Historically, businesses hoping to avoid paying certain taxes or reporting specific assets might have used international operations and banking as a means of minimizing their liabilities. However, as countries around the world began adopting the Common Reporting...
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Tax Law
Voluntary disclosure helps those with unreported foreign income
The Internal Revenue Service (IRS) collects estimated income tax payments made on behalf of their employees, as well as quarterly payments from independent contractors. Every year, the IRS processes millions of income tax returns and flags a few of them for audits....
Can you protect yourself if your spouse filed your joint taxes?
Getting married often leads to spouses sharing everything, from a house and financial accounts to their income tax return each year. When you got married, you may have gratefully handed over your tax filing obligations to your spouse, who promised you that they would...
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...