Is Your Offshore Trust as Risky as the Media Reports It Is?
If you have an offshore trust or have been entertaining the idea of having one, recent news may have scared you off. The Pandora Papers revealed the inner workings of what’s been dubbed a “shadow economy” benefiting the wealthy and well-connected. But that doesn’t mean all offshore accounts are a sign of fraudulency. An offshore […]
In Texas, Resolving Disputed Taxes Just Got Easier
Just getting a case to district court efficiently and affordably has been a massive headache in the past for Texas taxpayers disputing their state and local tax (SALT) bills or refund amounts. Two new Texas laws help ease this by removing a “pay-to-play” barrier and shortening the winding road to resolution. HB 2080’s Removal of […]
Want to Live & Work Abroad? Get to Know This Income Tax Exclusion
As global borders open, are you ready to head overseas for an extended adventure? “Workcations” are on the rise but, if you’re not careful, your income taxes will rise, too. Nearly 75% of Americans who’ve gotten used to working from home would consider a “workcation” trip now that international travel is back on the table. […]
Are Required Employee IRAs Coming?
Tucked into the embattled federal budget reconciliation bill is a possible mandate forcing small businesses with five employees or more to offer an automatic IRA arrangement or 401(k)-type plan. “Under the proposal, starting in 2023, employers with five or more employees would have to offer a retirement plan and automatically enroll employees, diverting 6% of […]
College Athletes “Face” Big Taxes
College athletes are starting to benefit from being able to sell their name, image, and likeness (NIL). But these athletes may be in for a rude awakening come tax time because even freebies and other non-monetary payments can be considered income. It’s a lesson business owners need to understand as well. Until recent months, college […]
3 Keys in Choosing a Tax Preparer
How do you know you’re working with a legitimate tax preparer? The answer isn’t as cut-and-dry as it should be. It’s essential to determine, though, because working with an unscrupulous or incompetent tax preparer could cost you more than tax dollars. You could be hit with huge penalties and interest or even jail time. Tax […]
Start Counting Up Your 2021 COVID-19 Deductions
As the COVID-19 pandemic swept the world, tax and financial relief efforts were sped along to help business owners stay afloat. As 2021 settled in, some of those efforts trickled away. So, where do you stand as a business owner? What COVID-19 tax deductions should be accounted for before the year’s end? Here are a […]
E-Sign Extended for More Tax Forms
You can keep e-signing many of your IRS forms through the end of 2021, the IRS has announced. Plus, more forms have been added to that list. In April 2021, the IRS announced it will allow digital signatures on certain forms that can’t be filed electronically. Before the pandemic, it was mainly Form 1040 for […]
New Tax Developments for S Corporations
An important tax court decision was recently passed down that addresses a common audit trigger for S corporations: Payments to sole shareholders. Are they considered wages or distributions? The answer to that question can alter a business owner’s tax obligation by thousands of dollars. When a business is just starting out, the owner often chooses […]
Can a Retroactive Tax Hike Happen This Year?
There’s talk about the potential for a retroactive tax hike for capital gains. Is it possible? Yes. But is it likely? That question is much more difficult to answer. Legally, the U.S. President and Congress hold the power to raise taxes retroactively, meaning that the increase could apply anytime during that same calendar year. The […]