Aug 30, 2022
Why do so many celebrities have tax problems?
On a podcast, Steve Harvey recently made a tell-all about how he owed the Internal Revenue Service a whopping $22 million. The comedian, author, and Miss Universe Pageant host shared his harrowing experience and how he worked out a payment arrangement with the IRS.
Steve...
Aug 23, 2022
What is IRS Form 5471?
If you are an officer, director, or shareholder of a foreign corporation, you may need to file Form 5471 to report the company's income, shares, and shareholder information. Not filing this form and not reporting your interest can lead to significant penalties. The penalties can be $30,000...
Aug 16, 2022
What happens if you are not reporting your foreign bank accounts to the IRS?
If you have a bank account in a foreign country, you must report it by filing a Report of Foreign Bank and Financial Accounts (FBAR). The US government created FBAR to discover tax cheats hiding money in offshore accounts.
If you haven't...
Aug 9, 2022
What happens if you don't file your New Jersey sales tax returns?
Like most states, New Jersey relies heavily on their sales tax revenue for funding. If you don't file sales tax, New Jersey will assess the amount that can be wildly higher than your liability, and you can go back and file the returns and reduce that...
Aug 2, 2022
Innocent Spouse Relief: How do you qualify, and when to apply?
When married taxpayers sign a joint tax return, they attest that all the information provided is correct and are equally responsible for their declared income, potential taxes, and penalties to be owed.
In cases where one party needs to prove that they...