The United States has taxing authority over some foreign corporations which have U.S. citizens or Greencard holders as officers, directors or shareholders even if such foreign corporations don’t have permanent establishments in the U.S. or don’t have any income sourced from the U.S. Report of Foreign Bank and Financial Accounts (FBAR) U.S. Corporations and Individuals…
If you do then it may be necessary to report this income on a U.S. tax return. Most foreign countries have a guideline that requires you to include a report all personal and business assets in the tax return. With the globalization of the world, countries are starting to share information included in this information…
For 2015, the deadline of June 30th, 2016 is just around the corner and penalties can be severe. The U.S. Internal Revenue Service (IRS) has been aggressively pursuing tax evaders and taxpayers involved in wrongful transactions in foreign countries. The requirement to file FBAR is designed to help the Department of Treasury and the IRS…
For calendar year 2015, the deadline to file a Foreign Bank Account Report (FBAR) is June 30st, 2016. This deadline is a very serious one, failure to file penalties start at $10,000 and can even result in jail time. Still the question remains. Are you required to file a FBAR? According to the IRS: "If…
No matter what line of work you are in, getting your own business up and running is no small feat. With so many moving parts to keep track of—insurance policies, employees, taxes—arranging a contingency plan for if something were to happen to you can feel like a low-priority task. But what’s more important than protecting…
If you are investigating the possibility of starting your own business, you may have heard that you can deduct the expenses you incur while getting things up and running. This is mostly true, though the technicalities of how it is done are more complicated and less immediate than many prospective business owners realize. Review these…
The relative off-season for taxes is the perfect time to review basics and get your affairs in order. For taxpayers who are not U.S. citizens, identifying the correct tax status is the first step toward filing correctly during tax season. The IRS defines those taxpayers who are not U.S citizens as “aliens.” Within that grouping,…
As you work through the budgeting process in the lead-up to 2016, pay close attention to some of your business’s under-the-radar expenses. For example, take your business development spending: Are you tracking what you and your employees shelled out in the meals-and-entertainment category this year? You might think those dollars are recouped in tax deductions…
Budget season is officially here, which means federal, state and local governments, big corporations, and small businesses alike are all hunkering down to create and approve budgets for the coming year. When it comes to allocating percentages of spending, one of the most difficult categories for businesses to nail down is also the one that…
Consultants, freelancers, contractors, and other self-employed professionals make up a substantial portion of our nation’s economy. Each year, these individuals face the question of whether to incorporate their business, which essentially means they need to decide if they would be better off legally separating their work life from their personal life. So when should a…
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