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...
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...
On May 11, 2018, the Financial Crimes Enforcement Network implemented a rule with the intention of fighting against illegal financial activities committed by many businesses. Some of these crimes include fraud, tax evasion and money laundering. This new rule is known as the beneficial ownership rule, and...
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...
Payroll accounting is a task that most entrepreneurs wish to shy away from. Most business owners, prefer to outsource their payroll obligations to an expert. This is the ideal scenario, however, you should understand the basics of payroll accounting yourself.
Once you learn how to do payroll, you'll know how to...
Property taxes, taxes paid on personal property, such as real estate and homes, are another form of taxation. They are also crucial sources of income for states and local governments across the United States of America.
Property taxes seem to be one of the most-hated forms of taxation in the...
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...
