Did you know that nearly 80 million taxpayers use paid tax preparers, but 60% of those preparers are not regulated by the IRS? The reason for this is because the agency is only allowed to impose requirements on tax attorneys, enrolled agents, and Certified Public Accountants? The Government Accountability
Read more →Making the right connections and maintaining relationships is one of the key factors to success for Entrepreneurs. By effectively building a your professional network of colleagues, business associates, clients, potential clients, vendors, etc., you are ensuring that whenever you need a new client, a new job, to further develop
Read more →There are dozens of temporary tax provisions that expired at the end of 2013. Most of these provisions have been part of past temporary tax extension legislation. Most recently, many temporary tax provisions were extended as part of the American Taxpayer Relief Act of 2012. Collectively, temporary tax provisions
Read more →While bitcoin and other virtual currencies are becoming more popular, the tax rules that apply to them have been unclear, including the basic question of whether they are treated as a currency or as property. Well, the first step to clearing this up for federal tax purposes
Read more →Entrepreneurs often struggle with how to structure their business. My clients often pose this question to me, as they should, while trying to make sense of the advantages and disadvantages of each corporate structure. Essentially, the most simplest structure is to be a Sole Proprietor. But it is
Read more →As a business owner and Entrepreneur consultant, I am continually looking for great opportunities and innovative tools for myself and my clients. My smartphone that keeps me up to date on most of this information. I can use it anywhere to keep in contact with the office, help
Read more →Under the current U.S. tax rules, non-U.S. earnings are generally not subject to U.S. tax until the earnings are repatriated. While the U.S. tax system generally taxes income of U.S. taxpayers wherever earned, profits earned from active overseas businesses, as opposed to passive overseas investments, are generally
Read more →On September 30, 2013, FinCEN posted on their internet site, a notice announcing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the current FBAR form). FinCEN Form 114 supersedes TD F 90-22.1 (the FBAR form that was used in prior years) and is only available
Read more →President Barack Obama released his fiscal year 2015 budget request to Congress on Tuesday March 4, 2014 and lawmakers will promptly ignore it. But the annual ritual highlights his policy priorities for the coming year and serves as a Democratic Party manifesto as Democrats seek to draw
Read more →House Ways and Means Committee Chairman Dave Camp, R-Mich., unveiled his long-awaited comprehensive tax reform package on February 26 to mixed reaction. Camp’s proposed Tax Reform Bill of 2014 would reduce the number of individual tax brackets, cut the corporate tax rate, simplify, repeal or curtail many popular
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