Taxation

Friday, May 17, 2019

Delinquent Foreign Bank Account Report


A Foreign Bank Account Report (FBAR) refers to FinCEN Form 114. It is a form that must be filed with the IRS by a US citizen and resident who owns or has signatory authority over a financial account that is outside of the country. You must report your foreign bank accounts to the IRS whenever the total value of all of your foreign bank accounts reaches an amount that is greater than $10,000 at any point of time throughout the year. Whether it is a savings account, checking account, or a securities or brokerage account, the foreign bank account must be reported to the IRS I a timely manner. If you have a delinquent FBAR, there are special procedures you must follow to file the past due report.
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Tuesday, February 12, 2019

How Will the Government Shutdown Affect Tax Filings?


The government shutdown is frustrating for many Americans. Even for those who are not directly impacted by the shutdown as an employee working without pay or an employee who is furloughed, the negative impact of the government shutdown may be felt by all taxpayers this year as we prepare to file our income tax returns. The IRS announced it would recall thousands of unpaid workers to avoid a delay in beginning the tax filing season.  However, our


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Tuesday, January 15, 2019

Do You Have Foreign Assets? How to Ensure You're Compliance with FBAR and FATCA Requirements


It is imperative that taxpayers who have financial assets outside of the United States review the filing requirements and deadlines for reporting foreign assets to ensure they remain compliant with IRS regulations. Filing the correct tax forms on time can avoid excessive fines and penalties that the IRS may assess for noncompliance. Our Arkansas foreign tax compliance lawyers discuss some of the FBAR and FATCA filing requirements below and are available to answer any questions you might have about reporting foreign assets.


Key Things to Know About Reporting Foreign Accounts (FBAR)


An FBAR is not filed with your tax return and does not go to the IRS. The FBAR is filed online through the BSA E-filing System for the Department of Treasury.


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Monday, October 8, 2018

What is an Offer in Compromise?

If you’ve ever received a notice from the IRS telling you that you owe more money, you know that sinking feeling in the pit of your stomach. You know the questions you start asking yourself -- How many more overtime hours will this take to pay off? How will I pay for my child’s college tuition? And more. While being under IRS scrutiny is never a comfortable thing, you may be able to take comfort in the IRS Offer in Compromise program, which provides relief to indebted taxpayers. It’s not as simple as filling out a form, so talking with an experienced offer in compromise lawyer is a good idea if you want to reduce your tax debt.

Reduce Your Tax Debt – As Seen on TV

Many purported “tax relief” companies tout the offer in compromise as a new, limited time gimmick. The truth is, the offer in compromise has been around for decades. Be careful when dealing with debt relief companies that advertise on late-night television. They like to promise big results quickly. Unfortunately, some of the less-scrupulous companies will do nothing but relieve you of your hard-earned money overnight.


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Friday, October 5, 2018

Five Things You Didn't Know About IRS Audits

If you receive notice of an audit by the Internal Revenue Service (IRS), stay calm, but do not ignore the notice. An audit notice does not necessarily mean that you have done anything wrong. But, you should also make sure that you understand your legal rights and responsibilities by speaking with an..


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Monday, July 23, 2018

Arkansas Faces Potential Online Sales Tax ‘Mess’

Do E-Commerce Sites Pay Sales Tax? 

In 1992, the United States Supreme Court decided in Quill Corporation v. North Dakota, that companies who had no physical locations within a state were not required to collect sales tax from its customers.


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Monday, July 2, 2018

What's New With Your Company's Retirement Plan


By: Danny Broaddrick, ERISA/Qualified Plan Counsel

 

Recent legislation has impacted various aspects of many qualified retirement plans such as 401(k), profit sharing and even defined benefit (pension) plans to some degree. Some of the significant changes to note are as follows:


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Thursday, March 15, 2018

5 Things You Can Do Today to Plan for the 2018 Tax Season

Planning for tax season is never fun, but 2018 may be especially daunting because of the new tax changes that went into effect as of January 1, 2018. In fact, the changes that have already taken effect are the most significant revisions to the tax code that the U.S. has seen in the past 30 years.


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Friday, February 16, 2018

Rethinking Entity Choice Under the Tax Cuts and Jobs Act


The new Tax Cuts and Jobs Act has made modifications and changes to a wide variety of areas in the US Tax Code. Many business owners are now considering if their choice of entity is going to make a difference in how much they will be taxed. Talking to a skilled Read more . . .


Saturday, November 11, 2017

What You Need to Know When You Hold Assets in Foreign Financial Accounts


There’s nothing illegal about keeping assets in foreign accounts, and for many investors, businessmen, and other international citizens it’s a smart financial decision. But the federal government has some rules about foreign financial accounts, and if you don’t follow them you can land yourself in some very hot water. The best way to approach foreign financial matters is to coordinate with a


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Tuesday, October 17, 2017

The GOP Tax Plan and You


How might the proposed new tax plan impact my taxes?

President Trump and the GOP recently released a tax plan that it claims will benefit the middle class and small business owners.  While the plan is still being flushed out and more details are to come, it is important to review the basics of the plan now so that you can start to assess its personal impact on your family.  Our
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