Embezzlement is a far more common occurrence than most people realize. In fact, many businesses treat embezzlement as a common business risk. Accounting for embezzled losses and detecting embezzlement in the office is simply part of doing business. But as an employer, what are your responsibilities? Especially when it comes […]
Author: Lawrence Brown
Protecting client data is essential for all businesses, especially tax preparers who possess sensitive financial and personal information for their customers. Failing to protect that information can be costly and harm a business’s reputation. Securing client information is crucial and mandated by The Financial Services Modernization Act of 1999, which […]
A few years ago when cryptocurrency was in its infancy, tax reporting requirements were murky at best, and many who profited off of Bitcoin, Ethereum and other digital currencies did so without ever receiving a tax bill. The landscape has changed dramatically in 2021. If you have bought, sold, or […]
Tax obligations are complex enough for people conducting business domestically. When a business reaches an overseas market, the complications only increase. If you are doing business outside of the U.S., you can spare yourself significant trouble by avoiding a few common mistakes. Not meeting reporting requirements Your tax reporting requirements expand […]
The Internal Revenue Service (IRS) recently announced a groundbreaking expansion over electronic access for taxpayers and tax preparers. The latest feature gives taxpayers the ability to designate who can represent them in disputes and view their tax records. The new component for individual taxpayers allows them to authorize their preparer to view […]
Tax professionals must take the necessary steps to safeguard sensitive customer information. But during the pandemic, cybercriminals have intensified their attempts to get that private data. The IRS says identity thieves target tax preparers through phishing scams and other tricks. With the 2022 tax season around the corner, these businesses should […]
Disclosing offshore accounts to the IRS is increasingly necessary for individuals and companies. As the IRS becomes more aggressive in pursuing owed taxes, disclosures of foreign accounts and ensuring proper payment are a necessity. However, many choose to address this issue that doesn’t make waves. These “quiet disclosures” work by […]
Constructive dividends are how the IRS classifies a common practice of a company officer, using company assets for personal gains for tax purposes. A typical scenario – in small businesses – may be the use of a company credit card to purchase groceries. In larger corporations, it could be using […]
When you hire someone to handle your taxes, you expect them to handle them correctly. Tax filings are among the most sensitive and risky propositions, and despite any help you’ve had, the IRS will hold you accountable for mistakes. Below are some of the most common types of mistakes that […]
Having an offshore account is a commonly used method of protecting liquid assets from taxation. Additionally, international business is more straightforward if you maintain an account in the country you do business. While having an offshore account is not necessarily illegal can lead to many additional risks, listed below. Extra […]