If you remit money from Korea for less than $100,000, you do not need to report it. If it exceeds $100,000, you need to report it to the IRS using Form 3520.

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There are two regulations in the US foreign financial account reporting regulations: the Foreign Bank Account Reporting (FBAR) and the Foreign Account Tax Compliance Act (FATCA). These regulations basically apply to all US citizens and permanent residents, regardless of whether they live in the US or overseas.

FBAR is a regulation that requires that if the total of all financial accounts located outside the United States exceeds $10,000 on any day during the year, all such accounts must be reported to the Department of Treasury by April 15 of the following year. This is stipulated in the Bank Secrecy Act and is an independent reporting procedure separate from the US tax law.

On the other hand, FATCA is a regulation that requires reporting to the U.S. Internal Revenue Service (IRS) not only foreign financial accounts but also other financial assets if the total exceeds the following standards.

1) $50,000 ($100,000 Married filing Jointly) at the end of the year while living in the US, $75,000 ($150,000 MFJ) throughout the year

2) $200,000 ($400,000 Married Filing Jointly) at the end of the year while living abroad, $300,000 ($600,000 MFJ) throughout the year

The deadlines for filing personal and business tax returns are as follows:

- Partnership with S-Corp: 3/17/2025

- C-Corp and Individual Tax Reporting: 4/15/2025

However, in the case of LA County in CA, it was extended until October 15th as it was designated as a special disaster area.

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Announced by the IRS on January 10, 2025. Applies to LA County only, not all of California.

In the case of IHSS, many people do not withhold taxes, so they end up paying a lot of taxes at once.

Please be advised that if you are on a W2 for IHSS, you can deduct the expense.

For more detailed information, please consult with our tax accountant and we will provide you with a detailed explanation.

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Countries that have signed a double taxation agreement with Korea pay taxes to the country in which they have foreign income. Therefore, in the case of the federal government, you can reduce taxes paid abroad by using the Foreign Exclusion and Foreign Tax Credit.

Please consult with our tax accountant for more detailed information.

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Uber should carefully review the TAX documents provided by the company. In case of expense items,

Tax savings are possible only if you process expenses without fail.

Additionally, you can claim mileage 1.2-1.5 times the mileage provided by the company.

Please consult with our tax accountants for more detailed information.

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The tax you pay when selling your home is called capital gains tax. If you lived there for 2 years out of the last 5 years, you can deduct up to $250,000 for singles and up to $500,000 for married couples.

Escrow fees and home repair costs may also be charged, so please keep your receipts safe.

For more detailed information, please contact our Top Priority Tax accountant and we will provide you with detailed information.

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The IRS encourages corporate owners to issue payroll statements.

For C-Corp corporations, the profits of the corporation do not pass through to the individual, so it does not affect the SSA that he or she will receive upon retirement.

Therefore, it is a good idea to issue payroll for the future.

For more detailed information, please contact our Top Priority Tax accountants who will be happy to provide you with detailed advice.

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