The Corporate Transparency Act (CTA) requires many businesses to share information about their owners with the U.S. government. While the goal is to improve transparency and stop illegal activities, it raises privacy concerns. Understanding these concerns can help...
In Washington, facing an IRS audit can be a daunting experience. Whether you're a business owner or an individual taxpayer, it's essential to understand the reasons why the IRS might choose to audit you. Discrepancies in reported income When the income on your tax...
The Corporate Transparency Act is part of the National Defense Authorization Act. This groundbreaking legislation creates new reporting requirements for companies regarding their beneficial owners. Beneficial owners are individuals who ultimately own or control a...
Finding yourself in a tax controversy with the IRS can be a daunting and complex experience. Although tax controversies are stressful, there are ways you can approach your dispute with IRS and pursue a favorable outcome to your case. It can be helpful to understand...
Nobody wants to get audited. It is a frustrating process that drains time and requires effort. Worse, you are vulnerable to fines. If a criminal violation is discoverable, you may even wind up spending time behind bars. Over the past decade, the IRS has decreased the...
Business owners considering the sale of their enterprise in Washington State generally need to resolve any outstanding tax issues. For example, if your business has past-due tax liabilities, a potential buyer may not want to take on those debts. The Internal Revenue...
While a tax audit can seem daunting, cooperating with the IRS can help the process go as smoothly as possible. You should closely follow the instructions you receive on all official communications about your audit. These five errors can prolong the process of your...
Most working Americans must file tax returns every year. Those who fail to do so may face serious repercussions. If you have yet to file your tax return and the deadline has passed, you may be wondering how to handle the situation and fulfill your obligations as soon...
You just finished a grueling audit that seemed to go on for months. As of yet, the IRS has not notified you of an adjusted tax liability, but you want to be prepared in case it happens. Knowing what to expect will help you prepare for the meeting with the agent. As...
This past year, a British man named Giles Hembrough was contacted by the HMRC (Britain's tax collection agency) with a notice that he owed over 14 trillion pounds in taxes. To put that number in perspective, it's enough money to buy 93 million Lamborghini cars or 46...
