With the wild fires and draught in the West and flooding on the East Coast, we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a casualty, you may be able to recoup a portion of that loss through…
The IRS sends many, many, many, letters and correspondence before they levy or garnished any Taxpayer’s wages, bank accounts, or other assets. Many taxpayers take the ostrich approach and ignore the problem, in hopes that it will go away. If you’re facing an IRS Problem, appropriate action can go a long way towards resolving it!…
CFO Wanted With REIT Expertise (Dallas/Ft. Worth, Texas) We are currently conducting a search for a CFO who will be accountable for the administrative, financial, and risk management operations of the company, to include the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control…
According to Law360 (subscription required), an ex-managing director at corporate acquisition business MidCoast Financial Inc. was found not guilty by a Pennsylvania federal jury on Wednesday over his alleged involvement in a complex $200 million corporate tax fraud scheme. Donald Stevenson of North Palm Beach, Fla., 58, was cleared after a six-day trial on charges…
On September 23, 2015, we posted “Some Nonresidents with U.S. Assets Must File Estate Tax Returns” where we discussed that deceased nonresidents who were not American citizens are subject to U.S. estate taxation with respect to their U.S.-situated assets. Many foreigners owning property or assets in the United States are in violation of 706-NA filing…
Saving for retirement is one of the most important things you should do. Even though retirement may seem far away now, that time will eventually arrive and you will want to be prepared for it with adequate savings. Contributing to tax-advantaged retirement plans while you are working is one of the best ways to build…
In this day and age, with businesses going global and worldwide travel being so easy, it is becoming more and more common to see marriages occurring between a U.S. citizen/U.S. resident alien and a resident of another country. These marriages trigger significant tax consequences. U.S. resident aliens are individuals who have become permanent U.S. residents…
One area where most small-business owners can improve their cash flow is in billings and collections. A thorough credit check before you offer payment terms is not enough. Here are six best practices that can make a real difference in your cash balance at the end of every month. 1. Get it right. One legitimate…
Uncle Sam considers our tax system a “pay-as-you-go” system and expects taxpayers to prepay taxes on income as they receive it throughout the year. Taxes are prepaid through withholding and by estimated tax payments. Since withholding is not an exact science and estimated tax payments are—just as the title suggests—estimates, the IRS, and most states,…
“The “Exit Tax” affects “covered expatriates” – what is a “covered expatriate”?” In a FATCAesque world, where “relinquishments” are becoming a form of “self defense”, it’s important that you understand: Issue A – Who is affected by the Exit Tax? What is a “covered expatriate”? Only “covered expatriates” are subject to the “Exit Tax” 1.…
