Category: Articles
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Foreign Owners’ Guide to Form 5472
What is Form 5472, and Who Needs to File? Form 5472 is an Informational return for a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation engaged in a U.S. trade or business. Under sections 6038A and 6038C, Form 5472 is to be filed if there are reportable transactions between the reporting corporation and any foreign…
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Beyond Borders: Understanding FBAR and FinCEN 114 for Foreign Account Reporting
Key Takeaways: What is an FBAR and why is it important? The FBAR (also known as FinCEN 114), is a form filed annually with the U.S. Treasury Department. It reports financial accounts outside the U.S. with the purpose of preventing U.S. taxpayers from evading their taxes by hiding their wealth overseas. Taxpayers who file this…
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Failing to File: What are the Penalties?
If you’ve found yourself so caught up in business priorities that you’ve missed the April 15th tax deadline, failing to file, you’re not alone. This scenario is more common than you might think. So what happens if you find yourself failing to file your taxes? Is the IRS going to flood your mailbox with notifications…
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The IRS issues guidance on Specified Research or Experimental (SRE) Expenditures for Software Development under Section 174
Software SRE Expenditures under new IRS rules Demystified: Navigating Section 174 with Expert Advice Only weeks before the October extended deadline, the IRS finally issued interim guidance on “Amortization of Specified Research or Experimental Expenditures (SRE) under Section 174” and intends to issue proposed regulations addressing: The interim guidance addresses the definitions of SRE and software development,…
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2025 Tax Deadlines for Startups
We created this 2025 Tax Deadline Calendar for Startups – C-Corps, Partnerships and S-Corps – so you can stay on top of your filing requirements this year! We can’t change the tax deadlines, but we can arm you with what you need to make sure you never miss another deadline! Last Updated Monday, January 6th,…
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Benefits of Outsourcing your books to a Bookkeeper
When you’re managing your own business, often the last detail you think about is bookkeeping. Things like maintaining daily records of bank reconciliation and recording receivables can be tedious and overlooked. This tedious work is accomplished within minutes with accounting software. However, outsourcing your bookkeeping needs can prove to be more advantageous. Below are four top reasons…
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Protect Your Business from Tax Scams
Too many frauds have unfortunately cleverly conned thousands of people out of millions of dollars in tax scams. Don’t let yourself or your company become one of the victims. Arm yourself instead with the latest insights into specific scams con artists will use to manipulate in an attempt to steal your identity and financial resources.…
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4 Benefits of Using Outsourced Bookkeeping Services For Your Business
When you’re managing and running your own business, often the last detail you think about is bookkeeping. Tasks such as maintaining daily records of bank reconciliation and recording receivables can be tedious and overlooked. This tedious work can be accomplished within minutes with the use of accounting software. However, using outsourced bookkeeping services for your bookkeeping needs…
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Find Out if You Need to File a State Tax Return
Depending on where your company is doing business there may be a separate and independent requirement to file a state tax return. Failure to file on time may result in interest and penalties. Compounding on the already complex nature of taxes is that tax laws, filing due dates, rates, procedures, forms and regulations vary from…
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Protect Your Business from Tax Scams
Too many frauds have unfortunately cleverly conned thousands of people out of millions of dollars in tax scams. Don’t let yourself or your company become one of the victims. Arm yourself instead with the latest insights into specific scams con artists will use to manipulate in an attempt to steal your identity and financial resources.…