Posts by SIRIUS TAX GROUP
BUSINESS YEAR-END ACTION ITEM #1: REVIEW YOUR FINANCIAL STATEMENTS
Before you close the books, take a close look at your profit & loss, balance sheet, and cash flow statements. Are your numbers accurate? Are there any surprises? Address discrepancies now to avoid headaches during tax season. This is your foundation for smart year-end decisions. #SiriuslySpeaking #YearEnd #SiriusTaxAdvisor #TaxStrategies #BusinessStrategies #GlobalBusiness #InternationalTax #ForeignTax #ForeignIncome #TheITINLady…
Read MoreDISSOLVING YOUR DOMESTIC BUSINESS: WHAT TO KNOW
Thinking about closing your business? Proper dissolution protects you from future tax, legal, and compliance headaches. Here’s what you need to do: Failing to dissolve correctly can lead to penalties or unexpected tax bills. Need guidance? Sirius Tax Group can help you handle dissolution the right way. #SiriuslySpeaking #SiriusBusiness #SiriusTaxAdvisor #TaxStrategies #BusinessStrategies #GlobalBusiness #InternationalTax #ForeignTax…
Read MoreS CORPS: REASONABLE COMPENSATION & TAX BASICS
Forming an S Corporation? Understand how compensation works: Reasonable compensation for an S Corporation is the wage or salary that must be paid to a shareholder-employee who performs substantial services for the business before any non-wage distributions (such as dividends) can be taken. The Internal Revenue Service (IRS) requires this to ensure that Social Security…
Read MoreIRS INFORMATION RETURNS FOR FOREIGN TAXPAYERS: KEY POINTS
IRS information returns are forms used to report certain types of income or transactions to the IRS, and often to the recipient, for tax compliance. For foreign taxpayers (nonresident aliens, foreign entities, and U.S. persons with foreign assets), these returns ensure proper disclosure of U.S.-source income, U.S. activities, and foreign financial interests. 1. Common Information…
Read MoreA BRIEF OVERVIEW OF THE MOST COMMON BUSINESS ENTITIES IN THE U. S.
What is a Business Entity?A business entity is a legal structure that defines how a business is organized, owned, taxed and operates. Choosing the right structure is critical as it affects personal liability, taxation, and administrative requirements. Common U. S. Business Entity StructuresSole Proprietorships are the easiest to form. Two or more people that come…
Read MoreIRS RELEASES TAX YEAR 2026 TAX RATE SCHEDULES
The IRS today released its TY 2026 adjusted rates for the Standard Deduction and Tax Brackets, including changes under the One Big Beautiful Bill (OBBB) for TY 2025. As noted below, TY 2026 adjustments described below generally apply to tax returns filed in 2027. Per the IRS, “the tax items for tax year 2026 of…
Read MoreIRS REPORTING REQUIREMENTS FOR FOREIGN NATIONALS
The IRS reporting requirements for foreign nationals are determined by their tax residency status, which is different from their immigration status. The two main categories are Resident Aliens and Non-Resident Aliens. Your tax obligations, including which forms you must file and what income you must report, depend on which category you fall into. DETERMINING YOUR TAX STATUS: RESIDENT VS. NON-RESIDENT…
Read MoreCOMMON ISSUES WITH SCHEDULE C FILERS
Filing Schedule C, “Profit or Loss from Business,” is a critical part of tax compliance for sole proprietors and single-member LLCs. While it allows for significant deductions, it’s also a common area for errors and audits. The issues can be particularly complex for international taxpayers who must navigate both U.S. and foreign tax laws. Common…
Read MoreIRC § 6013(g): ELECTION TO TREAT A NONRESIDENT ALIEN SPOUSE AS A RESIDENT ALIEN FOR TAX PURPOSES
The IRS allows certain nonresident spouses to be treated as U.S. residents for tax purposes—unlocking joint filing, expanded deductions, and credits. This once-in-a-lifetime election is a powerful strategy for international couples, but it comes with key compliance steps and long-term tax implications. Key Provisions and Requirements If you’re married to a nonresident and want to…
Read MoreDENATURALIZATION, TAX UNDERREPORTING AND FINANCIAL CRIMES
In a June 11, 2025 memo from the Department of Justice, it was announced that one of the ways in which denaturalization will be carried out, is prioritizing enforcement against those who have committed financial crimes. This comes with the estimation by the Internal Revenue Service (IRS) of tax underreporting costing the U. S. about…
Read MoreTHE ITIN LADY: SIRIUS TAX GROUP FOUNDER IS A TAX EXPERT WHO PUTS PEOPLE FIRST
As Featured in International Business Times THE ITIN LADY: SIRIUS TAX GROUP FOUNDER IS A TAX EXPERT WHO PUTS PEOPLE FIRST Created by Callum TurnerPublished 06/01/25 AT 8:01 PM EDT For many, tax season is a time of stress, confusion, and often, fear. The IRS can feel like an intimidating entity, full of complex rules and red…
Read MoreAPPLYING FOR AN ITIN IN THE WAKE OF ICE’S INCREASED ENFORCEMENT (YES, STILL APPLY!)
In the wake of ICE’s increased enforcement and the IRS’ agreement to cooperate and supply information to ICE, many would be ITIN (Individual Taxpayer Identification Number) applicants have been reluctant to apply in 2025. This is because the aggressive actions of ICE have intimidated many current Green Card holders, LPRs (Lawful Permanent Residents) and non…
Read MoreWILL THE GOLD CARD VISA PROGRAM BE A GOLDEN EGG FOR THE U.S.?
President Trump recently promoted the idea of a Gold Card Visa as a gateway to U. S. citizenship, by allowing U. S. residency and the ability to work and do business in the U. S. The President has put a hefty price tag of $5M on the highly coveted U. S. Green Card. Although not…
Read MoreIRS REFUSES REQUEST FROM ICE FOR INFORMATION ON 700,000 SUSPECTED ILLEGAL IMMIGRANTS
The IRS recently refused a request from ICE, the U. S. Immigration and Customs Enforcement agency, for the address of 700,000 suspected illegal immigrants that ICE is seeking to deport. The refusal was made on the basis of violating taxpayer laws. This request is being made in conjunction with the Trump administration’s commitment to deporting…
Read MoreTreasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
As of March 2, 2025, The Treasury Department has announced that it is suspending all enforcement activities related to the Corporate Transparency Act. Pursuant to its latest directives, there will be no fines or penalties assessed against U. S. citizens or domestic reporting companies under existing regulatory guidelines related to the Beneficial Ownership Information (BOI)…
Read MoreIRS Announces New Tax Inflation Adjustments for Tax Year 2025
The Internal Revenue Service announced new tax inflation adjustments for Tax Year 2025. They include adjustments and changes to the Standard Deduction, Earned Income Credits, Medical Savings Account, Foreign Earned Income Exclusion and many more, including Tax Brackets. Of importance to many taxpayers are the following: Standard deductions. For single taxpayers and married individuals filing separately…
Read MoreK.L., Albania
Thank you helping me get my ITIN, my University required it. Thank you for explaining what my F Visa allowed and doesn’t allow being a student here and thank you for helping me file all my returns.
Read MoreT.B., Maryland
Sirius Tax Group LLC provides exceptional personalized tax preparation services. Their expertise and attention to detail ensure an efficient and accurate tax filing process. Sydney’s ability to comprehend intricate financial situations and offer expert guidance is truly commendable. They not only maximized my tax refund but also imparted valuable tax strategies for future financial planning.…
Read MoreM.B.D., Virginia
I finally got the refund from the IRS. My family is now here in the U.S. too and they have Social Security numbers. Thank you so much for all your assistance!
Read MoreIRS UPDATES ON DISASTER RELIEF
Many Americans are still dealing with the fallout of Hurricanes Helene and Milton, including loss of property, income and the ability to carry out seemingly normal activities. Additionally, taxpayers in Washington State, Alaska and the Pacific Northwest and West Coast have suffered from floods, mudslides and other natural disasters. Americans across the Midwest and the…
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