You may have come to the United States in the last few years get a better job. You have enjoyed building a stronger financial future here, but you also still have some assets overseas. You have felt a bit overwhelmed when completing your U.S. tax returns though. You...
Firm News
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...
When a business or self-employed individual has fallen behind in estimated tax payments
One of the greatest organizational and cash-flow obligations for small business owners and self-employed people is to stay up to date with estimated tax payments. If your small business or you as a self-employed individual have fallen behind in estimated tax payments...
Tax payment plan vs. tax settlement: What’s the difference?
Many serious tax problems stem from a simple and relatively common situation: being unable to pay the amount due to the IRS. What many people who find themselves in this situation do not realize, however, is that being unable to afford a tax payment is not necessarily...
IRS miscalculates interest on recent notices
In July, the Internal Revenue Service announced an interest rate calculation error on notices sent to taxpayers. The IRS uses form CP2000 when discrepancies exist between what is reported on a taxpayer’s return and information reported by an employer or bank. These...
April 15 is right around the corner, have you started your taxes?
Even though the Internal Revenue Service (IRS) did not begin accepting tax returns until January 31 – a delay due to last year’s 16-day government shutdown – U.S. taxpayers need to be aware that there will be no automatic extension to file their 2013 tax returns....
FBAR, OVDP and the alphabet soup of offshore account compliance
Time is running short to disclose offshore accounts. Changes to the voluntary disclosure program could mean even higher penalties as the IRS and Department of Justice continue to investigate more foreign banks. Add to that list of acronyms the Foreign Account Tax...
Good recordkeeping can help your business survive an IRS tax audit
According to the Tax Receipts website, small business owners are up to 940 percent more likely to be audited than W-2 wage earners. In particular, business owners who operate as sole proprietors or single-member LLCs face a much higher risk of being audited than the...
New IRS filing deadlines and other changes for offshore account holders
A number of recent changes to federal tax law came in an unlikely package: a piece of legislation known as the Surface Transportation and Veterans Health Care Choice Act of 2015. As the name suggests, that law deals primarily with non-tax issues. However, it contains...