Your business faces several tax bills each month. Failure to file either payroll or sales tax with the IRS can cost your business more than expected.
Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Ban Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website. This notifies he U.S. Treasury Department of the accounts.
Do you hold overseas banking accounts? Do your foreign accounts exceed $10,000? Have you failed to disclose foreign holdings to the IRS? If you answered “yes” to any of these questions, you should seek the advice of a tax attorney to help you navigate the Report of Foreign Bank and Financial Accounts (FBAR) laws. Otherwise,… Read more »
Do you have previous tax returns that you have not filed? Perhaps this was due to procrastination or in a misguided attempt to avoid paying taxes? To limit the penalties the IRS can assess, including criminal charges, it is of the upmost importance that you act quickly to remedy this situation.
While you can work with a tax preparer to file your annual taxes, there are situations where you should seek representation from a tax attorney. Some instances where it can benefit you to hire an attorney include: if you’re facing a tax audit; if you’re being charged with tax fraud; if you have a large… Read more »
Knowingly not filing your taxes, providing false information, and other tax crimes can have serious consequences for taxpayers. While some penalties may come in the form of fines, some punishments can be as severe as prison time. Take a look at five tax crimes and their penalties and learn why you need a tax attorney… Read more »
If you have money in foreign bank accounts, you are not immune from disclosing that information to the IRS. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and other non-financial foreign entities to report foreign assets held by U.S. account holders. Individuals are also required to report their foreign financial accounts… Read more »
Every year you are required to file a tax return with the IRS. Failing to do so can have numerous consequences, from penalties to criminal charges. Learn more about what you can expect if you have unfiled tax returns, what options you have, and how a tax attorney can help. Key Insights We Will Discuss… Read more »
You might be unaware that you have unfiled tax returns until you get a notification from the IRS. These notifications can take on many forms, so it’s important to hire a tax attorney to help guide you through the paperwork and the next steps to navigate the exemptions, credits, and deductions you are entitled to.
According to IRS statistics, 146 million U.S. taxpayers file their income tax returns each year. Meanwhile, about 7 million taxpayers fail to file their required income tax returns. If you are part of the 5% who have not filed, this article is for you.