We are often asked how to prepare for an IRS audit. The first and most important thing to know is that speaking directly with the IRS is not in your best interest. IRS Revenue Officers (auditors) are skilled interrogators....more
11/22/2024
/ Algorithms ,
Attorney-Client Privilege ,
Audits ,
CPAs ,
Financial Adviser ,
Interrogations ,
IRS ,
Statute of Limitations ,
Tax Avoidance ,
Tax Credits ,
Tax Deductions ,
Tax Revenues
Is it too late to correct past FBARs and file amended returns with the IRS? The net is closing in on U.S. taxpayers with unreported or under-reported domestic and offshore income and assets. The IRS has increased audits in...more
11/20/2024
/ Amended Tax Returns ,
Artificial Intelligence ,
Attorney-Client Privilege ,
Audits ,
Compliance ,
Constitutional Safeguards ,
Criminal Prosecution ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
FBAR ,
Fees ,
FinCEN ,
Fines ,
Foreign Financial Institutions (FFI) ,
Immunity ,
Income Taxes ,
Investigations ,
IRS ,
Offshore Funds ,
Penalties ,
Tax Evasion ,
Transparency ,
Voluntary Disclosure ,
Willful Misconduct
It's human nature to take the "if it ain't broke, don't fix it" attitude, which extends to allowing areas of your business to evolve and develop without scrutiny. This is why tuning up your business is an essential part of...more
11/20/2024
/ Accounting ,
Business Advice ,
Business Development ,
Business Income ,
Business Operations ,
Business Strategies ,
Compliance ,
Corporate Governance ,
Corporate Veil ,
Creditors ,
Data Collection ,
Decision-Making Process ,
Investors ,
Legal Advice ,
Liability ,
Limited Liability Company (LLC) ,
Reporting Requirements ,
Shareholders ,
Small Business ,
Supply Chain ,
Tax Planning ,
Vendors
Integrative legal, tax, accounting, and business advisory services are more critical than ever as we address the challenging environment of continuous change. Seek change; wherever you find it, opportunity will exist....more
11/15/2024
/ Accounting ,
Affordable Care Act ,
Alternative Minimum Tax ,
Business Advice ,
Business Development ,
Business Ownership ,
Business Strategies ,
Corporate Taxes ,
Deregulation ,
Foreign Policy ,
Tariffs ,
Tax Cuts and Jobs Act ,
Tax Reform ,
United States-Mexico-Canada Agreement (USMCA)
Is a new wave of U.S. expatriate income tax refund applications on the table? The answer to this question hangs in the balance as we await an appeal on the question of whether or not specific Foreign Tax Credits can be...more
11/14/2024
/ Appeals ,
Applications ,
Double Taxation ,
Expatriates ,
Foreign Tax Credits ,
France ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Net Investment Income ,
NIIT ,
Tax Liability ,
Tax Refunds ,
Tax Treaty
Have you come across the surprising IRS tax bracket changes for 2025? Yesterday, the IRS released the 2025 income tax brackets for U.S. taxpayers. The inflation adjustments to tax brackets were a pandemic-boosted 7% for...more
What is the action cryptocurrency investors need to take immediately? What has changed, and why should any digital asset holder or investor pay attention to this game-changing development?
Here is the short answer: If you...more
10/22/2024
/ Audits ,
Brokers ,
Cryptocurrency ,
Digital Assets ,
Financial Records ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investigations ,
Investors ,
IRS ,
Penalties ,
Popular ,
Reporting Requirements ,
Safe Harbors ,
Tax Evasion ,
Trading Platforms ,
U.S. Treasury
The IRS digital asset broker reporting requirements were finalized earlier this year and impact all digital asset (i.e., cryptocurrency and Non-Fungible Tokens or NFTs) transactions beginning January 1, 2025. What do...more
10/21/2024
/ Brokers ,
Cryptocurrency ,
Digital Assets ,
Foreign Financial Institutions (FFI) ,
Infrastructure Investment and Jobs Act (IIJA) ,
Investment ,
Investors ,
IRS ,
New Regulations ,
Non-Fungible Tokens (NFTs) ,
Reporting Requirements ,
Tax Evasion ,
U.S. Treasury
What are the IRS revisions to the Voluntary Disclosure Program for 2024? The foundation of the current IRS Voluntary Disclosure Program (VDP) goes as far back as 2009 when the agency worked to provide U.S. taxpayers with a...more
10/15/2024
/ Audits ,
Compliance ,
Cryptocurrency ,
Disclosure Requirements ,
Filing Requirements ,
Income Taxes ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Offshore Funds ,
Penalties ,
Voluntary Disclosure
The IRS extension deadline is in one week, Tuesday, October 15, 2024. This is the last date for most U.S. taxpayers with extensions to file their 2023 federal income tax return without incurring late filing fees and other...more
It is important to update your trust and estate plan regularly to protect your interests and meet the changing requirements of your future while integrating changes in law and best practices to provide for every potential...more
9/27/2024
/ Alternative Minimum Tax ,
Beneficiaries ,
Estate Planning ,
Estate-Tax Exemption ,
Grantors ,
Healthcare ,
Irrevocable Trusts ,
Revocable Trusts ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Trusts
What is the statute of limitations for an IRS audit? What rules extend the window for an IRS audit?
How long does the IRS usually have to complete an audit of your taxes? Everyone may have a little fear in the back of...more
9/25/2024
/ Audits ,
Capital Gains Tax ,
Compliance ,
Fees ,
Filing Requirements ,
FinCEN ,
IRS ,
Liability ,
Statute of Limitations ,
Tax Penalties ,
Tax Returns
What is the immediate importance of estate planning and why should any parent, business owner, homeowner, or those nearing retirement be focused on this issue? Why do most people delay one of the most critical financial and...more
9/24/2024
/ Asset Protection ,
Beneficiaries ,
Estate Planning ,
Executors ,
Long-Term Care ,
Probate ,
Retirement ,
Revocable Trusts ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Wills
The due diligence of an asset purchase is quite often given less priority and attention than it should (read: must) warrant. An asset purchase transaction is often quite complex financially and legally. The buyer agrees to...more
What are fractional CFO services? What types of organizations should consider fractional CFO services for their corporation or business? What are the advantages of contracting for fractional Chief Financial Officer services?...more
9/20/2024
/ Accounting ,
Asset Management ,
Business Advice ,
Business Ownership ,
Business Strategies ,
CFOs ,
Corporate Entities ,
Investors ,
Tax Planning ,
Vendors ,
Venture Capital
How does the quality and scope of your accounting process affect every aspect of your company from tax exposure to profitability?
It is important to ensure that your company has accurate, detailed, and timely information...more
Have you forgotten about the Beneficial Ownership Information (BOI) Report established by the Corporate Transparency Act (CTA) of 2021? Owners of qualifying domestic entities, as well as those qualifying foreign entities...more
What is an integrated approach to solving business problems? Why is it important for businesses, especially those with multiple offices or entities and/or cross-border interests to partner with an integrated legal, tax,...more
Many business owners and executives fail to realize that accounting is the information connection within your own business. Accounting doesn’t simply capture the box scores of your company’s business transactions. A...more
8/28/2024
/ Accounting ,
Analytics ,
Business Income ,
Business Operations ,
Business Ownership ,
Business Strategies ,
Documentation ,
Financial Statements ,
Internal Controls ,
Policies and Procedures ,
Tax Planning
Many small business owners mistakenly believe business succession planning and estate planning is for those with substantial wealth. This is simply a myth which does not reflect the nature of business or home ownership....more
8/28/2024
/ Asset Protection ,
Beneficiaries ,
Business Ownership ,
Business Succession ,
Buy-Sell Agreements ,
Connelly v United States ,
Documentation ,
Estate Planning ,
Heirs ,
IRS ,
Probate ,
Redemption Agreement ,
S-Corporation ,
SCOTUS ,
Small Business ,
Succession Planning ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Valuation
What is the value of value of integrated consulting, legal, tax, and accounting services? Just before the millennium, a group of prominent professional service companies was known as “The Big Eight.” The Big Eight included...more
Connelly v. Internal Revenue Service is a landmark SCOTUS decision that will impact business owners, partners, shareholders, members, and professional practitioners from a business perspective, succession planning, as well as...more
8/12/2024
/ Business Succession ,
Buy-Sell Agreements ,
Closely Held Businesses ,
Connelly v United States ,
Estate Tax ,
Fair Market Value ,
IRS ,
Liability ,
Life Insurance ,
Redemption Agreement ,
Right of Redemption ,
SCOTUS ,
Tax Audits
We have been waiting several months for the Supreme Court of the United States (SCOTUS) to render a decision in Moore v. United States. Initially, our questions focused on the issue of “realized or unrealized income” and...more
What is the step-up benefit of a revocable trust from the perspective of the beneficiaries? How can a revocable trust not only pass money and assets to your beneficiaries but save a substantial amount of tax in the process? ...more
There are several steps to follow when preparing to sell your business. It is important to allow plenty of time for planning and organization, as the process will usually require many months to a year or more. Why does it...more
7/30/2024
/ Accounting ,
Business Ownership ,
Business Valuations ,
C-Corporation ,
Confidentiality Agreements ,
Corporate Governance ,
Due Diligence ,
Financial Records ,
Limited Liability Company (LLC) ,
Lost Profits ,
Non-Disclosure Agreement ,
Profits ,
Required Documentation ,
S-Corporation ,
Selling a Business