Holding profits in offshore tax havens isn’t a new thing. Any time a business or individual can find a way to lower taxes, they will do it. When those profits are kept outside of the US, they aren’t available or used to invest in the business. They just sit there.Read More >
Every so often, the IRS itself is audited to make sure it’s following all the rules, regulations, and laws effectively and efficiently. Most businesses should do something similar to make sure nothing falls through the cracks. But when it’s the IRS, the results of resolving an audit issue can have ripple effects.Read More >
Sometime before the big, jeweled ball drops on January 1, 2020, you should take some time to maximize your tax savings, not only for 2019 but as a tribute to yourself for 2020. There are only a few weeks left. You need to fit it in between all the holiday prep and celebrations.Read More >
If you owe the IRS back taxes, consider signing up with a payment plan. Yes, the IRS actually has payment plans for people with low income, not enough time, or maybe just some plain bad luck.
Once again, in 2017, the federal government pledged to simplify the income tax code. And they did…sort of. The Tax Cuts and Jobs Act of 2017 had a lot to unpack. Some things changed. A few stayed the same. It’s a lot to digest, even after filing in 2019. Now seems like a good time to put some of the changes in tax law in one place, plus highlight a few items that differ for filing in April 2020.Read More >
It’s October. Do you know what that means? If you filed for a tax extension earlier this year, it’s time to file your taxes. And If you haven't spent the last few months doing so, you need to get all your supporting documentation together, get your taxes calculated, and file the whole thing by the middle of this month to avoid penalties and additional interest.Read More >
Not filing taxes for several years could have serious repercussions. Not only can the IRS stop you from applying for a passport or a mortgage, but they can also create a Substitute for Return against you, charge you for failure to pay, or charge you for failure to file.Read More >
As it turns out, non-profits must follow more than the tax law when it comes to being an exempt entity. If they hire employees, they also have the responsibility for payroll taxes, just like any business.Read More >