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Significant social conversation centers on the notion that business owners are obligated to pay their fair share in taxes. As a business owner, you do your diligence in complying by hiring tax professionals who have more specialized knowledge of the state and federal...
From arts and crafts to sailing, woodcarving or horse breeding, we all have hobbies in which we enjoy. Some of these hobbies you can use to make a little extra money on the side, in addition to finding pleasure in the activity itself. Sometimes these hobbies can...
In business, we are surrounded with buzzwords that might mean a lot to us, but outside of your industry, it could seem like you're speaking a foreign language. One word for you to consider today is "nexus." This term does not apply to one industry, but rather to any...
The number of people shopping online is growing daily. According to U.S. News, half of all Americans do regular shopping online, with nearly 20 percent of holiday gifts coming from online retailers in 2016. As a business owner, you know that accounting for sales tax...
Every year hundreds of thousands of new businesses enter the marketplace. New businesses face many challenges to achieve success. One such challenge is taxes. The way in which a business addresses tax issues can make a critical difference in its ultimate success or...
As every New Yorker knows, the conditions of New York’s subway system have become progressively worse in recent years. Delays, subway car breakdowns, and even derailments have become all too familiar. Fixes to the system have been the focus of state and local...
Yes, even the IRS knows that they do not and cannot get everything right. The IRS can make mistakes during audits, collection actions and in other areas. Thankfully, individual and business taxpayers have the right to appeal an IRS decision. In fact, according to the...
When spouses file joint returns, each spouse is jointly and severally liable for all past due taxes. If the IRS believes that there is a tax deficiency on a jointly-filed return, it can undertake collection efforts against either or both spouses. Even if spouses...
Bitcoin is a private currency that is not under the control of a central bank. For these reasons, Bitcoin is attractive to many investors. For these same reasons, Bitcoin transactions are viewed suspiciously by the IRS and taxing authorities. The use of Bitcoin and...
The federal government devotes extensive time and resources to ensure that American taxpayers with foreign holdings pay appropriate taxes on these accounts. The Foreign Account Tax Compliance Act (FATCA) is one of the primary laws in this field. FATCA imposes many...