In the course of your professional and personal life, you have collected many documents. Your first thought is to clear up some of the clutter and throw everything out....but wait; those documents you're about to throw away might actually need to be retained for a specific period of time! [...]
March 2010, the Foreign Account Tax Compliance Act (FATCA) was signed into law creating new reporting requirements for offshore assets and accounts. FATCA requires US citizens and US residents to report all offshore assets on Form 8938 with their tax return as well to file Form 114, Report of [...]
The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. What are the requirements to avoid penalties? The required [...]
If you’re concerned about your family’s financial well-being after you’re gone, life insurance can provide peace of mind. Going a step further and setting up an irrevocable life insurance trust (ILIT) to hold the policy offers additional estate planning benefits. Asset protection If you’re concerned about your heirs’ money [...]
The decision relative to what basis of accounting you should select for tax purposes is an important one. The two primary methods available are the cash basis method or the accrual basis method. The core difference between these two methods of accounting pertains to when revenue and expenses are [...]
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex [...]
The Internal Revenue Service has issued a warning to taxpayers, urging them to be wary of an influx of IRS imposter scams which use "robo-calls" and other new strategies to demand payments. Recently there has been an increase in automated phone calls in which scam artists leave messages urging [...]
We want to make you aware that the Massachusetts Department of Revenue may be increasing its efforts in auditing service businesses for sales and use tax filings. Within the state of Massachusetts, service activity is primarily not subject to sales tax. However, if your service business has a component [...]
Are you looking for a way to invest in our economy and help small businesses grow? Well, you are in luck, the IRS likes investors like you and has provided some great benefits for your tax planning. Below we present a brief overview of one benefit of investing in [...]
A BDO summary of their restaurant clients' discussion of key treasury considerations for areas including controls, vendor services and financing. Read More
