When should you file a 1099-C form for your business with the IRS?
If you are a creditor who has provided loans that have been defaulted on, filing
Silvino Diaz
December 21, 2020
Tax Law
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.
Eric Gros-Dubois
May 26, 2020
Tax Law
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.
Eric Gros-Dubois
May 26, 2020
Tax Law
A Vendor Has Wrongfully Filed an Item With Your Credit Rating Agency: What to Do
Oftentimes, a creditor or vendor wrongfully files something with your credit rating agency. All of a sudden, you find your credit lowered by hundreds of points, with collection agencies knocking at your door. Black marks on your credit can have detrimental consequences for future financial transactions, like opening a credit card.
Eric Gros-Dubois
May 21, 2020
Tax Law
What IRS Troubles Are Occuring Due to COVID-19?
IRS Troubles During COVID-19 Due to the ongoing pandemic, the IRS had to cut its
Eric Gros-Dubois
May 15, 2020
Business Law
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.
Eric Gros-Dubois
March 12, 2020
Business Law
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.
Eric Gros-Dubois
February 27, 2020
Business Law
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.
Silvino Diaz
February 17, 2020
Tax Law
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.
Niuris Bezanilla
January 23, 2020
Tax Law
Can a U.S Non-Profit Organization lose its Tax-Exempt Status by Sending Funds to Foreign Organizations?
There are several ways that funds from U.S. non-profits can be sent to foreign organizations. However, U.S non-profit organization may be exposing themselves to risks and possible dangers of losing their tax-exemption status.
Eric Gros-Dubois
January 23, 2020
Tax Law
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.
Niuris Bezanilla
January 23, 2020
Business Law
Are Officers and Directors of U.S Non-Profit Organizations Required to be U.S Citizens or Legal Permanent Residents?
Board members are responsible for making strategic goals and decisions for the charitable organization. Officers
Eric Gros-Dubois
January 17, 2020
Tax Law
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.
Eric Gros-Dubois
January 15, 2020
Tax Law
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.
Eric Gros-Dubois
January 13, 2020
Tax Law
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!
Niuris Bezanilla
January 10, 2020
Employment Law
What Happens If A W-2 Employee Finds Out The Employer Wasn’t Withholding Employment Taxes?
Employers are responsible for sending the W-2 form to the IRS and to the employee each year, which reports the employee’s annual wages and the amount of taxes withheld from his or her paychecks.
Eric Gros-Dubois
January 10, 2020
Estate Planning
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.
Niuris Bezanilla
October 15, 2019
Employment Law
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?
Eric Gros-Dubois
August 12, 2019
Tax Law
The IRS is looking to Use Social Media to Investigate Tax Fraud
Online sellers are notoriously known by the IRS as tax cheats. The IRS estimates that businesses across the United States pay $125 billion less in taxes each year than they actually owe. The IRS is on a mission to reduce that number.
Eric Gros-Dubois
July 23, 2019
Business Law
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.
Eric Gros-Dubois
April 29, 2019
What are the new procedures after the “OVDP” was terminated?
On September 28, 2018, the IRS officially terminated the Offshore Voluntary Disclosure Program (“OVDP”). The
Eric Gros-Dubois
January 8, 2019
Business Law
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.
Eric Gros-Dubois
November 11, 2018
Foreign Reporting
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.
Eric Gros-Dubois
September 21, 2018
Trust Fund Recovery Penalty and the IRS
If you are reading this article, it is likely because you or someone you know
EPGD Law
April 16, 2018
Did you know there are “Whistle Blower Awards”?
WHAT IS AN IRS TAX “WHISTLEBLOWER”? A “whistleblower” is someone who reports misconduct by an
EPGD Law
February 26, 2018
What Must a U.S. Citizen Do Upon Receiving a Large Cash Gift from a Foreign Non-Resident?
As a general rule, foreign gifts of money or property received by a U.S. citizen
EPGD Law
February 7, 2018
Single-Member LLCs and the New Form 5472 Rules
A Single-Member Limited Liability Company (“SMLLC”) is a Limited Liability Company (“LLC”) which only has
EPGD Law
January 27, 2018
Could Dorothy be Held Liable for Foreign Taxes in The Land of OZ?
Now that the title caught your attention, the reality is that buyers of real property
EPGD Law
March 31, 2017