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Is the U.S. a Top Global Tax Haven?

  • 23 February 2016
  • Author: Cari Holbrook
  • Number of views: 1165
  • 0 Comments
Is the U.S. a Top Global Tax Haven?

 Last month we covered how U.S. citizens working abroad were escaping outrageous U.S. taxes by renouncing their citizenships. It has now been announced that the U.S. has moved from the world’s sixth to the third top tax haven behind only Switzerland and Hong Kong  It is estimated that $21 trillion to $32 trillion in private wealth is untaxed or lightly taxed in what it calls worldwide “secrecy jurisdictions,” with the U.S. being a top spot for activity.

Top 2016 Tax Deduction Changes for Business Owners

  • 9 February 2016
  • Author: Cari Holbrook
  • Number of views: 1257
  • 0 Comments
Top 2016 Tax Deduction Changes for Business Owners

As usual, Congress’ procrastination resulted in some last-minute legislation. Here’s a summary of the top tax changes that will affect business owners in 2016:

Succession Planning: Identify Your Company's Future Leaders Early

  • 27 January 2016
  • Author: Cari Holbrook
  • Number of views: 1381
  • 0 Comments
Succession Planning:  Identify Your Company's Future Leaders Early
Who will carry your business into the future? Do you have your successors identified? Do you have a succession plan? How will you know whether or not to look outside the family for the future of your company, even if you run a family business? These are difficult questions to answer but they’re also extremely important to address when it comes to the long-term success of your business.

Foreign Assets? Working Abroad? The IRS Still Wants Your Money

  • 26 January 2016
  • Author: Cari Holbrook
  • Number of views: 1261
  • 0 Comments
Foreign Assets?  Working Abroad?  The IRS Still Wants Your Money

More than 3,000 Americans each year give up their U.S. passports in order to work abroad. Why? It’s not because they don’t love America. It’s because tax complications make it too hard to work abroad while staying loyal to Uncle Sam. In fact, the U.S. is known to have the most onerous tax laws for citizens working abroad of any developed country in the world.

Personal Property Rendition for Business: What You Should Know

  • 12 January 2016
  • Author: Cari Holbrook
  • Number of views: 1184
  • 0 Comments
Personal Property Rendition for Business:  What You Should Know

In Texas, as well as many other states throughout the U.S., business owners are required by law to report personal property that is used for business to their county tax appraisal district. The requirement is called a Business Personal Property rendition and it includes tangible personal property used to produce income or for other business purposes.

2016 San Antonio Small Business Outlook

  • 18 December 2015
  • Author: Cari Holbrook
  • Number of views: 1475
  • 0 Comments
2016 San Antonio Small Business Outlook

Job creation remains strong, unemployment is at a historic low, and the city continues to grow. This glowing report from the San Antonio Hispanic Chamber of Commerce’s 2015 Economic Outlook Breakfast still holds true for 2016. Richard W. Fisher, former president of the Dallas Federal Reserve Branch agrees, recently stating that “the majority of the job growth in [Texas] has taken place in three metropolitan areas, Dallas has half of it and the rest is split between Austin and San Antonio—San Antonio is doing well.”

Last-Minute Tax Deductions & Section 179 Caveat

  • 15 December 2015
  • Author: Cari Holbrook
  • Number of views: 1232
  • 0 Comments
Last-Minute Tax Deductions & Section 179 Caveat
‘Tis the season for last-minute tax deductions. Technology purchases, staff appreciation, charitable giving, deferred income and accelerated expensing are five major ways to reduce your current year tax bill, making this the most wonderful time of the year indeed! However, one caveat remains: the Section 179 deduction, which allows a deduction on all or part of the cost of certain qualifying property in the year it is placed in service.

How Cash Payments Over $10,000 Get Noticed

  • 8 December 2015
  • Author: Cari Holbrook
  • Number of views: 1336
  • 0 Comments
How Cash Payments Over $10,000 Get Noticed

In business, not all cash is considered equal in the eyes of the IRS. Business owners must report any cash payments of more than $10,000 by completing a Form 8300. Why? These types of payments to businesses are a red flag for money laundering and criminal activity. It’s serious business for the IRS, since the activity can be an indication of terrorist financing and drug dealing. For the rest of us, it’s better to be safe than sorry—and simply report it. Here’s what you should know:

The State of Texas Is Cracking Down on Employee Misclassification

  • 18 November 2015
  • Author: Cari Holbrook
  • Number of views: 1590
  • 0 Comments
The State of Texas Is Cracking Down on Employee Misclassification
The Texas Workforce Commission is cracking down on employee misclassification, primarily as it applies to independent contractors (W9 workers). Before dismissing the issue as not pertaining to you and your business, understand that the TWC and related agencies may not agree with you.

Can the IRS Freeze My Bank Account?

  • 17 November 2015
  • Author: Cari Holbrook
  • Number of views: 1587
  • 0 Comments
Can the IRS Freeze My Bank Account?

Last month we discussed when and how the IRS can freeze a tax refund. But did you know that the IRS can freeze your bank account as well? It’s called an IRS bank levy and it represents an actual seizure of your money from your bank account, if the IRS finds it necessary.

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