Taxes are one of the many things on a long list of obligations a business owner must address. Although entrepreneurs balance many obligations, a failure to properly deal with Uncle Sam can result in serious ramifications.
The Internal Revenue Service (IRS) does not hold back punches. The federal agency is currently attempting to gather late tax payments from one of the world's best fighters. Floyd Mayweather Jr. reportedly owes the federal agency $7.2 million in taxes from 2010 as well as $22.2 million from 2015.
Bitcoins are one example of a new form of currency referred to as cryptocurrency, digital currency or virtual currency. It is a type of currency purchased and exchanged online. Users may wonder whether or not their actions with these types of digital assets are in compliance with United States tax laws. Unfortunately, the Internal Revenue Service (IRS) has yet to provide any definitive guidelines. The federal agency was recently chastised by Congress for a lack of clarity and called to put together "additional guidance on the tax consequences and basic tax reporting requirements" for those who use cryptocurrency.
A recent report by the Institute of Taxation and Economic Policy is calling a number of Fortune 500 companies to task. The report alleges that a number of these companies paid nothing in taxes in recent years.
The phrase "fundamental rights" likely evokes images of civil rights marches and women's rights protests. The term is not likely to create images of tax forms, but maybe it should.
If you have recently changed jobs, one important step is to rollover retirement savings from a company sponsored 401(k) plan into an Individual Retirement Account or Roth IRA.
The Federal Trade Commission recently went after a company that made claims they could settle tax debt for pennies on the dollar. The problem was that once consumers sent an upfront fee they often did not receive any tax-debt relief.
The Internal Revenue Service has increased the number of correspondence audits in lieu of in person tax audits. When an envelope with the IRS logo arrives in the mail, do not ignore it.
Musicians, actors and sports stars sometimes make news when they run into issues with the Internal Revenue Service. On this blog, we have discussed tax liens filed against celebrities, such as Lionel Richie, Sinbad and Lindsey Vonn.
With expanded access to broadband and wireless internet connections, more employees work remotely from a home office. Running a start-up from a home office is also common and many business owners keep their main office in their home.