Posted in News, Offshore Account Update on September 30, 2022
As the economic impacts of the COVID-19 pandemic continue to linger, the Internal Revenue Service (IRS) is reminding individuals and businesses that they may still qualify for pandemic-related tax relief in 2022. In a recent News Release, the IRS highlights some of the programs that remain available.
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Posted in News, Offshore Account Update on September 16, 2022
When the Internal Revenue Service (IRS) sends a letter or notice to a taxpayer, there is usually a specific reason why. While some of these are purely notices—informing taxpayers that the IRS has received a communication or verified certain information—others can have far more significant implications.
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Posted in Offshore Account Update on August 31, 2022
While most business owners know that there are tax advantages to using independent contractors, many business owners are not aware of the federal tax rules governing nonemployee compensation. Paying independent contractors can still trigger annual reporting obligations, and businesses that use independent contractors are still required to make withholdings in some cases.
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Posted in News, Offshore Account Update on August 12, 2022
Whether you use crowdfunding to kickstart your business, you receive support through crowdfunding after a life-altering event, or you contribute to a crowdfunding campaign, it is important to understand what this means (and doesn’t mean) for your federal income taxes. Crowdfunding has different tax implications under different circumstances, and knowing how the Internal Revenue Code applies to your circumstances is critical for avoiding unwanted scrutiny from the Internal Revenue Service (IRS).
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Posted in News, Offshore Account Update on July 29, 2022
The Internal Revenue Service (IRS) recently released its Strategic Plan FY2022-2026. While the IRS’ new five-year plan provides U.S. taxpayers with several important insights, one of the most notable lines in the plan appears buried in the plan’s “Enforcement” section:
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