In today's tax world with its complicated rules and reporting requirements, it never hurts to plan ahead. The preparation process can take time, however. More importantly, such preparation requires great care as mistakes can result in harsh tax penalties and asset seizures.
While the filing deadline for a report of a foreign bank account (FBAR) has traditionally been June 30, the Financial Crimes Enforcement Network (FinCEN) announced an extension of this filing date to Oct. 15. There is no requirement for a specific request for the extension by the taxpayer. Apparently, this extension will also be permanent. The form for filing such reports is a FinCEN 114.
Our prior post on our tax law blog began answering the question about whether some people might face higher odds of going through an IRS tax audit. So far, we listed a couple of QuickBook's causes for audits: high earnings and possibly rounded numbers.
Michigan business owners have understandable concerns regarding health insurance requirements for employees. The reporting requirements are practically endless. And even the failure to follow specific Affordable Care Act requirements can result in tax consequences.
There is a considerable amount of confusion when it comes to paying estimated taxes. While most individuals simply have wages withheld from their paycheck, many taxpayers need to make payments throughout the course of the tax year beyond any withholdings. This is particularly true for individuals who are self-employed. Yet the failure to file forms regarding estimated taxes correctly, just like the failure to file tax returns in general, can result in tax penalties.
It’s common to make mistakes when paying taxes. Unfortunately, such mistakes can result in significant consequences. In some instances it can even result in criminal penalties. It is therefore important to take great care whenever filing any sort of tax form.
With every new presidential administration, there will be changes to tax policy. While President-elect Donald Trump proposed that tax cuts will take place, it's still unclear what the tax consequences of any cuts will be.
The recent presidential election presented many interesting issues, some political, some personal and some ridiculous. One of the controversial matters that came up was IRS audits. The media and the public asked, "Why has Trump been audited so many times?"