How did you find a specialist who knew both business exits and real estate? I'm in a similar situation but everyone I talk to seems to know one area well but not both. Did you use a Big 4 firm or a boutique?

I actually avoided Big 4 firms after interviewing two of them. Found our specialist through a real estate investment group I belong to - several members had used this boutique firm that specifically focuses on business owners with significant real estate portfolios. The key was finding someone who understood the intersection of business exit planning and real estate optimization - not just someone who happened to work with both separately. I'd recommend asking for specific examples of cases where they've handled both aspects together, not just checking boxes for experience in each area.

TaxPro Premier worked decent for me last year with RSUs and options, but completely failed with my private equity investments. I ended up having to use a combination of software for initial organization and then an actual CPA to review everything. Paid more in the end but avoided some serious mistakes the software made with my cost basis calculations.

It has my SSN on it! That's why I'm so confused and worried. It specifically mentions the "employer's share" but it's addressed to me personally with my social security number. I've worked for this company for 5 years but I'm just a regular employee - not a manager, not an owner, nothing. I just do construction work.

That's definitely concerning that it has your SSN on it. This suggests either a serious IRS error or potentially something more problematic is happening with your employer. Here's what I recommend: 1) Call the IRS using the number on the letter and explain you're just a regular employee with no financial authority, 2) Request a copy of any tax filings that listed you as responsible for the company's taxes, and 3) Document everything including the person you speak with. There's a small possibility your employer may have listed you as an officer or responsible person without your knowledge, which would be very problematic. Don't ignore this - addressing it promptly is important.

I did do some side jobs on weekends during 2020-2021, but I didn't think it was enough to matter. Maybe like $5,300 total across both years. I reported it on my taxes but I didn't know anything about deferring Social Security taxes - I definitely never consciously chose to defer any taxes!

This is probably it. If you reported self-employment income on Schedule C during 2020, you were eligible to defer the employer portion of self-employment taxes under the CARES Act. Some tax software automatically applied this deferral as a benefit without making it super clear to users. The deferred amounts were due in two payments - 50% by December 31, 2021, and the remaining 50% by December 31, 2022. If you didn't make those payments, that would explain the letter you're getting now.

We definitely exceeded the $2,400 threshold - paid our nanny about $18,000 throughout the year. So unfortunately I do need to deal with all the proper employment tax requirements including the W-2. But that's good information to keep in mind for others who might have more occasional help!

This is good advice. I send my gardener his W-2 through a password-protected PDF with the password texted separately to his phone. That way even if someone gets into his email, they can't open the actual document without the password from a different channel.

But if I started my foreign assignment on April 15, 2022 (earlier than the example's June 1), wouldn't the period from May 13, 2022 to May 12, 2023 work just fine? All those days would still be within my foreign presence period, right?

If you started your foreign assignment on April 15, 2022, then yes, a period from May 13, 2022 to May 12, 2023 would technically work for you. But the IRS example is specifically dealing with someone who began their foreign presence on June 1, 2022. The key is finding the optimal 12-month period that maximizes your qualifying days. If you started on April 15, you might actually have a different optimal 12-month period than the one in the example. You'd need to count forward 330 days from your start date (accounting for any US visits) and then establish your specific 12-month period.

As far as I know, the basic mechanics of the physical presence test aren't changing for 2025. The 330-day requirement and 12-month period calculation should remain the same. What might be getting more scrutiny is whether digital nomads truly have a "tax home" in a foreign country, which is a separate requirement for the FEIE.

Can I even open my own bank account at 17 though? I thought you had to be 18 to do that without a parent.

Most major banks offer teen checking accounts starting around age 13-16, but they typically require a parent as a co-owner until you're 18. However, some credit unions and online banks have better options for minors with more privacy. Even with a joint account, your dad would technically be violating the account agreement if he took money that was clearly yours (like a tax refund) for his own use. You could also consider asking another trusted adult (like an aunt, uncle, or grandparent) to help you open an account instead of your dad.

What tax software did you use? I'm in the same situation and need something simple.