Frequently Asked Questions

Yes. As an IRS Certified Acceptance Agent (CAA), our firm can verify your identity documents in person at our Coral Gables office. We examine your original passport, certify copies for the IRS, and return your documents to you the same day. You never have to mail your passport anywhere.

You can verify our listing on the official IRS Acceptance Agent directory for Florida. Learn more about our ITIN services.

Current IRS processing times for ITIN applications are typically 7 to 11 weeks from the date the IRS receives your complete application. Using a Certified Acceptance Agent does not speed up IRS processing, but it eliminates the risk of your passport being held by the IRS during that period and reduces the chance of rejection due to application errors.

An ITIN is needed by individuals who have U.S. tax filing or reporting obligations but are not eligible for a Social Security Number. Common situations include: foreign nationals earning income in the U.S., nonresident aliens who need to file a U.S. tax return, spouses or dependents being claimed on a U.S. return, and individuals opening interest-bearing U.S. bank accounts or owning U.S. rental property.

Yes. ITINs that have not been used on a federal tax return at least once in the past three consecutive tax years expire automatically. Additionally, ITINs with middle digits 70 through 88 have been systematically expired by the IRS. If your ITIN has expired, it must be renewed before it can be used again. As a Certified Acceptance Agent, we handle ITIN renewals with the same in-person document verification process as new applications.

Yes. We handle family ITIN applications efficiently, verifying documents for all family members – spouse, children, and dependents – in a single office visit. For children under 18, we can also certify birth certificates and other required documentation. If you are filing a joint return with a spouse who needs an ITIN, we prepare the tax return and ITIN application together as a coordinated package.

The FBAR (FinCEN Form 114, Report of Foreign Bank and Financial Accounts) must be filed by any U.S. person – citizen, resident, or green card holder – who has a financial interest in or signature authority over foreign financial accounts if the aggregate value of those accounts exceeded $10,000 at any time during the calendar year. The FBAR is filed electronically through FinCEN’s BSA E-Filing System and is due April 15 with an automatic extension to October 15.

Learn more about our international tax services.

Failure to file FBARs can result in significant penalties. Non-willful violations can carry penalties up to $10,000 per violation, while willful violations can result in penalties up to $100,000 or 50% of the account balance, whichever is greater. However, the IRS offers programs for taxpayers who were unaware of their filing obligations, including the Streamlined Filing Compliance Procedures, which may allow you to come into compliance with reduced or no penalties. We can evaluate your situation and recommend the best path forward.

Yes. U.S. citizens and resident aliens are taxed on their worldwide income regardless of where it is earned. This includes wages, interest, dividends, rental income, and business income from foreign sources. However, you may be able to reduce your U.S. tax liability through the Foreign Earned Income Exclusion (up to $130,000 for 2025), the Foreign Tax Credit, or applicable tax treaty provisions. Proper planning can often eliminate or significantly reduce double taxation.

FATCA (Foreign Account Tax Compliance Act) requires U.S. taxpayers who hold foreign financial assets exceeding certain thresholds to report those assets to the IRS on Form 8938. The thresholds depend on your filing status and whether you live in the U.S. or abroad. For example, single filers living in the U.S. must report if total foreign assets exceed $50,000 at year-end or $75,000 at any time during the year. FATCA is separate from the FBAR – you may need to file both.

If you own foreign rental property, the rental income must be reported on your U.S. tax return. You can generally deduct the same expenses as domestic rentals – mortgage interest, property taxes, insurance, maintenance, and depreciation. If you sell foreign property, the gain is subject to U.S. capital gains tax, though you may receive a credit for foreign taxes paid on the sale. The property itself may also need to be reported on FBAR and FATCA filings depending on how it is held.

For individual tax returns, you should bring: all W-2 and 1099 forms received, Social Security numbers or ITINs for all family members, your prior year tax return, records of estimated tax payments made during the year, mortgage interest statements (Form 1098), property tax records, charitable donation receipts, health insurance forms (1095-A/B/C), and any IRS notices you have received.

For international returns, also bring foreign income documentation, foreign bank account statements for FBAR reporting, and records of foreign taxes paid. You can securely upload documents before your appointment through our secure file upload portal.

Individual federal tax returns are generally due April 15. If you need more time, we can file an automatic 6-month extension (Form 4868), which extends the filing deadline to October 15. However, an extension to file is not an extension to pay – if you owe taxes, estimated payments should be made by April 15 to avoid interest and penalties. U.S. citizens and residents living abroad automatically receive a 2-month extension to June 15.

Do not ignore it. IRS notices have response deadlines, and missing them can result in additional penalties or default assessments. Contact our office as soon as possible so we can review the notice, determine what the IRS is requesting, and prepare an appropriate response. We handle IRS correspondence, CP notices, audit notifications, collection letters, and penalty abatement requests. Learn more about our IRS representation services.

A tax deduction reduces your taxable income. For example, a $1,000 deduction for someone in the 22% tax bracket saves approximately $220 in taxes. A tax credit, on the other hand, directly reduces your tax bill dollar-for-dollar. A $1,000 tax credit saves exactly $1,000 in taxes regardless of your bracket. Credits are generally more valuable than deductions of the same amount. Common credits include the Child Tax Credit, Earned Income Tax Credit, and education credits.

The best entity type depends on your specific circumstances, including the number of owners, desired liability protection, self-employment tax considerations, and your income level. Common structures include sole proprietorships, single-member LLCs, multi-member LLCs, S-Corporations, and C-Corporations. Each has different tax implications. For many small business owners, an LLC taxed as an S-Corporation can provide both liability protection and self-employment tax savings. We evaluate your situation and recommend the structure that minimizes your overall tax burden.

If you expect to owe $1,000 or more in federal taxes after subtracting withholding and credits, you are generally required to make quarterly estimated tax payments. The due dates are April 15, June 15, September 15, and January 15 of the following year. Failing to make these payments can result in an underpayment penalty. We help calculate the appropriate estimated payment amounts and can set up reminders so you stay on track.

Yes. We provide bookkeeping services and QuickBooks support for small businesses. This includes initial QuickBooks setup, chart of accounts configuration, monthly reconciliation, financial statement preparation, and cleanup of prior records. Accurate, up-to-date bookkeeping is essential for tax compliance and gives you the financial visibility needed to make sound business decisions. Learn more about our accounting and advisory services.

Yes. Our office provides all services in both English and Spanish – from the initial consultation through tax preparation, ITIN applications, and any follow-up with the IRS. We serve Miami’s diverse international community and understand the unique tax situations that arise when dealing with income, assets, and family across borders.

We use SafeSend Returns for secure, encrypted file transfers. You can upload your tax documents directly through our secure file upload portal at any time. This is the safest way to share sensitive financial documents – never send tax documents, Social Security numbers, or financial records via regular email.

Our office is located at 2727 Ponce de Leon Boulevard, Coral Gables, FL 33134. We are centrally located and easily accessible from all of Miami-Dade County, including Miami, Brickell, Doral, Hialeah, Miami Beach, Kendall, and Homestead. Office hours are Monday through Friday, 9:00 AM to 5:30 PM. Contact us to schedule an appointment.