Taking A Cooperative Approach To Your Legal Issues
If you pay taxes in the U.S. but also had one or more financial accounts with at least $10,000 in assets outside the U.S. at any point during the year, you’re typically required to file a Foreign Bank Account Report (FBAR) with FinCEN. U.S. citizens have to pay tax...
What should you do if you discover a mistake in your tax return after it is filed? There are a couple of options available to make corrections depending on when the error is discovered. Most taxpayers know that a tax return can be amended. The lesser-known and better...
The National Taxpayer Advocate released her 2022 annual report this week, which describes the many challenges facing the IRS. High on the list, to no surprise, is the very poor quality of customer service provided to taxpayers. The report states “The main focus of...
Once a year every year, most people have to file income taxes. However, many do not. As a result, many of these people will face penalties on top of the tax they owe. The big question is, why do so many people fail to file their taxes? There are many reasons that...
If you haven’t paid taxes in years, you could owe an incredible amount of back taxes that may not actually be affordable to you. This often concerns people because they’re worried about how they’re supposed to come up with this much money and what the government is...
The Corporate Transparency Act (“CTA”) passed by Congress in January of 2021, will add yet another disclosure filing requirement for small businesses. The Financial Crimes Enforcement Network, also known as FinCEN, which processes FBAR filings, is now tasked with...
You worked for other companies for a number of years. While this helped you to acquire a number of skills and contacts, you’ve always wanted to go it alone. Consequently, you set up a small business. Being your own boss comes with a number of advantages, but it also...
Running your own business can be profitable and extremely rewarding. Nonetheless, it also comes with big responsibilities. One of your main legal duties will be to pay your tax contributions when required to do so. A willful failure to honor your tax obligations...
The Internal Revenue Service (IRS) enforces the tax code in part by reviewing individual returns, performing audits and pursuing collection activity when necessary. The IRS even has the authority to recommend criminal proceedings against those who have engaged in tax...
From keeping tabs on your inventory to marketing, managing your workforce and ensuring compliance with applicable laws, running a business comes with tons of responsibilities. It is not surprising that most small-business owners do not pay much attention to business...
