If an individual or business owes but has not paid federal taxes, the IRS will make efforts to collect these taxes. The IRS will first send a series of notices requesting payment, but if the taxpayer does not respond to the...more
Married couples may file a joint federal income tax return together, reporting their joint income and expenses. The benefit of a joint return is that the overall tax rate may often be lower. However, if a joint return is...more
Businesses that have employees and pay wages and salaries must withhold federal employee income taxes and the employee’s share of federal employment taxes (FICA) from these wages and salaries. The employer must “match” the...more
Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an...more
9/6/2017
/ Asset Seizure ,
Business Assets ,
Business Taxes ,
Corporate Taxes ,
Discharge Letters ,
Income Taxes ,
IRS ,
Real Estate Transactions ,
Release of Liability ,
Tax Debt ,
Tax Liens ,
Tax Penalties
Where individuals and businesses owe IRS taxes, the IRS has a settlement program where it can legally accept less than what is owed. Known as an “Offer in Compromise,” Congress has given the IRS the authority to “compromise”...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can consider placing the account into “currently not collectible” (CNC) status. If placed in CNC status, a...more
If an individual or business owes federal taxes and does not have the current ability to pay these taxes, the IRS can “seller-finance” and offer a payment plan with the taxpayer. The primary benefit of a payment plan is that...more
The United States has a voluntary income tax reporting system. U.S. citizens, permanent residents, and businesses here must annually file income tax returns with the IRS, reporting their “worldwide income”, deductions, and...more
8/10/2017
/ 1099s ,
Filing Requirements ,
Income Taxes ,
IRS ,
Tax Amnesty ,
Tax Debt ,
Tax Evasion ,
Tax Penalties ,
Tax Returns ,
Voluntary Disclosure ,
W-4
Many individuals and businesses owe taxes to the IRS, or they have not filed their tax returns or both. While the IRS may be the most powerful creditor in the world, there are solutions. This is Part I of a series addressing...more
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts mandatory surveys to collect information on direct investment. There are three (3) specific surveys which track “out-bound” foreign investment: a...more
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts mandatory surveys to collect information on direct investment. There are three (3) specific surveys which track “out-bound” foreign investment, a...more
7/15/2017
/ BEA ,
Bureau of Economic Analysis ,
Financial Reporting ,
Foreign Affiliates ,
Foreign Direct Investment ,
Foreign Investment ,
Minority-Owned Businesses ,
Outbound Transactions ,
Parent Corporation ,
Reporting Requirements ,
Surveys
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts mandatory surveys to collect information on direct investment. There are three (3) specific surveys which track “out-bound” foreign investment: a...more
7/5/2017
/ BEA ,
Bureau of Economic Analysis ,
Exemptions ,
Financial Reporting ,
Foreign Affiliates ,
Foreign Direct Investment ,
Foreign Investment ,
Inbound Investments ,
Outbound Transactions ,
Reporting Requirements ,
Surveys
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts seven (7) mandatory surveys to collect information on direct investment. These seven surveys consist of an initial survey for any new direct...more
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts seven (7) mandatory surveys to collect information on direct investment. These seven surveys consist of an initial survey for any new in-bound...more
6/21/2017
/ Acquisitions ,
Affiliates ,
BEA ,
Benchmarks ,
Exemptions ,
Financial Reporting ,
Foreign Direct Investment ,
Foreign Investment ,
Foreign Subsidiaries ,
Parent Corporation ,
Reporting Requirements ,
Surveys ,
U.S. Commerce Department
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts seven (7) mandatory surveys to collect information on direct investment. These seven surveys consist of an initial survey for any new in-bound...more
6/15/2017
/ Affiliates ,
Bureau of Economic Analysis ,
Exemptions ,
Financial Reporting ,
Foreign Direct Investment ,
Foreign Investment ,
Inbound Investments ,
Parent Corporation ,
Reporting Requirements ,
Surveys ,
U.S. Commerce Department
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts seven (7) mandatory surveys to collect information on direct investment. These seven surveys consist of an initial survey for any new in-bound...more
If South Carolina property taxes are not timely paid, the county Assessor must assess a late-payment penalty. However, the county Treasurer is given authority to waive an assessed late payment penalty if a taxpayer can...more
6/1/2017
/ Administrative Appeals ,
Credit Cards ,
Delinquent Assessment Dues ,
Inadvertent Errors ,
Late Payments ,
Penalties ,
Property Owners ,
Property Tax ,
Tax Abatement ,
Tax Appeals ,
Waivers
The U.S. Department of Commerce, Bureau of Economic Analysis (BEA), conducts seven (7) mandatory surveys to collect information on direct investment. These seven surveys consist of an initial survey for any new in-bound...more
Businesses making investments in the United States, directly or indirectly, are required to report this investment to the United States government. This “in-bound” investment is reported to the United States Department of...more
South Carolina’s gas tax is one of the lowest in the country. The result is the deplorable condition of the state’s highway system and roads. South Carolina is a conservative state, politically, and any tax increase, gas or...more
When an individual or business owes federal taxes, a lien arises in favor of the IRS in all property of the delinquent taxpayer. The IRS will often file a notice of this tax lien – a Notice of Federal Tax Lien or “NFTL” – in...more
If an individual or business owes unpaid income taxes to the IRS, or to a state, federal bankruptcy laws may provide relief for some, if not all, of these taxes. Generally applicable to “older” federal and state income taxes,...more
4/7/2017
/ Commercial Bankruptcy ,
Consumer Bankruptcy ,
Corporate Taxes ,
Creditors ,
Dischargeable Debts ,
Interest Accrual ,
Penalties ,
Tax Debt ,
Tax Liens ,
Tax Returns ,
Unsecured Debt
A proposal presently being discussed before the House Ways and Means Committee (where tax laws begin) addresses how small business income will be taxed. President Trump and the Republican-controlled Congress both desire...more
Form FS-102, Payment Plan Request. The form previously required a taxpayer to first make a ten (10) percent down payment of all taxes due, and to also pay a $45 filing fee, as conditions for a payment plan, but DOR then had...more
All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or...more