Thanks to the gig economy, a growing number of people are inspired to take control of their financial future by starting their own business. One of the first things they ask themselves is, “Do I need a tax ID number for my business?” In most cases, the answer to that question is yes. But there […]
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Are Offshore Accounts Legal? How Do They Affect My Taxes?
On April 3, 2016, the German newspaper Süddeutsche Zeitung published the ‘Panama Papers,’ which were confidential documents belonging to Panama-based law firm Mossack Fonseca. Among other things, the papers exposed over 214,000 tax havens for politicians, celebrities, and current or former world leaders. While most of the documents involved offshore business entities that were 100% […]
IRS Now Targeting Cryptocurrency Owners
Many people invest in digital currencies like Bitcoin, LiteCoin, and Etherium but they don’t always reveal their gains at tax time. According to Fortune, only a tiny percentage of cryptocurrency owners have been reporting profits and losses on their yearly returns. After examining the 2013 to 2015 tax returns of Bitcoin buyers, the IRS found […]
Do You Have to File Delinquent Returns for All Missing Years?
People fail to file their personal or business tax returns on time for a variety of reasons. You may not have the money when your return comes due, or you could be struggling with a prolonged and debilitating health condition that leaves you unable to cope with daily life, let alone your tax obligations. Whatever […]
What is FATCA?
Do you have a foreign bank account? If so, you’ve probably received correspondence from your bank advising you that they will be providing your financial information to the IRS. When foreign governments sign the Foreign Account Tax Compliance Act (FATCA) agreements with the United States, these notices always follow to U.S. bank account holders. The […]
