In 2018, about 14 million Americans found themselves owing back taxes to the IRS. There are a number of ways that you can handle tax debt. Should you find yourself in a position where you can’t afford to pay your tax debt, you will need outside help. You could turn to...
The US government pulls in about $4.5 trillion a year in income and payroll taxes. Whilst that may be great for funding things like schools and roads, paying taxes can really hit small businesses where it hurts. The good news is that there are a lot of deductions you can make...
As a business owner, do you know how to make your assets work for you? While running a business you will inevitably have expenses by buying products and assets to keep your business operational. As an owner, you may be able to claim those expenses on your taxes. Capital allowances...
Fraud costs businesses and individuals across the world $5.127 trillion a year. There are many examples of fraud but a common one are fake pay stubs. Whether you’re a tenant or an employer, know what to look out for so you know these pay stubs are legitimate. Don’t know how to...
About 40% of all small businesses pay close to $845 in tax penalties and fees for making mistakes on their taxes. Many of these mistakes are avoidable, but small business owners choose to do taxes themselves. If you’re in this boat, it’s time to hire an accountant. They’re experts in...
Taxation laws and requirements vary dramatically by country, and this variation has created the framework for tax havens. A tax haven is a country that provides substantial advantages to taxpayers because of its tax system. A tax haven's system may include a lower tax rate, more lenient...
Several members of the billionaire Sackler family have recently come under fire in the United States. The family has already been under fire due to its ownership of Purdue Pharma, the company that created and marketed the infamous opioid drug, Oxycontin. Now they find themselves the target...
Tax evasion is illegal. U.S. citizens can go to jail and also be charged with substantial penalties for this crime. That's why it is so important to understand what constitutes tax evasion. If you aren't comfortable filing your own tax return then it makes sense to hire...
The Automatic Exchange Of Information is an agreement among governments around the world to share non-resident financial account information to reduce the possibility and ability of nefarious people to engage in tax evasion. The Automatic Exchange Of Information requires banking officials to send a foreign account...
When corporations make plans to evade taxes, they rarely consider the impact that tax evasion has on both developed and developing nations. According to the Tax Justice Network, there is an estimate of between $21-$32 trillion that is associated with private wealth held offshore. The annual...