The deadline for FBAR filings is fast approaching.
If you had a financial interest in a foreign bank or other financial account last year, or had signature authority over a foreign account owned by a domestic entity, you may need to file an FBAR with the Treasury Department.
FBARs must be filed with—and received by—the U.S. Department of the Treasury no later than June 30th of the following year. In other words, your 2012 FBAR must be received by June 30, 2013.
As (continue reading…)
Updated from original post published June 3, 2011
Undisclosed foreign financial accounts cost the federal government billions of dollars in lost tax revenue—perhaps as much as $100 billion each year. So it’s not surprising that this type of international tax evasion is being aggressively pursued by the U.S. Department of the Treasury.
If you had a financial interest in a foreign bank or other financial account last year—or had signature authority over a foreign account owned by a domestic entity, such as a (continue reading…)
Most frauds begin small. Something as simple as an employee forgetting a wallet one day and taking cash out of the register to buy lunch—fully intending to pay it back.
But then the rationalization begins: It was only five dollars or If they would have given me the raise I deserved, I would have used my own money.
Days go by and nothing happens. The employee recognizes the opportunity, and the fraud continues or escalates.
Studies find this scenario fairly typical. Fraud generally (continue reading…)
The market is red hot. In fact, Seattle’s housing market currently ranks among the fastest-moving in the nation.
More than a third of Seattle-area homes—including single-family, condos and townhouses—sell in the first week. If you extend the time period to two weeks, the percentage increases to nearly 50 percent. That makes Seattle number ten on Redfin’s April 2013 list of hot residential real estate markets.
Perhaps even more significant, the average selling price for single-family homes in Seattle has increased by (continue reading…)
Work and play are pretty much the same thing, according to Mark Twain — just under different circumstances.
Work you get paid for. Or you should. And if you’re an S corporation shareholder who also works in the business (providing anything other than minimal services), the IRS will see that you do.
IRS rules require that you receive reasonable compensation for your work. Reasonable compensation in this context is wage income, not distributions or other nonwage payments. In other words, a reasonable (continue reading…)
He must have meant it at the time. Benjamin Franklin apparently felt that “nothing is more fatal to health than an over care of it.”
But in current-day America, it’s increasingly apparent that nothing is more fatal to health than the lack of access to health care. A recent analysis by the Kaiser Family Foundation found that “the consequences of reduced access to care over time can be serious, including preventable hospitalizations, poor overall health, disability, and premature death.”
According to the (continue reading…)
When it comes to saving things, there are really two kinds of people: Those who tend to save everything, forever. And those who throw it all away or delete it at the earliest possible moment — and sometimes before.
The same is often true for businesses and not-for-profit organizations. They can save too little or too much, for too long or not long enough.
So, when it comes to digital and paper records, which documents should you keep and for how long?
Although (continue reading…)
Someone, probably of the criminal persuasion, said that money spends the same whether you earn it or you scam it.
That might explain the growing incidence of tax-related scams—and why the IRS feels compelled to release a Dirty Dozen list of the the more common scams affecting U.S. taxpayers each year.
No doubt you’ve heard of identity theft and refund fraud. But, according to IRS Acting Commissioner Steven T. Miller, “The Dirty Dozen list shows that scams come in many forms. Don’t let a (continue reading…)
Need help in providing your employees with health care?
You may be eligible for a federal small business health care credit through December 31, 2013.
For-profit and not-for-profit organizations must satisfy three requirements to be eligible: fewer than 25 full-time-equivalent employees, average wages of less than $50,000 and a qualifying arrangement for employee health insurance coverage.
If you’re a qualifying for-profit business, the maximum credit is 35 percent of your share of the premiums for your employees. If you’re a not-for-profit organization, you (continue reading…)
It’s tempting. You could really use some inexpensive—perhaps even free—help this summer.
Given the state of the job market, you can no-doubt find an unemployed college student, recent grad or career changer that would welcome an internship for the work experience.
Seems like a fair trade.
But what can you legitimately offer interns? Are you required to pay the prevailing minimum wage, or are unpaid internships really legal? And if they are, why are employers—including the Hearst Corporation, Elite Model Management, Fox Searchlight (continue reading…)