Of all the complex issues that arise when doing business internationally, tax complications often rise to the top of the list. By avoiding a few common mistakes, you can maximize profitability while steering clear of potentially devastating pitfalls. A few common tax...
A law was enacted in 2000, The New E-Conomy Transformation Act of 2000, that allowed Qualified High Technology Companies (QHTC) to have certain tax benefits. In 2020, the QHTC Tax Incentives Modification Amendment Act of 2020 eliminated, imposed or changed limits on...
1. San Fernando Valley family members sentenced to years in prison for fraudulently obtaining tens of millions of dollars in COVID relief: The Ayvazyan family received sentences ranging from 17.5 years in prison to 10 months of probation for crimes including bank and...
Sometimes people forget to file their tax returns. As a result, they start receiving notices from the International Revenue Service (IRS). In this case, the IRS starts sending penalty assessments, bills and letters of enforced collection to taxpayers. The worst you...
Partnerships and sole proprietorships are not separate legal entities from their owners. Therefore, the IRS treats the business and the owner as the same person for tax purposes. On the other hand, corporations are separate entities from their owners. However, the IRS...
2021 Tax Season Begins 1/24: IRS says it has updated its programming to accommodate recipients of advance child tax credit (CTC) payments and those eligible for “recovery rebate credit.” (IR 2022-8, 1/10/22) US Supreme Court & Timing of USTC Petition: Petitioner...
Tax evasion has been a prevalent problem for the Internal Revenue Service, leading to limited revenue collection in the United States. As a result, the IRS has resulted in aggressive tax collection measures to ensure maximum tax compliance among all high-value...
No doubt, the pandemic had an unfortunate economic impact on individuals and businesses alike, causing them to struggle to pay taxes owed to the The People First Initiative did provide relief for about 3 ½ months as the IRS paused enforcement pursuits, such as filing...
The IRS may decide to audit your small business to check whether the reported taxable loss, income, deductions, and expenses comply with the federal tax laws. If there was a mistake, your business could be liable for interest or penalty. Most business owners and...
Tax Professionals & Data Safeguards. It is part of Circular 230 and in a Tax Tip, the IRS restates that data security measures should be reviewed before year end and provides a data security check list with basic steps they to be taken for their and their client’s...
