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
If you are a creditor who has provided loans that have been defaulted on, filing
What is a Federal Tax Lien? A federal tax lien is the government’s legal claim
While the show is fictional, the reality is that succession planning is an important aspect of estate planning that should be fully integrated into your plan, especially for business owners. A solid estate plan not only provides for the disposition of your assets upon your passing but also plans for someone to take your place (a successor) when you are no longer able to perform your responsibilities due to incapacity or death.
Saving money on taxes is a great incentive to consider leasing your assets to a corporation. It is common for shareholders of corporations to lease real estate, equipment, and other property, such as vehicles, to the corporation, either directly or indirectly.
Trusts allow a third party, or trustee, of your choosing, to hold assets on behalf of a beneficiary or beneficiaries. One of the great factors of a trust, is that trusts tend to avoid probate. Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process for your loved ones.
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.
Preparing for what happens after one’s passing can be difficult. Most people do not like thinking of the reality that they are not going to be around one day. However, proper preparation allows you to have a say even after you pass.
While it is not illegal to earn income abroad or to hold an offshore account, failure to disclose income to the Internal Revenue Service is illegal.
The first and second post of this series on QBI deductions analyzed the purpose of the deduction and how it applies specifically to taxpayers below the lower threshold or above the higher threshold. This post addresses taxpayers that fall between the two thresholds.
The first post in this series on QBI deductions examined the purpose of the deduction, who can claim it, and how to calculate QBI deductions for taxpayers in a lower threshold. This post specifically addresses taxpayers with a taxable income above the higher threshold of $207,500, for individuals, or $415,000, for joint filers.
Unreported foreign accounts or income could trigger huge penalties and criminal liability in the U.S.
If you are reading this article, it is likely because you or someone you know
WHAT IS AN IRS TAX “WHISTLEBLOWER”? A “whistleblower” is someone who reports misconduct by an
What is a 1031 “Like-Kind” Exchange Under the Prior Code? A 1031 exchange, also known
Important dates to keep in mind for this tax season! Deadline Type: Partnership (Form 1065)
As a general rule, foreign gifts of money or property received by a U.S. citizen
It is 6:30pm.You open the door, and come home from a long-day of work. You
Today is your first day of work. You signed a contract with your employer, which