Foreign bank accounts can be useful. Yet, they become a burden if you fall foul of the U.S. tax authorities because of them. It is crucial to understand when you need to file a Report of Foreign Bank and Financial Accounts (FBAR). Here are some questions you may have:...
Month: September 2020
Unpaid taxes could lead to a federal tax lien
As a business owner, if there is one thing you need to make sure you always do punctually, it is paying your taxes. If you entrust this task to one of your employees, take it upon yourself to check that they have done it. The Internal Revenue Service (IRS) will not be...
IRS to target high-income earners
From time to time, the Internal Revenue Service (IRS) announces a campaign to target a particular sector of society and audit their tax returns. If you earn a high income, there may be a letter dropping through your letterbox this month. These are the two main reasons...
3 Audit red flags for the self-employed
Being your own boss comes with a great deal of independence and freedom. You can work at your own pace, choose your own workspace and set your own rates. However, the privilege of being self-employed also comes with some significant responsibilities. As a business...
4 commonly misunderstood self-employment tax deductions
Being your own boss has its benefits. However, one potential drawback of being self-employed is having to account for your own payroll taxes. To help ease the tax burden faced by the self-employed, the IRS allows for several tax deductions. It’s important to...
Top countries for offshore banking
Offshore banking can lead to compliance issues, but it is legal when it is done right. Channeling money through these financial havens provides businesses and wealthy individuals with such financial benefits as lower tax obligations, higher interest and fewer...