Small Businesses and Contractors Affected By The American Rescue Plan Act of 2021 Welcome to the new year of 2022. As so often happens, a new year means new changes to federal tax laws and this year is no different. There is a small change buried in the American Rescue Plan Act of 2021, passed
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Before Filing, Maximize Asset Protection through Exemption Planning with a Bankruptcy Attorney
Exemption Planning In most bankruptcy cases, debtor’s assets are NOT liquidated. Such cases are referred to as “no asset” cases because from a creditor’s perspective, none of the debtor’s assets are liquidated for the benefit of creditors. As a bankruptcy attorney, it is a priority to provide debtor clients with strategies which may enable them
Complying with International Tax Reporting Requirements – Streamlined Procedures May Help
Streamlined Procedures – What Is It and Who Does It Assist? Streamlined Procedures may provide non-tax-compliant US citizens a remedy when the conduct was non-willful. The Streamline includes procedures and terms for filing amended or delinquent returns and for resolving open tax and penalty obligations. Part of the process includes filing three years of income
Do You Own A Foreign Corporation? Have You Filed IRS Form 5471?
What is a Form 5471? IRS form 5471 is a form issued by the Internal Revenue Service (IRS). Form 5471 – Information Return of U.S. Persons With Respect to Certain Foreign Corporations must be completed and filed by certain taxpayers to report ownership of a foreign corporation. Who Must File Form 5471 and When? There
Own a Foreign Bank Account? Be Prepared to File an FBAR to Avoid Penalties
Foreign Bank Account And Financial Accounts Reporting If you own or are listed as a signer on foreign bank or financial account(s), it must be reported annually if the aggregate balance of the account(s) was equal to or greater than $10,000 USD at any point during the year. Failure to do so may result in
Employee Retention Tax Credit – What is it and how can my Business Participate?
Employee Retention Tax Credit COVID-19 has affected us all economically in some form or fashion, and this did not exclude small businesses across the country. In response to these troubled times, Congress approved the creation of the Employee Retention Tax Credit (“ERTC”) to encourage small businesses to retain their employees. This credit is a refundable
The Gift of Giving: What is a Charitable Trust?
What is a Charitable Trust? The simple answer is that a charitable trust is a trust in which a charity is a beneficiary. The more complex answer is that there are two main types of charitable trusts: charitable remainder trust and charitable lead trust. This article primarily focuses on charitable remainder trusts as they are
Classifying Workers in California – Contractor vs. Employee
Easier Access to Labor Complicates Workers’ EDD Classification You are an innovator. You have identified an underserved market, developed an application to facilitate the supply of the desired services, and found a pool of suppliers with the flexibility and motivation to provide such services. Now you can relax and let the invisible hand work its
What is the 2021 Advance Child Tax Credit?
What is the 2021 Advance Child Tax Credit? The Advance Child Tax Credit payments are early IRS payments of 50% of the estimated amount of the Child Tax Credit you may claim on your 2021 tax return. Meaning, you can receive half of your Child Tax Credit for each “qualifying child†in equal payments for
The Tax Gap: What It Means To You
Tax Gap The tax gap is a topic that has found its way into the news recently. Pundits are looking to how the Biden Administration’s ambitious (yet costly) infrastructure and COVID 19 relief bills will get funded. Although the latest revision of the infrastructure bill no longer contains increased funding for the IRS to close
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