Court ruling strengthens IRS ability to assess penalties for noncompliance with foreign business disclosure requirements under Section 6038. The DC Circuit Court ruled that the IRS has statutory authority to assess penalties for failing to report control of foreign businesses
Explore Key Tax Strategies and Benefits for Providers in Genetic Testing and Precision Medicine to Reduce Costs and Increase Savings. Personalized medicine is at the forefront of medical innovation, focusing on genetic testing and precision medicine to tailor treatment plans
Employer’s Tax Responsibilities: A Case of Costly Neglect A Serious Tax Oversight A business owner from Massachusetts, who we’ll call the “Irresponsible Taxpayer,” recently pleaded guilty to failing to handle payroll taxes correctly. As the owner of two companies—a steel
The Importance of FBAR Reporting to Avoid Penalties on Foreign Bank Accounts If you’re a U.S. citizen with money in a foreign bank account, you need to know about the Foreign Bank and Financial Accounts Report (FBAR). This rule, part
Free HIV-Prevention, Expanded Breast Surgery Options, and Better Coverage for Cancer Screenings The IRS, Department of Health and Human Services (HHS), and Department of Labor (DOL) recently announced big changes to health insurance rules that could make a real difference
A Guide to Equipment Rentals, Technology Development, and Operational Costs: Maximizing Deductions and Minimizing Liabilities Event technology providers play a crucial role in ensuring the success of corporate meetings, live conferences, virtual events, and hybrid experiences. As the event industry
Strategies for Growth, Client Acquisition, and Long-Term Success Building a strong referral network is essential for tax professionals to grow their business, increase clientele, and create long-term professional relationships. Referral networks can be one of the most effective and cost-efficient
A Double-Edged Sword for Businesses and Consumers: Examining the Economic Impact, Benefits, and Limitations Sales tax holidays are designated days or weekends when certain items are exempt from state and local sales taxes. These tax-free events are typically scheduled around
Maximizing Savings and Ensuring Compliance Business travel can be an essential part of running a successful business, whether it’s attending client meetings, conferences, or industry events. The IRS allows businesses to deduct travel expenses incurred while conducting business activities away
Maximize Tax Savings for Your Consulting Business: Deductions, Expenses, and Strategies for Financial Optimization As a professional organizational consultant, managing the financial aspects of your business is crucial to optimizing profitability and reducing your tax liability. Whether you work independently