Article Summary: • How to come into compliance with foreign financial asset reporting • Non-willful conduct certification • Miscellaneous offshore penalty • Possibility of subsequent audit If you are a U.S. taxpayer who has not reported your foreign financial assets on your tax returns and you can certify that the reporting failure and nonpayment of all tax due related to those … [Read more...] about Failed to Report Your Foreign Financial Assets? The IRS’s Streamlined Voluntary Filing Compliance Program May Be for You.
Personal Tax
Recordkeeping Tips to Keep the IRS Away
Article Highlights: • Tax Recordkeeping Tips • Receipts • Auto Deductions • Gifts • Business Equipment • Ordinary and Necessary • Meals & Lodging • Entertainment • Home Office With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most … [Read more...] about Recordkeeping Tips to Keep the IRS Away
Avoid Tax Surprises: Report Life Changes to the Marketplace
Article Summary: • Reasons for reporting life changes to the insurance marketplace • Changes that should be reported • How to report changes • Applying for 2015 coverage If you are enrolled in insurance coverage through a government Health Insurance Marketplace, it is important that you report certain changes to the marketplace when they happen, such as changes to your … [Read more...] about Avoid Tax Surprises: Report Life Changes to the Marketplace
Tips to Avoid Tax Penalties for 2014
Article Highlights: • Under-distribution penalty • Required minimum distributions • Underpayment penalties • Withholding Thanksgiving marks the beginning of the holiday season and the time when we begin to think about family get-togethers, holiday gift sharing and parties. But don’t overlook what comes right after the holidays: tax season. And don’t overlook a couple of things … [Read more...] about Tips to Avoid Tax Penalties for 2014
Year-End Planning Strategies to Lower Your Taxes
Article Highlights • Retirement Plan Strategies • Deduction Strategies • Gifting Strategies • Charitable Contribution Strategies • Low- & High-income Year Strategies The following is a checklist that might help you save taxes if you act before the year’s end. Not all strategies will apply to everyone, but many clients will benefit from more than one item. Not all available … [Read more...] about Year-End Planning Strategies to Lower Your Taxes