Living Abroad as a U.S. Citizen? FBAR, FATCA, and the Streamlined Procedures Explained

August 28, 2026 | Mike Habib, EA

If you are a U.S. citizen or green card holder living abroad, you may be among the most over-regulated taxpayers in the world. The United States is one of only two countries on the planet (the other being Eritrea) that taxes its citizens on worldwide income regardless of where they live. That single policy choice creates a maze of filing obligations — federal income tax returns, FBAR, FATCA reporting, foreign income exclusions, foreign tax credits, PFIC rules, foreign trust rules — that catches Americans abroad year after year, often through no fault of their own.

If you have lived abroad for years and only recently learned that you should have been filing U.S. returns and reporting foreign accounts, take a breath. The IRS has specific procedures designed exactly for this situation, and the financial outcome for taxpayers who come forward voluntarily is dramatically better than for those who don’t. The penalty regime for unreported foreign accounts is severe — but the path back to compliance for non-willful taxpayers is well-traveled and predictable.

This article walks through what U.S. citizens and green card holders abroad are actually required to file, how FBAR and FATCA work, what the Streamlined Filing Compliance Procedures look like, and what realistic paths exist to bring multi-year non-compliance current. By the end, you should have a clear sense of where you stand and what your next move should be.

Selling Your Business, Property, or Crypto? The Tax Surprises That Catch People Off Guard

July 31, 2026 | Mike Habib, EA

There is a particular kind of tax case I see every spring — a client walks into my office in March or April with a 1099-B, a closing statement, or a brokerage report from the year before, and a question that goes something like: “Is this going to be bad?” They sold a business in May, closed on a rental property in August, exited a crypto position in October, and assumed they’d figure out the tax side later. Later is now, and the tax bill is dramatically larger than they expected.

Here is the truth about selling appreciated assets in the United States: the tax code is full of opportunities to substantially reduce, defer, or restructure the tax cost — but almost all of them have to be set up before the sale closes. After the closing, the options collapse to filing the return correctly and paying what is owed. The difference between proactive planning and reactive filing on a sale of any meaningful size is routinely tens of thousands to hundreds of thousands of dollars.

This article walks through the most common tax surprises people encounter when they sell a business, real estate, or cryptocurrency. You will learn what gets taxed, at what rate, what planning tools exist, what closes the door, and what to do before — and after — a sale of any size. By the end, you should have a much clearer sense of which moves matter, which timing constraints matter, and where professional planning earns its keep.

IRS Audit Letter in Hand? The 7 Things You Should Do Before You Respond

May 22, 2026 | Mike Habib, EA

There is a particular feeling that comes with finding an IRS envelope in your mailbox. The return address alone tightens your shoulders. You open it, you read words like “examination,” “information document request,” or “proposed adjustments,” and your brain starts running in three directions at once — What did I do wrong? How much will this cost? Should I call them right now?

Slow down. Before you call the IRS, before you fax anything, before you start digging through old shoeboxes of receipts, there are seven things you should do first. Done in the right order, they often determine whether you walk out of this audit owing nothing, owing what was actually proposed, or owing far more than necessary because of avoidable mistakes.

This guide walks through exactly what to do in the first days after an audit letter arrives. It is written for taxpayers — individuals, business owners, and self-employed professionals — not for tax pros. By the end, you will know which letter you actually received, what the IRS is really asking for, what deadlines are running, and how to avoid the early missteps that hurt audit outcomes more than the underlying tax issue ever does.

Tax Implications of Selling Property, Investments, or a Business

March 13, 2026 | Mike Habib, EA

Tax Implications of Selling Property, Investments, or a Business

What Every Seller Needs to Know Before Signing on the Dotted Line

By Mike Habib, EA • Whittier, Los Angeles County, California

Serving Individuals & Businesses Nationwide and Overseas

Selling an Asset? The IRS Is Already Paying Attention

You’ve spent years building equity in a home, growing a stock portfolio, or pouring yourself into a business. Now you’re ready to sell—and suddenly, you’re staring at a tax bill you didn’t see coming. This is the moment when many sellers realize they should have called a tax professional before listing the property or accepting that offer.

The truth is, selling a major asset—whether it’s real estate, a brokerage account full of appreciated stocks, or a closely held business—triggers a chain of tax consequences that most people don’t fully understand until it’s too late. And “too late” in tax terms can mean tens of thousands of dollars in avoidable taxes, penalties for underpaying estimated taxes, or missed opportunities to defer gains legally.

This guide walks through the most common tax questions that arise when selling property, investments, or a business. More importantly, it explains how working with the right tax professional—ideally before the sale closes—can fundamentally change the financial outcome.

Mike Habib, EA: Executive-Level Tax Expertise for Businesses That Deserve It

December 19, 2025 | Mike Habib, EA

There’s a moment that changes everything for someone drowning in tax debt. It usually happens at 2 a.m., staring at an IRS notice that might as well be written in ancient Sanskrit. The numbers blur together—$50,000, $1,000,000, maybe much more—and the weight of it feels like trying to breathe underwater. Most people in this situation make a desperate call to one of those firms advertising on late-night television, only to discover they’ve reached a call center where their “case manager” is really just a salesperson reading from a script.

Mike Habib does things differently.

When you call Mike Habib, EA, you actually speak with Mike Habib. Not a junior associate. Not an intake coordinator. Not someone whose primary qualification is the ability to upsell you on services you don’t need. You get the man himself—an IRS-licensed Enrolled Agent with more than two decades of experience who has made it his life’s work to stand between hardworking Americans and the full might of the Internal Revenue Service.

New Bipartisan Taxpayer Rights Bills: What Los Angeles Taxpayers Need to Know

December 5, 2025 | Mike Habib, EA

If you’ve been following tax news lately, you might have heard about two significant bills that just passed the House of Representatives. But what do they actually mean for you as a taxpayer? And more importantly, how can they help if you’re facing IRS penalties or disputes?

As a Los Angeles-based Enrolled Agent who has represented many taxpayers through IRS audits, penalty disputes, and appeals at all administrative levels, I’m excited to break down these new developments. The FAIR Act and the Tax Court Improvement Act represent some of the most significant taxpayer protections we’ve seen in years, and they could dramatically change how the IRS handles penalty assessments and how taxpayers resolve disputes.

Let me walk you through everything you need to know about these bills, answer your most pressing questions, and explain how my firm can help you navigate these new protections—especially at the IRS administrative level where most tax disputes are actually resolved.

Tax Expert Los Angeles: How Mike Habib, EA Can Help You Resolve IRS and State Tax Issues

November 14, 2025 | Mike Habib, EA

If you’re searching for a tax expert in Los Angeles who can help you navigate the maze of IRS and state tax issues, look no further than Mike Habib, EA. Whether you’re dealing with an audit, back taxes, or just want to optimize your tax planning, Mike brings over two decades of experience, a national reach, and a personal touch that sets him apart.

In this comprehensive FAQ-style guide, we’ll explore how Mike Habib’s Los Angeles-based tax firm helps individuals, businesses, and even Americans living abroad resolve their tax problems and plan for a financially sound future.

Who Is Mike Habib, EA?

Mike Habib is a federally licensed Enrolled Agent (EA)—a designation granted by the IRS to tax professionals who demonstrate expertise in taxation and are authorized to represent taxpayers before the IRS. With over 20 years of experience, Mike has helped thousands of clients resolve complex tax issues, defend audits, and stay compliant with federal and state tax laws.

He’s not just a tax preparer—he’s a tax advocate, a negotiator, and a trusted advisor who works directly with the IRS, California Franchise Tax Board (FTB), Employment Development Department (EDD), and California Department of Tax and Fee Administration (CDTFA).

Navigating the Tax Labyrinth: An In-Depth FAQ with Mike Habib, EA, Los Angeles’ Premier Tax Expert

September 26, 2025 | Mike Habib, EA

The skyline of Los Angeles is a testament to ambition, diversity, and relentless hustle. From the entertainment studios of Burbank to the tech startups in Silicon Beach, from the family-owned restaurants in East LA to the real estate moguls of Beverly Hills, this city thrives on a complex economic ecosystem. But with great opportunity comes great responsibility, especially when it comes to the intricate web of federal and state tax obligations.

In this labyrinth of forms, deadlines, codes, and government agencies, finding a guide you can trust is paramount. For countless individuals and businesses across Southern California, that guide is Mike Habib, an Enrolled Agent (EA) and the principal of his esteemed tax practice in Los Angeles, CA.

This comprehensive FAQ article is designed to demystify the world of tax preparation, planning, and problem resolution. We’ll explore why Mike Habib, EA, is consistently recognized as one of the best tax service providers in the region and how his expertise can protect your financial well-being.

Mike Habib, EA highly-rated professional that is prominent to Los Angeles, CA, nationwide, and for international US Expats

August 22, 2025 | Mike Habib, EA

Mike Habib, EA

Nationally Recognized Tax Professional Serving Los Angeles, Nationwide, and International U.S. Expats

Executive Background

Mike Habib, EA brings a rare combination of corporate finance leadership and specialized tax expertise to every client engagement. Before establishing his own practice, Mike served as Controller at Xerox Corporation and Director of Finance at AEG, where he managed complex financial operations at the highest levels of Fortune 500 organizations.

This executive-level background provides Mike with an understanding of financial strategy, regulatory compliance, and business operations that few tax professionals possess. His clients benefit from insights shaped by years of managing multimillion-dollar budgets, navigating corporate audits, and implementing financial controls for industry-leading companies.

Unleashing the Power of Tax Collaboration Strategies!

August 15, 2025 | Mike Habib, EA

Are you ready to transform the way you tackle tax challenges? In today’s fast-paced financial world, standing alone can only get you so far. That’s where the magic of tax collaboration strategies comes into play! At our cutting-edge tax firm, we’re not just experts—we’re trailblazers, igniting partnerships that turn complex tax dilemmas into victories. Whether you’re a business owner wrestling with a multi-layered tax issue or a financial leader seeking innovative solutions, we’ve got the firepower to collaborate and conquer. Let’s dive into the electrifying world of tax teamwork and discover how to harness these strategies to skyrocket your success!