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EPGD Law Blog

Tag: IRS
EPGD Law Tax Law
Tax Law
Eric Gros-Dubois

Who Does the SEC Oversee?

The Securities and Exchange Commission (“SEC”) is an independent government agency created to regulate corporate securities while maintaining fair market practices. The SEC is commanded by a five-member commission who act cooperatively to enforce the rules and regulations that make up the securities market.  Their authority is derived from the Securities Act of 1933 and the Securities Exchange Act of 1934.

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EPGD Law SEC
Tax Law
Eric Gros-Dubois

What is the Purpose of the SEC?

The U.S. Securities and Exchange Commission is a governmental agency that serves the purpose of protecting investors from fraud and maintaining fairness and efficiency of the U.S. market. One of the main goals of the SEC is to mandate disclosures about all kinds of investments to both small and big businesses.

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Business Law
Eric Gros-Dubois

What is the IRS Trust Fund Recovery Penalty?

Every month your employer has to hold back a certain percentage from your paycheck. They have to withhold 6.2% for social security and 1.45% for Medicare. The IRS calls the withholding of income tax, Medicare, and social security the trust fund taxes. An employer is supposed to send the trust fund taxes amount to the IRS every quarter using Form 941.

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Business Law
Eric Gros-Dubois

How to Properly Dissolve a Florida Nonprofit Organization

When a nonprofit corporation decides to close its doors, there are steps that the organization must follow to legally terminate its operations or dissolve. Similarly, to for-profit corporations, nonprofit corporations must file Articles of Dissolution with the Florida Department of State. But that is not the final step.

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Business Law
Silvino Diaz

Can a U.S Non-Profit Organization Provide Services in Foreign Countries?

Along with registering an organization in the United States, many, if not all countries require proper registration within their governmental agency as well. This not only allows foreign countries to have control over U.S organizations operating within their nation’s borders, it also helps keep track of activities and allows the enforcement of local laws.

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Tax Law
Niuris Bezanilla

Foreign Partnerships & Tax Form 8813

Under Internal Revenue Code “IRC” Section 1446, a partnership of this sort may be made up of any kind of foreign corporation, international organization, non-resident individual or foreign estate or trust. Any partnership that falls under the definition of 1446 must pay the required withheld taxes mandated by the IRS.

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Tax Law
Niuris Bezanilla

What do I do if I owe Money to the IRS?

If you have not filed your tax returns for years and now you owe lots of money to the IRS, there are ways to deal with this issue but the best advice is to contact a tax attorney so they can explain all of the different steps and hopefully lower some of the money you owe.

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Tax Law
Eric Gros-Dubois

Do you have to file Form 5471?

Form 5471, is an informational return that reports activity of foreign corporations in which certain U.S. citizens or residents, who are officers, directors, or shareholders of a certain foreign corporation are required to file. The term “certain” leaves room for interpretation, which is why it is important to consult a tax attorney who understand the different categories of fillers the IRS provides.

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Tax Law
Eric Gros-Dubois

Is There Self-Employment Tax for a LLC with Passive Income?

If a LLC member is not personally liable for the LLC’s debts, has no authority to contract for the LLC, or does not participate in the LLC’s business for more than 500 hours per year, their income is considered passive, and therefore, not subject to self-employment tax.

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Tax Law
Niuris Bezanilla

Nonprofit Forms 1023 & Form 1023-EZ

The main difference between Form 1023-EZ and Form 1023 is the information required from the organization and the time for approval. Form 1023 is used by organizations that are bigger and expect to receive more than $50,000 in the following three years. While Form 1023-EZ is three pages, Form 1023 is 26 pages!

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Estate Planning
Niuris Bezanilla

Creating a Trust for your IRA

IRAs allow you to save for retirement with tax-free growth on a tax-free basis.  You can also establish different sub-trusts within the IRA trust for the benefit of your beneficiaries, including your spouse. You can design each sub-trust to fit the unique needs of each beneficiary.

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Employment Law
Eric Gros-Dubois

What to Consider When Hiring

Do you hire someone as an employee or as a contractor?  What is the difference between an employee and an independent contractor?  How do you know if someone is legally able to work in the United States?

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Business Law
Eric Gros-Dubois

Why is an LLC Important?

Today, many businesses are forming as a Limited Liability Company (LLC) and are finding that an LLC offers the “best of both worlds” of corporate forms.

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tax law
Business Law
Eric Gros-Dubois

An Overview of Qualified Business Income (QBI) Deductions; Part One

A new and important provision in the Tax Cut and Jobs Act (TCJA), enacted in December of 2017, is Section 199A, which allows deductions for qualified business income (QBI). This post is part one of a three-part series and addresses what QBI is, who may claim QBI deductions, how they may claim such deductions, and how to calculate the deduction for taxpayers below the lower threshold.

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Foreign Reporting
Eric Gros-Dubois

Do I have to pay Property Taxes as a Foreigner Investor?

All foreign investors owning U.S real property are responsible for paying taxes on any and all rental income they earn in the United States from that property. As a general rule, a non-US person who rents out his or her U.S. property is subject to a 30% withholding tax imposed on the gross amount of each rental payment.

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