Filing taxes can be a complex process, and it's not uncommon for mistakes to occur. Whether it's a simple miscalculation or a more significant error, knowing how to navigate IRS tax problems is crucial for taxpayers. In this guide, we'll walk you through the steps to take if you find yourself in a situation where you've made a mistake on your tax return. From [...]
Article Highlights: Audit Methods Additional Audit Funding Taxpayers Earning Less Than $400,000 Earned Income Tax Credit Taxpayers With Total Positive Income Above $1 Million Partnerships Foreign Bank Accounts Employee Retention Credit A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing those individuals and businesses who don't comply with their [...]
Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Gift of College Student’s Supplies Payoff of Student Loan Debt Clean Car Credit Qualified Tuition Programs Qualified Charitable Distribution Donor-Advised Funds Work Equipment Employee Gifts Monetary Gifts to Individuals Documentation Timing The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members [...]
As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we'll address ten commonly asked questions about business valuations, providing you with the knowledge you need to navigate this important aspect of business ownership. 1. Why are business valuations needed? Business valuations serve a [...]
Article Highlights: Not Needing to File a 2023 Return? Are Your Children Attending College? Did You Sell Your Home This Year? Do You Have an Employer Health Flexible Spending Account? Did You Become Eligible to Make Health Savings Account (HSA) Contributions This Year? Is Your Income Unusually Low This Year? Must You Take a Required Minimum Distribution (RMD)? Do You Have Stocks That Have [...]
The world-renowned Colombian singer and songwriter, Shakira, has once again found herself in the spotlight, but this time, it's not for her chart-topping hits or Grammy Award-winning performances. The pop sensation, age 46, has been charged with a second round of tax fraud crimes in Spain, adding another layer to an already complex legal saga. Here, we take a look at the details of [...]
In the dynamic world of startups, navigating uncharted waters is part of the game. As entrepreneurs, we're often so laser-focused on building the next big thing that we may overlook the importance of structuring advisory relationships with care. It's not uncommon for startups to be overly generous with equity, only to realize down the line that the advisor's contributions didn't align with the initial [...]
Article Highlights: Taxation of Non-resident Aliens FDAP Income Effectively Connected Income Form 1040NR – Non-resident Tax Return Form 8233 - Tax Treaty Exemption from Social Security and Medicare Form I-9 - Employment Eligibility Verification Form W-4 – Employees Withholding Certificate Form W-7 -Application for IRS Individual Taxpayer Identification Number As a non-resident alien living and working in the United States, understanding the U.S. tax [...]
Article Highlights: Low Income Year· Limitation on Tax Itemized Deduction· State Income Tax Refund Social Security Taxes Deduction NOL Carryover Military Reservist Travel Expenses Child’s Private School Expenses Student-Loan Interest Home Energy Improvement Credit Home Solar Credit Clean Vehicle Credit Gambling Losses Live in a State Without a State Income Tax? Spousal IRA Reinvested Dividends Worthless Stock Lifetime Learning Credit Charity Volunteer Tax Break [...]
Article Highlights: Accountable Plan Overcoming Tax Cuts and Jobs Act Limits Benefits From an Employers Point of View Benefits From an Employees Point of View IRS Criteria Basic Plan Wording Plan Customization As an employer or an employee one intricacy of tax laws and regulations that often goes unnoticed is the concept of Accountable Plans. These plans, when implemented correctly, can provide significant tax [...]
