Recently, I spent nearly forty-five minutes discussing bookkeeping, tax compliance, deadlines, and business operations with a prospective client. Everything appeared straightforward until the final minutes of the conversation. Then came the question: "Do you perform review engagements?" In that moment, the entire discussion changed. One of the most important decisions professionals make is not how to perform an engagement—it is whether to accept the engagement at all. As acco

When are FBARS due? The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the “Act”). Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the federal income tax filing season. The Act also mandates a maximum six-month

Over the past several decades, US multinational corporations have used a variety of techniques to shift profit from the United States to other countries (and, thereby, have eroded the US tax base). A US-based multinational corporation might, for example, pay an affiliate in a lower-taxed country to use patents or other intellectual property in the United States. This would increase the US corporation’s costs, thus reducing their reported profits in the United States and incre

The Tax Cuts and Jobs Act of 2017 initiated a retreat on the federal level of taxation to mostly a territorial system under §951A stepping back from the “entire worldwide income” taxation idea. The goal initially was to tax the “low-taxed” income, but at a lower rate taking into account any foreign taxes paid. In general, the higher the foreign tax liability, the lower the United States residual tax liability. The global taxation is most certainly not exclusive to intangible

When facing cash flow instability in my corporate finance strategy, it's crucial for me to effectively prioritize expenses to maintain financial stability. I would start by categorizing expenses into essential and non-essential. Critical expenses like payroll, rent, and key operational costs should take priority since they are necessary for keeping the business running. Next, I would review variable costs and look for opportunities to reduce or delay non-essential spending, s

Time management is critical when it comes to meeting important deadlines, especially tax-related ones. By employing strategies such as early planning, task prioritization, and the use of digital tools, you can streamline tax preparation, ensure compliance, and avoid last-minute scrambles. Start Early and Break Down Tasks: Procrastination can cause stress and errors. To avoid this, begin early and divide tax preparation into smaller, manageable steps. For example, gathering do

Living abroad does not mean you are off the IRS radar. Many U.S. citizens and green card holders are surprised to learn that moving overseas does not end their U.S. tax filing obligations. In fact, living abroad often introduces additional reporting requirements, some of which carry significant penalties if missed. If you are living, working, or retiring outside the United States, it is essential to understand that U.S. tax compliance continues to apply. The United States is

Many corporations believe that leasing warehouse space in another state does not create tax filing obligations. However, storing inventory in a state can create corporate income tax nexus - even without employees. State apportionment then determines whether tax is actually owed. Multi-state exposure is often triggered quietly, not intentionally. Strategic review matters before compliance deadlines arrive. This article is intended for general informational purposes only and do

When facing cash flow instability in my corporate finance strategy, it's crucial for me to effectively prioritize expenses to maintain financial stability. I would start by categorizing expenses into essential and non-essential. Critical expenses like payroll, rent, and key operational costs should take priority since they are necessary for keeping the business running. Next, I would review variable costs and look for opportunities to reduce or delay non-essential spending, s