Today is one of the most challenging times to be a business owner in recent memory. In order to help business owners and incentivize companies to keep employees on the payroll, the IRS introduced the Employee Retention Credit.
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Individual Tax Liability In The Time of COVID-19
Few entities are as powerful as the IRS and if you’ve received notification that you owe them, it can be very daunting. Even if you aren’t in debt, you may still be wondering what COVID-19 and the policies put into place last summer might mean to taxpayers this year.
What is a Willful Failure to Collect or Pay Over Tax?
If you have worked a full-time job for a company, you have likely noticed, and anticipated, the chunk of salary held back from your paycheck known as taxes.
What Are Criminal Tax Restitution, Fines and Forfeiture?
For a taxpayer facing a criminal tax sentence the two questions that will resonate in his or her thoughts are: 1) How much will I owe? And, 2) Will I go to jail?
What Happens When a Tax Crime Goes to Trial?
In a previous article, we discussed how the majority of criminal tax cases will resolve with the defendant taking a plea, but in the rare instance that a case does go to trial, we’ll now discuss the components of the federal criminal trial and what you can expect when you walk into the courtroom on trial day.
Tax Implications of the Paycheck Protection Program
COVID-19 has left millions of Americans asking questions – some of them no more or less complicated than “what do I do now?” To help answer this question and ease the minds of Americans, on March 27, 2020, Congress signed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
Penalties for Non-willful Violations
Often, taxpayers may neglect to comply with the tax code for reasons that have nothing to do with efforts to evade taxes. That is understandable. International tax laws, especially those associated with FBAR, are complicated and confusing.
Penalties for Willful Violations
This is where things can go south quickly, if you knowingly did not file a FBAR. This is known as a willful violation and the sanctions can be severe.
Other Important Filing Requirements for Those with International Interests
In previous chapters, I have walked you through specific forms you need to file if you have any financial ties to any foreign entities, whether they are business or personal. International transactions are already on the IRS’ radar, so you do not want to do anything to move closer to their bull’s eye.
Filing Requirements for Those with an Interest in Foreign Corporations, Form 5471
Here is yet another form you need to file surrounding any foreign accounts or other assets you may own or be associated with. This one deals with foreign corporations. If this speaks to you, keep reading.