For the most part, even a certified public accountant can't tell you when you're going to get audited. The Internal Revenue Service has an extraordinary wealth of data that is intended to alert them to potential red flags. But many of the things that people suspect could lead to an audit are actually completely harmless or a nonissue. There are only a few real red alerts when it comes to being audited. [Read More]
Expats! Forgot To File Your Taxes Or FBAR Forms? You May Still Be Able To File And Avoid Penalties!
When you are living abroad, you have a lot to think about, whether you have moved to another country for business purposes or pleasure. Your taxes are likely furthest from your mind. Even though you are not currently living in the United States, you are still a US citizen, and as such, you still have an obligation to file your yearly income tax returns, as well as your FBAR (Report of Foreign Bank and Financial Accounts Report) forms. [Read More]
Three Reasons Why You Need To Hire A Professional Tax Preparation Company When Opening A Business
When you start your own business, it is important to make sure that you properly plan for your taxes. Understanding the tax codes as a private business can be difficult if you have not been properly trained. Fortunately, you can hire a professional business tax preparation company to make the planning easier. Below is a guide that will walk you through the many ways a tax preparation company can help you properly prepare your business for filing taxes. [Read More]
Own a Business? Your Personal Tax Debt Can Impact Your Business
If you own your own business or are a partner in a business with others, your personal tax debt can affect your business if you fail to pay your taxes or own a significant amount of back taxes. Depending on the legal setup of your business, the IRS can seize both cash and assets from your business to resolve the personal tax debt that you owe them. Business Partnerships If you are in a business partnership, your business is not safe from the IRS. [Read More]