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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 accountants, attorneys, consultants, and advisors, we are often tempted to focus on solving the problem in front of us. However, before accepting any engagement, we must first determine whether the engagement aligns with our qualifications, available resources, independence requirements, professional standards, and ethical obligations. Sometimes the answer is yes. Sometimes the answer is no. And sometimes the answer is, "I can assist with part of the project, but another professional is needed for the remainder." That is not a failure. In many cases, it is the most responsible answer we can provide. A well-defined engagement protects the client, protects the professional, and establishes clear expectations from the beginning. When scope changes late in the conversation, new information emerges, or specialized services are required, taking time to evaluate the engagement carefully is often far wiser than rushing to say yes. Professional judgment begins long before the work starts. It begins with the decision to engage.

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 extension of the filing deadline. To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required. Who Must File an FBAR United States persons are required to file an FBAR if: the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported. United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States. There are many exceptions and requirements regarding FBAR filing (Form 114a), if you are in doubt, ask. This article is intended for general informational purposes only and does not constitute legal or tax advice.

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 increasing their revenue and their reported profits in the lower-taxed country, potentially lowering the corporation’s overall tax bill. Prior US tax laws attempted to limit profit shifting, mainly by regulating what are called transfer prices between companies, but the Internal Revenue Service struggled to enforce these laws effectively. To limit future profit shifting, the Tax Cuts and Jobs Act (TCJA) added a new tax, the BEAT (base erosion and anti-abuse tax). The BEAT targets large US corporations that make deductible payments, such as interest, royalties, and certain service payments, to related foreign parties. The BEAT is a minimum tax add-on: A US corporation calculates its regular US tax, at a 21 percent rate, and then recalculates its tax at a lower BEAT rate after adding back the deductible payments. If the regular tax is lower than the BEAT, then the corporation must pay the regular tax plus the amount by which the BEAT exceeds the regular tax. The BEAT rate is 5 percent in 2018, 10 percent in 2019 through 2025, and 12.5 percent in 2026 and beyond. For example, suppose, in 2019, a US corporation has $300 million of gross income but pays deductible royalties to a foreign affiliate of $200 million. The corporation’s regular tax liability is $21 million (21 percent of $100 million), but its alternative tax is $30 million (10 percent of $300 million), so the corporation would pay $30 million to the United States (the regular tax of $21 million plus the BEAT of $9 million). The BEAT applies only to large multinational enterprises, those with gross receipts of more than $500 million (averaged over the prior three years). It also applies only to a corporation that makes more than 3 percent of its total deductible payments to foreign affiliates. However, the BEAT excludes payments that can be treated as cost of goods sold. For example, if a US company properly accounts for interest or royalties as part of the cost of its inventory, the interest or royalties are not added back to the BEAT tax base. This article is intended for general informational purposes only and does not constitute legal or tax advice.

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 property, nor is it exclusive to low-taxed income. States bring in GILTI tax depending on how they conform to Federal law. For some states, the taxation of GILTI is more aggressive than federal taxation. It is aggressive to bring in GILTI tax under §951A, but at the same time disallowing the 50% deduction or credits for foreign taxes paid. States which use separate reporting (Alabama, Delaware, Florida, Iowa, Louisiana, Maryland, Mississippi, Missouri, New Jersey, New Mexico, Oklahoma, Tennessee, and the District of Columbia) face a constitutional challenge. Our constitution does not allow discriminatory taxation of foreign economic activity. If the state does not allow a US subsidiary in a group for taxation, it cannot include foreign subsidiaries (CFC’s) for tax purposes. History has a way of reminding us not to violate the foreign commerce clause. Kraft Gen. Foods, Inc. v. Iowa Dept. of Revenue and Finance, 505 U.S. 71 (1992) should be remembered when dividends received deduction is allowed for domestic, but not for foreign subsidiaries. A corporation’s domicile does not necessarily establish that is engaged in either foreign or domestic commerce. More than a year after the enactment of the Tax Cuts and Jobs Act a number of states have issued little guidance to businesses, based on the way their tax codes are written. In time, as with anything new the “bugs” must be worked out. This article is intended for general informational purposes only and does not constitute legal or tax advice.

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, such as marketing or discretionary projects, without compromising long-term growth. Monitoring cash flow closely and renegotiating payment terms with vendors or creditors would also be important steps to maintain liquidity and navigate through the instability. Wenn ich in meiner Unternehmensfinanzierungsstrategie mit Cashflow-Instabilität konfrontiert bin, ist es entscheidend, dass ich die Ausgaben effektiv priorisiere, um die finanzielle Stabilität zu gewährleisten. Ich würde damit beginnen, die Ausgaben in essentielle und nicht-essentielle Kategorien einzuteilen. Kritische Ausgaben wie Gehälter, Miete und wesentliche Betriebskosten sollten Vorrang haben, da sie notwendig sind, um das Geschäft am Laufen zu halten. Anschließend würde ich variable Kosten überprüfen und nach Möglichkeiten suchen, nicht-essentielle Ausgaben wie Marketing oder optionale Projekte zu reduzieren oder zu verschieben, ohne das langfristige Wachstum zu gefährden. Eine enge Überwachung des Cashflows und die Neuverhandlung von Zahlungsbedingungen mit Lieferanten oder Gläubigern wären ebenfalls wichtige Schritte, um die Liquidität zu erhalten und durch die Instabilität zu navigieren. This article is intended for general informational purposes only and does not constitue legal or tax advice.

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 documents and reviewing deductions should be spaced out over several weeks. Use a Calendar or Tracking Tool: Digital tools like Google Calendar or Trello help track important tax deadlines and ensure timely submissions. Set reminders for major dates like tax filing or document submissions. Prioritize Tasks by Deadlines: Categorizing tasks by urgency ensures that crucial deadlines are met, allowing you to focus on the most pressing matters first. For example, start with gathering documents and proceed to filing taxes or paying quarterly estimates. Automate Routine Tasks: Automating repetitive tasks, such as tracking expenses with accounting software, reduces manual effort and ensures consistency. Establish a Filing System: Having an organized system to store and access financial records and receipts can make tax preparation quicker and easier. Time Blocking: Dedicate specific time blocks solely for tax-related tasks. This allows you to concentrate and complete tasks efficiently without distractions. Delegate When Necessary: Consider delegating complex tax tasks to professionals, such as accountants, to ensure accuracy and compliance. Review Progress Regularly: Conduct routine check-ins to assess the progress of your tax preparation, making adjustments as needed to stay on track. By employing these strategies, you can manage your time effectively, meet tax deadlines, and avoid penalties or fines. Consistency, organization, and proactive planning are key to a stress-free tax season. This article is intended for general informational purposes only and does not constitute legal or tax advice.

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 unique in that it taxes based on citizenship rather than solely on residency. This means U.S. citizens, green card holders, and certain long-term residents are generally required to file U.S. tax returns annually even if all income is earned abroad, tax is paid in another country, or they have not returned to the U.S. for many years. A common misconception among expats is that paying tax in their country of residence eliminates the need to file in the U.S. In reality, paying foreign tax does not remove the obligation to report income to the IRS. Instead, the U.S. system relies on mechanisms such as the Foreign Tax Credit, the Foreign Earned Income Exclusion, and applicable tax treaties to prevent double taxation. These benefits must be properly claimed and documented in order to apply. Foreign financial accounts are another area that is frequently misunderstood. If the total value of your foreign accounts exceeds $10,000 at any time during the year, you are generally required to file an FBAR and may also be required to file Form 8938 under FATCA rules. These are information filings rather than tax forms, but penalties for noncompliance can be significant even when no tax is owed. Foreign pensions are especially complex. Many expats assume their foreign pension is treated like a U.S. 401(k) or IRA, but this is rarely the case. Foreign pensions may require income inclusion, treaty analysis, special reporting, and careful coordination with FBAR and FATCA requirements. Each country’s pension system is different, and the tax treatment is highly fact-specific. Owning property abroad also creates U.S. tax obligations. Rental income, depreciation, and capital gains on the sale of foreign property are all reportable in the United States. Paying tax in the foreign country does not remove the requirement to report these transactions to the IRS. Many individuals only become aware of these obligations when dealing with estates, inheritances, property sales, or attempts to return to compliance after years abroad. At that point, the process is often more complex and costly than if it had been addressed properly from the beginning. The most important takeaway is that living abroad does not remove U.S. tax responsibilities, it changes them. Expat tax compliance requires specialized knowledge of treaties, international reporting rules, and cross-border coordination. This article is intended for general informational purposes only and does not constitute legal or tax advice.

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 does not constitute legal or tax advice.

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, such as marketing or discretionary projects, without compromising long-term growth. Monitoring cash flow closely and renegotiating payment terms with vendors or creditors would also be important steps to maintain liquidity and navigate through the instability. This article is intended for general informational purposes only and does not constitute legal or tax advice.

With Wix Blog, you’re not only sharing your voice with the world, you can also grow an active online community. That’s why the Wix blog comes with a built-in members area - so that readers can easily sign easily up to become members of your blog. What can members do? Members can follow each other, write and reply to comments and receive blog notifications. Each member gets their own personal profile page that they can customize. Tip: You can make any member of your blog a writer so they can write posts for your blog. Adding multiple writers is a great way to grow your content and keep it fresh and diversified. Here’s how to do it: Head to your Member’s Page Search for the member you want to make a writer Click on the member’s profile Click the 3 dot icon ( ⠇) on the Follow button Select Set as Writer

We’ve made it quick and convenient for you to manage your blog from anywhere. In this blog post we’ll share the ways you can post to your Wix Blog. Blogging from Your Wix Blog Dashboard On the dashboard, you have everything you need to manage your blog in one place. You can create new posts, set categories and more. To head to your Dashboard, open the Wix Editor and click on Blog > Posts. Blogging from Your Published Site Did you know that you can blog right from your published website? After you publish your site, go to your website’s URL and login with your Wix account. There you can write and edit posts, manage comments, pin posts and more! Just click on the 3 dot icon ( ⠇) to see all the things you can do. #bloggingtips #WixBlog

When it comes to design, the Wix blog has everything you need to create beautiful posts that will grab your reader's attention. Check out our essential design features. Choose from 8 stunning layouts Your Wix Blog comes with 8 beautiful layouts. From your blog's settings, choose the layout that’s right for you. For example, a tiled layout is popular for helping visitors discover more posts that interest them. Or, choose a classic single column layout that lets readers scroll down and see your post topics one by one. Every layout comes with the latest social features built in. Readers can easily share posts on social networks like Facebook and Twitter and view how many people have liked a post, made comments and more. Add media to your posts When creating your posts you can: Upload images or GIFs Embed videos and music Create galleries to showcase a media collection Customize the look of your media by making it widescreen or small and easily align media inside your posts. Hashtag your posts Love to #hashtag? Good news! You can add tags (#vacation #dream #summer) throughout your posts to reach more people. Why hashtag? People can use your hashtags to search through content on your blog and find the content that matters to them. So go ahead and #hashtag away!