Plasma donations have become an everyday affair ever since the outbreak of COVID-19 has surged worldwide. Even without the pandemic, plasma donation has been in prevalence for different health issues. With plasma donations being more widespread at the present day, the question, are plasma donations taxable, often crosses the mind...
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...
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...
With the assistance of the Internet, many companies can easily generate relationships with potential customers across the globe. What that means is that sales could be generated from their home country or from anywhere in the world. These companies, referred to as transnational corporations or TNCs must,...
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...
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...
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...
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...
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...
As an internal body, IRS always makes decisions, either positive or negative. IRS depends on every piece of information to offer in compromise. Suppose you have an offer in compromise that doesn't belong to you. The IRS will automatically deny you an offer in compromise, but there are several other...