Do you have to report foreign earned income?

Sometimes, when you work in more than one country, you’ll have earnings from both. Depending on the tax laws of the countries you’re working with, you may believe that you only have to file in the foreign country and not the United States. The truth is that if you are...

International expansion can help your company reduce taxes

A growing business with consistent demand for the goods or services it provides will also have increased operational expenses. Buying more supplies and paying for more labor will be part of increasing the scope of operations. Eventually, the company may even need new...

What exactly is tax amnesty?

When taxes become problematic, there are sometimes cases where specified groups can obtain tax amnesty. Tax amnesty is when a specific group of taxpayers is given an opportunity to obtain forgiveness if they are able to pay a defined amount in taxes. This forgiveness...

International tax reform is on the minds of some Americans

International tax laws can be complex and confusing. It’s no surprise that many people need to look very closely at the laws to determine if they’re on the right side of them. In the United States, 2021 could be an excellent year to reform international taxes, but...

Trying to cash in on the Green Rush could mean major tax issues

Savvy entrepreneurs and business investors always want to catch the next big trend before it peaks. Entering a developing industry when there is demand but not yet a saturation of supply can be a recipe for profit. People have called the legalized cannabis and CBD...

5 tax law changes to know

If you need assistance with your taxes, it’s important to work with a knowledgeable team. The Internal Revenue Service is not very forgiving, and making mistakes could lead to serious allegations, fines and penalties. Most years, there are changes to tax laws, and...

What countries have the best corporate tax rates?

Business has become global. With the exception of a few countries that don't allow outside corporations or investors, most of the globe welcomes new business and investment. As a United States citizen, whether you live abroad or not, starting a business in another...

Do you own or trade cryptocurrencies?

If you do, you may need to keep track of your trades for income tax purposes.  The IRS is concerned that people may not be reporting their trades on their income tax returns. Protecting yourself Consulting a tax attorney can help you to address this issue and avoid...

What happens if you fail to report foreign assets and accounts?

If you hold a foreign financial account, United States law requires that you report the account, not only on your income tax return, but also in an annual foreign bank account report, or FBAR. You could face serious legal consequences if you do not report the foreign...

Making the most of the foreign income exclusion for tax reduction

Taxes have a way of rapidly diminishing the income you earn as an individual and the profit a company can generate. Savvy business owners and professionals often go to great lengths to limit their income tax liability each year. Provided that you do so in compliance...