by Levins Tax | Jul 29, 2022 | Uncategorized
Depositing money in a bank in a foreign country is not illegal. Some people may prefer to use offshore accounts for various reasons. However, the Foreign Accounts Tax Compliance Act requires all foreign entities to report on foreign assets held by U.S. citizens. ...
by Levins Tax | Jul 29, 2022 | Uncategorized
As part of its look to the future, the Internal Revenue Service recently released its strategic plan. The plan aims at making updates to customer service as well as how it handles aspects of administration. The plan covers fiscal years 2022 through 2026. Here are the...
by Levins Tax | Jul 8, 2022 | Uncategorized
A tax lien is a legal claim that the government makes against the property of an individual or a business when they neglect to pay their owed property taxes. When a tax lien is issued on a property, it is impossible to sell or refinance it until the lien is removed...
by Levins Tax | Jul 8, 2022 | Uncategorized
There are a number of reasons you might consider opening a foreign bank account. Common ones include ease of access to foreign currencies, plans to travel or live overseas, international investment opportunities, a need to protect assets or geographic diversification...
by Levins Tax | Jul 8, 2022 | Uncategorized
Filing taxes can be a complex process. Businesses and individuals are required to file their taxes as accurately as possible, but events like purchasing property or commercial equipment can lead to tricky filing requirements that may result in errors. When the IRS...
by Levins Tax | Jun 28, 2022 | Uncategorized
For many people, tax season causes a great deal of stress. Many dread the season, whether it is the pressure from organizing their financial documents or the fear of getting audited. However, this year, instead of stressing over your taxes, it is time to conquer your...
by Levins Tax | Jun 16, 2022 | Uncategorized
For many small businesses, debt is an inevitable part of operations. Not many people have the capital to make purchases in cash or pay their bills simultaneously. However, accumulated debt and unpaid taxes can have a devastating outcome for a business of any size....
by Levins Tax | Jun 7, 2022 | Uncategorized
You can inherit an offshore account from a relative, or you may have a business interest outside of the U.S. Perhaps you are hedging investments as part of a diversification strategy. Owning an offshore bank account is not a crime as long as the holders abide by...
by Levins Tax | Jun 7, 2022 | Uncategorized
Dealing with federal and state tax forms is complicated, and most people are willing to pay someone else to do the work for them. However, these professionals can make mistakes. While a qualified tax preparer is educated and skilled in their work, it is ultimately...
by Levins Tax | Jun 5, 2022 | Uncategorized
Sometimes the IRS audits your tax returns as an individual or a business, especially if you are self-employed or your tax calculations are wrong. The audit ensures that all income is captured and that you have claimed the right tax deductions. Your best defense is...
