For a wide variety of reasons, many Americans have assets in foreign countries.
Some have left established businesses and homes, fleeing persecution in their country of origin.
There are those who have fled war-torn regions of the world and left their assets in tax havens; or maintain foreign financial accounts to support family abroad.
Other individuals with immigrant roots may have inherited from a relative in the old country who passed away and left them a sum of money abroad.
You may be familiar with or have heard of a twelve-factor test or a three-factor test or a lot of different tests that the EDD supposedly uses to classify independent contractors.
Through my years of professional experience and time spent in a lot of California payroll tax audits, I will just tell you that a lot of this stuff is bogus.
Audits of independent contractors essentially come down to two things:
As a refresher to the reader, an IRS offer in compromise is a tax settlement with the IRS where the taxpayer agrees to pay a specified sum and the IRS agrees to compromise on the remaining liability.
Many people have seen the various national tax agencies on daytime television offering to settle your tax debt for pennies on the dollar. However, what is left out of their sales pitch is that nearly eighty percent of IRS offer in compromises are rejected for a variety of reasons. This is not entirely a bad thing, but requires some strategic planning on the part of the taxpayer.
Virtual currency is a digital version of “value.” This value functions as a medium of exchange and may be used to purchase goods, services, or stored for investment. Essentially, it’s digital money and is quickly gaining popularity.
As a small business owner, you are used to dealing with the IRS and the state. You file income taxes with the IRS every year and file returns with the state when they are due. Paying tax is paying tax, right? So, why is there such a difference between the way the IRS plays versus the state?
Benjamin Franklin once said, “Our new Constitution is now established, everything seems to promise it will be durable; but, in this world, nothing is certain except death and taxes.” Franklin may have been correct regarding the certainty of death, but was he correct about the certainty of taxes?
Washington, Oregon, and California were among the first states in the country to legalize cannabis for recreational use.
The biblical tale of David and Goliath is certainly inspiring and does much to instill the belief that you can overcome any opponent, no matter how much they out-size, out-weigh or out-spend you.
Unfortunately, this is not a fair comparison to use for someone going nose-to-nose with the IRS.
