For several decades, our world has operated in a global economy. In 2020, many Americans have bank accounts overseas. For those who have an overseas with more a balance of at least $10,000 at any time during the year, Americans must include those accounts in their...
Any time, you get a letter from the IRS, your heart skips a beat. You guess that the tax agency rarely contacts individuals with good news. Now, you’ve just received a letter noting you owe thousands more in taxes from last year. Yet you had a tax preparer...
Entrepreneurs rely on a team of third-party professionals when they operate their businesses. And while creating or building a business, they go through an important checklist. Create a business plan? Check. Line up investors? Check. Secure office space? Check....
It is not a good or realistic idea to use an offshore bank account as a tax shelter. It is illegal, and the IRS always has had a penchant for cracking down on tax evaders. The government agency requires U.S. citizens to report ownership of foreign assets or have...
Anytime you receive a letter from the IRS you feel your stomach drop. This initial anxiety can turn to panic if the IRS is informing you of a delinquent tax return. However, it’s important to take a breath. Receiving this type of notice does not mean the end of...
You expected the IRS to come a-knockin’, and the notice arrived in the mail. A painstaking tax audit awaits you and your business. The worries tumble out as deadlines and conversations with IRS agents await you. This is a sensitive matter.An IRS audit with a...
You may have done everything by the book. Nonetheless, the IRS has taken issue with your tax returns, resulting in an audit. You may even have to meet with someone from the agency to address any discrepancies.If this sounds like a nightmare scenario to you, you are...
In an effort to crack down on delinquent taxpayers, the IRS has employed a relatively new weapon in its arsenal. Taxpayers who owe more than $53,000 in debt may be unable to renew their passports or to apply for a new passport. The IRS must inform the U.S. State...
Taxes are a constant in life. We pay taxes when we buy goods, when we travel, and we even pull a portion directly from our income to pay the Internal Revenue Service (IRS). Many of these interactions are fairly mindless, but others can become complicated. When the...
Business owners have access to a unique set of tax deductions not available to the general worker. For example, the Internal Revenue Service (IRS) generally allows the self-employed the ability to deduct the following: Mileage or vehicle expenses. In most cases, the...
