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Foreign Bank and Financial Accounts (FBAR) violations can carry immediate financial consequences and cast a long shadow over one's financial future. It is important that those who are facing such accusations get a basic idea of what they are facing. The basics of the...
New York officials continue to crackdown on allegations of tax fraud. In one recent example, New York authorities sentenced a local restaurateur to two years imprisonment for tax evasion. The authorities claim that the businessman diverted profits for personal use and...
Imagine pouring your heart and soul into building a small business from the ground up. You're clocking in long hours, juggling the challenges of managing a dedicated team, and constantly striving to satisfy your customers. Amidst this whirlwind of activity, there is...
The pandemic shifted how we do work. It forced us to transition to a work from home or remote status. For some, the shift was painful, and we returned to the office as soon as we were able. For others, the new setup had benefits. We found we enjoyed the ability to...
The lights dim, and you can feel the excitement in the air like an electric charge, rippling through the crowd as anticipation grows. Nothing can quite match the surge of emotions when the show starts - especially in the crowd gathered to hear one of our generation's...
Internal Revenue Service (IRS) Commissioner Daniel Werfel recently announced he intends to make use of Artificial Intelligence (AI) to aid in tax audits. The agency is motivated to make use of this new tech as the IRS continues to struggle to deliver on promised audit...
Entrepreneurs can use various tax tools to their advantage. When done wisely, this can result in tax benefits and financial gain, but a misstep can result in serious consequences. In a recent example, business owners attempted to use a business entity to purchase...
It is easy to see winning the lottery or leaving a weekend in Vegas with a bit of extra change in your pocket as extra cash. We may dream of using the money to splurge, to buy something we wouldn’t normally consider purchasing, but it is wise to take a moment to think...
Truly successful entrepreneurs are more than just business savvy — they are financially savvy. They know how to build capital and invest wisely; they know when a move could signal a better market or financial reward. This later part, the potential for a move, has...
Will artificial intelligence (AI) take over society? That seems unlikely. But we will see AI play an expanded role in tax operations. The Internal Revenue Service (IRS) recently announced that it plans to use AI to help refine its auditing process. The agency noted...