Entrepreneurs have innovative ideas and a passion to get those ideas for inventions or services out into the public. When done wisely, this process can not only make the community a better place but can also lead to financial gain for the innovator behind the idea....
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U.S. Tax Law Blog
Will the IRS target millionaires in 2023?
The Internal Revenue Service (IRS) plans to use funding from the Inflation Reduction Act to focus on millionaire and billionaire taxpayers in the United States. Critics point to the historically low rate of audits for those in these tax brackets as proof that an...
Supreme Court provides guidance on FBAR reporting.
We live in a global world. Some of us travel frequently for work, have family that live abroad, have business interests in other countries, or simply retain accounts in foreign nations to diversify our financial portfolios. Whatever the reason for having these foreign...
How can tax planning increase value after an M&A deal?
A merger and acquisition (M&A) deal can result in tax obligations. A failure to prepare for these obligations can mean the deal is not as profitable as it should be. Proper planning before, after, and during negotiations can help to better ensure you make the most...
What if I cannot afford my tax bill?
Those who face significant tax debt may wonder how they will pay the bill. Some may consider using a credit card. If the card has low rates and you know you can make regular payments, this could be a reasonable option. Unfortunately, most credit cards come with a high...
I got notification of a tax audit. Should I worry?
The thrill of getting mail in our mailboxes is not what it once was. Years ago, our mail often included notes from loved ones and cards from friends. Nowadays, these communications are generally sent through social media platforms or email. Actual written mail often...
Do I really need to report my earnings from online wagers?
Online gambling has increased in recent years. The reason reaches back to a Supreme Court case from 2018. In that case, the highest court in the country decided that states could determine whether online betting, like sports wagers, was legal or not. Since that...
IRS announces new shift in policy and focus on safety
The Internal Revenue Service (IRS) warns taxpayers of various scams to watch out for throughout the year. In addition to issuing these warnings, the agency also takes steps to help mitigate the risk of these scams. The agency recently released information about one...
IRS warns taxpayers of new scam
The Internal Revenue Service (IRS) often issues warnings to help taxpayers avoid becoming the victim of the latest tax scams. These scams are serious. The IRS reports that they cost thousands of taxpayers millions of dollars. As such, it is important for taxpayers to...
How do I know if a contact from the IRS is legit or a scam?
Seeing a communication from the IRS is likely right up there with looking in your rear-view mirror and seeing red and blue flashing lights. Just like we take caution during a traffic stop to pull over in a safe area, we need to take caution before we move forward and...