Showing 19-27 of 937 results

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2019-07-16

The IRS is improperly and automatically assessing $10,000 Form 3520-A penalties – what to do now

Category: Blog 2019

The IRS has assessed many of our clients and others taxpayers around the globe who might have even correctly filed Form 3520-A and Form 3520 with substantial penalties – often $10,000. What gives? What can be done about this? In this article we will explain many situations in which a Form 3520-A is required so that you can have a good idea if the IRS’s penalty assessments are something you should push back on.
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2019-07-11

Foreign Earned Income Exclusion and the Bona Fide Residence Test

Category: Blog 2019

“Foreign Earned Income” and “Bona Fide Residence Tests” can sound like a bit of a mouthful, but if you spend time living, studying, or working abroad, they can save you money when it comes to tax time. We’ll explain what each of these means and let you know how you can reduce your tax burden.
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2019-06-27

Thinking of Getting Your LLC Taxed as an S Corporation? Here’s How to Stay Legal and Compliant

Category: Blog 2019

Business owners who run a Limited Liability Company (LLC) can reduce the tax they pay to the IRS by choosing to be treated as an S Corporation. Known as an “S Corporation Election,” this changes the tax status of your business. It makes you a different type of “tax entity” meaning you need to report on, file, and pay your taxes in a different way. We’ll explain the changes you need to make to stay compliant with IRS rules and the tax code, so you can avoid unpleasant penalties.
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2019-06-21

Here’s the best way to deal with certified mail from the IRS

Category: Blog 2013

Chances are, you weren’t home when the post office attempted to deliver a certified or letter from the IRS. Chances are, a pink slip was left for you in your mailbox. You might be holding that pink slip in your hand right now. It might be a little sweaty. You might be wondering — Is this bad? Is this good? Is this no big deal? You might question – Am I going to be arrested? Should I pick up the letter? What happens if I do? What happens if I don’t? You probably are very concerned – so read on as we answer as many great questions we can.
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2019-05-24

What the difference between tax deductions and tax credits and how do they work?

Category: Blog 2019

The primary tools the tax code uses to encourage taxpayers to take the actions that Congress wishes are tax deductions and tax credits. So what’s the difference? And which one is better? In this article we talk about the differences between the two and how they can work together to sometimes lower our taxes, and sometimes not.
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2019-05-17

Business Expenses, Tax Write Off, and Deductions Guide

Category: Blog 2019

The owners of businesses must pay various taxes on the profits that their business generates. If your business is a sole-proprietorship, partnership, LLC, or S Corporation, those profits “flow through” to your personal tax return, which is where you will pay any taxes that are owned. C corporations are taxed slightly differently, and pay corporation tax on any profits.
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2019-05-17

Our guide to IRS Filings for the deceased

Category: Blog 2019

Death and taxes are two of the great certainties of life, and if you need help filing taxes for a deceased friend, relative, or colleague, we’ll help you understand what you need to do. This is likely to be an emotionally fraught and difficult time, so let’s keep things simple and straightforward.
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2019-05-01

Starting a New Business? Here are Your Tax Requirements and Forms You Need to File

Category: Blog 2019

Creating a new business brings many opportunities and challenges to an entrepreneur. You can turn your ideas into products and services that you can sell at a profit. At the same time, you need to deal with the inevitability of taxes — knowing what you need to report on, file, and pay.
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2019-04-18

For better or worse: Tips on breaking the news of a tax problem to your spouse

Category: Blog 2017

There are two very common fact patterns we come across: A business owner that has run up a large tax problem. Someone with foreign accounts and assets who hasn’t been reporting them correctly. They too, have a large tax problem. In both cases we often find that they have not been forthcoming about the true nature of the issue with their significant others. In this article I am going to discuss three steps to take to break the news of an IRS problem to a spouse.

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