A tax lien is a law imposed on a property, and the government uses it to secure payment of taxes. It is the easiest way to maintain discipline among citizens and make them responsible. Many people question if one can purchase a house with a tax lien. Amazingly if the...
President Abraham Lincoln did establish the IRS agency in 1862. The agency operates under the US Department of Treasury.  Its primary purpose is collecting individual and employment taxes. Other functions of the IRS are handling the estate, excise, gift, and corporate taxes.  There have been various reports that President Joe Biden...
The decision to specialize in tax or audit is one that many accounting professionals grapple with at some point in their careers. They are both critical services that accountants can provide to their clients.  Though they share some similarities, some key differences set them apart. And while both specialties have...
Tax garnishment involves the IRS sending legal injunctions to an employer to seize a portion of their employee's wage to appease a tax debt. This way, they can recover the said debt automatically.  The employer will be obligated to deduct a percentage of your wage every payday to cover the...
In case you owe taxes to the government, the Internal Revenue Service (IRS) may pursue the collection of those taxes.  One of the ways the IRS may do this is by issuing a tax levy. Tax levies are a severe issue that no one ever wants to face. Unfortunately, sometimes...
The cryptocurrency industry has had a spectacular year, surpassing $3 trillion in market cap in November 2021. Bitcoin and ether, two of the most popular cryptocurrencies, also reached new highs. As a result of its widespread acceptance, policymakers have placed a greater emphasis on cryptocurrency regulation as well as taxes...
The Flexible Spending Arrangement, FSA is a unique savings account. The account allows the holder to enjoy specific tax exclusions that result in rollout tax savings. The unique account arrangements are typically set up for an employee by their employer. With the special arrangements, if the employee fails to use...
Over the years, Hong Kong has maintained itself as one of the most preferred jurisdictions for doing business due to many reasons. They include the ease of company formation, free trade policy, direct connection to China’s market, modern infrastructure, high-qualified workforce and many more. But for many foreign investors, the...
It can be confusing for many Americans to work out what forms they need to fill out when filing their taxes, from the 1040s to 1099s. The forms can be confusing for a first timer with a code that’s over 5,000 pages long. Fortunately, most filers only need to...
Filing taxes for the first time is complicated. More often than not, it takes attention to detail and a lot of patience to get through the process. However, once you have a basic understanding of filing taxes and are familiar with the terms or how to get started, the...