Tax planning is essential to keep up with tax obligations deadlines. The question is: where does tax planning start? Tax planning starts with the bookkeeping records. Proper bookkeeping is the foundation of accurate and successful tax planning; for this reason we encourage you to do all you can in the earliest opportunity to have available…
Failure to comply with the tax law could end up in tax penalties. Taxpayers could face several penalties for non-compliance of the Federal, State, County and City tax requirements plus interest charged in addition to outstanding taxes assessed; which could be a minor tax surprise or a major tax nightmare. However, rest at ease, unless…
Tax planning is the process of analyzing the financial situation from the tax point of view, to be able to estimate the tax liabilities and formulate ways to ensure tax efficiency. In simple words tax planning is the art of deferring your taxes, in as much as possible, by taking advantage of the beneficial tax-law…
Resident (RA) vs Non-Resident (NRA) Tax Filing For tax purposes U.S. tax law treats U.S. persons and foreign persons differently. So, it is relevant to distinguish between these two types of taxpayers. Resident or United States Persons: In tax law, the term “United States person” refers to a citizen or resident of the United States,…
Tax preparation in general could imply to set aside lengthy periods of time. It is not different for a non-for-profit organization. As it should be, members’ passion and energy could direct them to focus on building the mission of the organization, and can often distract them from the tax law compliance. A tax-exempt status is…
Whether you are ready or not, taxes must be filed and paid at their due dates. Mark your calendars with the following tax deadlines for the first quarter of 2017. March 15: partnerships and corporations 2016 income tax return; April 1st tangible taxes; April 15: individual taxes and foreign declarations. If not, penalties, interest, and…
For federal tax purposes, an organization is exempted from taxation, if it is organized and operated exclusively with the purpose to promote or assist a particular social cause. To be exempted the organization must apply to the Internal Revenue Service (IRS) and meet the requirements and conditions to be recognized as a tax exempt by…
If you own or run a business you must add to your quarterly tax activities the estimated tax payment as requirement to comply with the federal and state tax law to avoid penalties from your tax authorities. The rule is you must pay taxes as you go. The estimated tax payment must be paid quarterly…
United States Citizens and/or taxpayers who has authority over assets, including a bank account, brokerage account, mutual funds, trust, or other type of financial accounts located outside of United States aggregating to $10,000 during the calendar year must file the FBAR report with the Financial Crimes Enforcement Network (FinCEN) a bureau of the Treasury Department.…
Complying with the business tax and accounting liabilities can be very time consuming, which is the reason we recommend you to plan ahead. Waiting until the last minute only creates burden and the risk of missing the deadlines; which could lead to the frustration of having to pay a fine when it could have been…
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