Articles Posted in Tax

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Complex tax laws are among the various hurdles individuals and business owners have to face in one way or another. If your tax situation involves multiple international jurisdictions, it compounds their complexity. International tax laws often overlap and interact in ways that aren’t immediately obvious.

Following are some tips to help you handle foreign tax planning a little more easily.

Tip 1: Stay Current on Relevant International Laws

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Receiving correspondence from the IRS is always a little unnerving, especially if it’s for an audit. Fortunately, most tax audits are simple and straightforward, requiring only minimal effort before they’re resolved. More involved audits, however, can be incredibly time consuming, particularly if you’re not prepared.

In this post, we’ll go over the main types of tax audits and how to best prepare for them.

1. Correspondence Audits

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As cryptocurrency evolves and comes into more common usage, so too do the regulations put in place to manage it. Upcoming laws and legal actions are likely to place more governmental controls over how virtual currencies are handled, and that means investors, firms, miners, and so forth need to be aware of the potential legal ramifications they may face in the near future.

The laws that currently (or may eventually) apply to virtual currencies like Bitcoin or Ethereum include those described in this article.

SEC Guidelines Over Cryptocurrency

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If you keep tidy paperwork and have adequate evidence to support the numbers you report on your tax returns, you’ll generally be fine if you are among the few who are audited this year. That said, most people don’t want to deal with that kind of hassle, and it can be a stressful event in any case. To minimize your chances of being audited, the following pointers may help.

Make Sure You File

First off, if you have filed a return in the last year, you’ll want to keep doing so, even if you have nothing to report. If you do, there’s a higher chance that the IRS will contact you with some questions.

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When a property owner fails to pay property taxes, the county in which the property is located creates a lien on it for the amount owed. Tax liens are sold in order to recoup losses from unpaid taxes, and the buyers of those liens get the benefit of investing in a piece of real estate.

What Is a Property Tax Lien?

A property tax lien is a claim on a piece of property for an amount owed in unpaid taxes. It is generated when the owner fails to pay their property taxes, and the lien itself may be sold to the highest bidder to recover that amount.

Many of the various reliefs and incentives put out by the government are intended to help ease the burdens of individuals and businesses alike. Whether you’re a high net worth individual with a complex financial scenario or a small business owner trying to make ends meet during an economic lull, the pandemic will likely impact your tax situation.

Tax Deadlines Postponed

One of the reliefs extended by the IRS is an extension on tax deadlines. Taxes and returns that were due in April are now due by July 15th. If more time is still needed, individuals and businesses are able to extend that deadline further by filing an extension.

Illinois tax code is complex, and a lot of it is fairly punishing to local residents and businesses. In fact, one study rated Illinois the “least friendly” state in terms of taxes.

Navigating the maze of tax laws and regulations often requires expert guidance, especially when it comes to more complex tax situations. Here, we’ll look at some of the nuances of Illinois’s tax code.

Illinois Tax Nuances

Sometimes, your business might need a little more time beyond the deadline to prepare its tax return. Fortunately, filing an extension is fairly simple as long as you keep a few important items in mind.

Reasons to File a Business Tax Extension

There are a number of reasons why you might file a business tax extension. These include:

For most businesses, taxes are a burdensome expense. Business tax credits are a way to reduce the total dollar amount of taxes your organization pays each year.

Definition of Business Tax Credits

Put simply, tax credits are reductions to the actual dollar amount of taxes owed. They are offered by the government as an incentive for businesses to invest in things that improve society, such as research and development, using green energy, providing for employees’ needs, and so on.

Taxes are complicated. For businesses, they can get especially convoluted. While tax season itself is a long way off, most businesses need to keep their tax obligations in mind year-round.

Following are some of the questions people commonly ask about business taxes.

Business Tax Deductions

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