance (Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company (PFIC)). For Americans abroad and U.S. investors with offshore holdings, this single form can turn […]
Travel Expenses Tax Deductible? What the IRS Allows
The question of are travel expenses tax deductible confuses business owners more than many. Like most business deduction topics, the IRS expects you to draw a clear distinction between business and personal travel. Understanding these rules is essential to avoid disallowed deductions and future headaches. At Advington we offer a full suite of business tax […]
1099 Filing Deadline – Form Basics and What You Need to Know
Many entrepreneurs we work with are tripped up on 1099 requirements and in particular the 1099 filing deadline. Some folks don’t realize they have a requirement to file and end up owing penalties. In this segment, we’ll discuss 1099 basics, the 1099 filing deadline, requirements, and penalties. At Advington Stone, we support individuals and businesses […]
Foreign Earned Income Exclusion vs. Foreign Tax Credit
Ahh the lovely world of US expat taxation… For U.S. citizens and green card holders living abroad, one of the most important tax planning decisions is the battle between the Foreign Earned Income Exclusion vs. Foreign Tax Credit. Both provisions are designed to prevent double taxation on income earned overseas, yet they work in pretty […]
Bookkeeping Services for Small Business – Why They’re More Important Than You Think
You’ve probably heard it before. “Why should I bother paying for bookkeeping, its easy and we can do it ourselves”! This isn’t actually untrue. If one is dedicated and organized, bookkeeping can absolutely be run internally. The problem? Most business owners are not focused on it. They’re focused on running their businesses. Neglecting this routine […]
Key Changes Under the One Big Beautiful Bill Act – What Individual Taxpayers Need to Know
On July 4, 2025, the One Big Beautiful Bill Act (Public Law 119-21) was signed into law. It represents one of the biggest changes to the tax code in years and has been driving a lot of our recent client conversations. A few provisions long set to expire have been extended or made permanent, while […]