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Failing to File: What are the Penalties?

If you’ve found yourself so caught up in business priorities that you’ve missed the April 15th tax deadline, failing to file,  you’re not alone. This scenario is more common than you might think. So what happens if you find yourself failing to file your taxes? Is the IRS going to flood your mailbox with notifications…

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Trouble Paying Taxes Owed? IRS Has Solutions

Taxes owed can sometimes become higher than we anticipate, making it difficult to pay tax obligations. While the reality is less than ideal, the IRS fortunately offers payment solutions for a variety of circumstances. Considering the high interest rates and penalties that the IRS charges for past due amounts, it is always in your best…

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Tax Requirements When Hiring Non-US Citizens

When adding additional members to your team, you may consider hiring non-US citizens if they are the ideal candidate. In such cases, it’s important to know the differences in tax filing statuses and the requirements of the IRS. Determine tax status The first thing that an employer must do is to determine their tax status….

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Distributing Stocks with a Vesting Provision

A vesting provision is a great tool when employees of a start-up company receive payment in the form of equity. It especially comes in handy if a founder or employee leaves the company right after receiving the stocks. This is because the vesting provision tells when and how shares of the company will be distributed…

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Pay Taxes on Time and Save Thousands

Aside from compliance, one of the main reasons why taxpayers should file and pay taxes on time is to avoid interests and penalties. Taxpayers should file an extension if they know ahead of time that they won’t be able to meet the deadline. However, it is important to note that an extension to file does…

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Tax Liabilities: How to Pay the IRS

If after filing your business tax return you learn you still need to pay the IRS more in taxes, don’t fret. Listed below are a few different methods that allow you to easily pay what you owe on time. Electronic Federal Tax Payment System Electronic Federal Tax Payment System (EFTPS) is a system of paying…

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The IRS and Social Media

In a world where people more frequently interact with social media on their mobile devices, the IRS provides innovative ways to engage and support taxpayers. The use of social media and new platforms allows the IRS to create more convenient ways to communicate with citizens.  These platforms keep taxpayers informed with the latest tax information…

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How is US Tax Residency Determined?

For companies owned by foreign persons, determining the foreign shareholders’ tax residency in the US is critical. This is because related party transactions between foreign-owned domestic corporations and their foreign shareholders are required to be reported to the IRS on Form 5472.Determining if you’re required to file Form 5472 as a foreign person can save you from…

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The January 31 Deadline

Most people associate tax season with income tax deadlines so it’s easy to forget about other forms they may need to file for the January 31 deadline. So what other forms should business owners know about? The IRS requires business owners to file wage statements and independent contractor forms by January 31. Employers must report…

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Does my Business Qualify for QBI Deductions?

What is a QBI deduction? Qualified business income (QBI) deductions are one of the most talked about changes of the 2017 Tax Reform. This new tax break allows individuals and some estates and trusts who own pass-through entities—partnerships, LLCs, S Corporations and sole proprietorships—to deduct 20% of their QBI from their taxable income.  QBI deductions…

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