Tax Law

Businesses across the country have yet to evaluate the 2021 Employee Retention Credit (ERC). Or have assumed that they are ineligible. As a result, a substantial sum of money is still being paid to the federal government when it could be spent on businesses in need. The maximum ERC amount in 2021 was $7,000 per […] More

Tax fraud, tax evasion, and money laundering can seem similar, if not the same, to laypeople. As a result, they assume the legal penalty for all three offenses is the same. But that’s not true. Although tax fraud, evasion, and money laundering fall under the umbrella of tax abuse, they are not one tax crime […] More

There is a thin line between tax avoidance and tax evasion. Tax avoidance is when an individual deliberately plans their tax payments to lower their tax bills and avail maximum benefits. On the other hand, willful tax evasion is when individuals escape paying the taxes they owe by unlawful means. Such as hiding their real […] More

The end of the year is all about holidays. So who wants to burden themselves thinking about the huge tax bill they have to pay? What if a few simple financial decisions you make before the year-end can save you thousands of dollars? As well as, reduce your tax bill. Putting in some effort into […] More

Millions of people use monetary transaction applications like PayPal, Venmo, and CashApp. They are going to be the target of the new IRS policy that will be implemented in 2022. CashApp allows business owners to receive unlimited money through their business accounts. The platform charges 2.75% per transaction. When an individual uses a cash card […] More

So, you try to file your tax returns, and to your utter dismay, you find out that someone has already filed their tax returns using your social security number. If you stumble upon these unfortunate circumstances, then you are a victim of tax identity theft – or, to be more specific, stolen identity refund fraud. […] More

Offshore investment is often considered an illegal activity. Primarily due to the role that the media has played in painting this picture. And while there may be a few investors who illegally stash their money in an offshore company on the Caribbean islands. That’s not always the case. Most offshore investing is legal, and as […] More

Identity theft or fraud is on the rise. This is particularly concerning for the tax community as identity thieves continue to target them. After all, businesses are a more tempting target for identity thieves compared to individuals for obvious reasons. They have higher credit limits, more substantial bank accounts, and more transactions regularly. As identity […] More

When you go to file your yearly tax returns, you are probably aware of the amount of taxes owed to the Internal Revenue Service (IRS). But many taxpayers are completely unaware of FBAR penalties that the IRS can charge against them. Especially if those FBAR penalties are delinquent or omitted. If your omission is willful, […] More

It is becoming increasingly common for taxpayers to use foreign bank accounts or financial accounts for many reasons. Those who have such accounts need to know that the US government taxes them on all offshore income earned and deposited. Tax is also imposed on any investment income you have earned on offshore capital. Therefore, owners […] More

In most cases, individuals and businesses hire a tax advisor. These advisors file their taxes and ensure that they are up-to-date on the tax front. While it is essential for your tax advisors to help you with your tax filings. The advisor should have a clear tax record themselves. Otherwise, in light of the latest […] More

The United States Internal Revenue Service (IRS) has stepped up and introduced new avenues to expand on its enforcement capabilities. They have set up a new program specifically dedicated to tax compliance in terms of cryptocurrency. The IRS introduced “Operation Hidden Treasure.” Then begun to employ resources that will tackle unreported income gained from crypto […] More