Entries by IslerNW

Unveiling the Hidden Costs: How Non-Compliance in Foreign Asset Reporting Could Lead to Substantial Penalties

Article Highlights  The Report of Foreign Bank and Financial Accounts Statement of Specified Foreign Financial Assets Foreign Rental Property Foreign Pensions Reporting Receipt of Foreign Gifts or Bequests Reporting Ownership or Transactions with Foreign Trusts Annual Information Return for Foreign Trust with U.S. Owner Ownership or Voting Power in Foreign Corporation Tax on Non-Resident Alien […]

January 29, 2025 by
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Important February 2025 Due Dates

February 2025 Individual Due Dates February 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10.  Your employer is required to withhold FICA […]

January 28, 2025 by

Is 2025 the Year to Retire?

Are you eyeing 2025 as the year you finally trade your daily commute for days spent traveling, relaxing, or chasing long-postponed dreams? You’re not alone. Many soon-to-be retirees are mapping out a fresh chapter—but hold up. Before you sail into the sunset, there are a few key financial moves you should have on lock. Below, […]

January 22, 2025 by
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You May Receive a Form 1099-K This Year: What It Means for Your Taxes  

Article Highlights: Historical Context of Form 1099-K The Evolution of Reporting Thresholds Current Reporting Threshold for 2024 Implications for Recipients of Form 1099-K Impact on Tax Reporting Individuals Selling Personal Items Self-employed Individuals Crowdfunding No Business Ownership Interest Given Not Taxable Crowdfunding Income Special Considerations Incorrect 1099-K Forms The landscape of digital transactions has undergone […]

January 12, 2025 by

Tax Avoidance and Hollywood’s Golden Age: A Glitzy Game of Loopholes

Tax avoidance has long been a contentious topic in the business world, but few industries blend its complexities with glamour quite like Hollywood. During the Golden Age of Hollywood, a period marked by glittering stars and box office dominance, major players in the film industry became as skilled at finding tax loopholes as they were […]

January 9, 2025 by
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What Are the Most Common Business Financial Fraud Schemes?

You’ve worked hard to build your business. The long hours, sleepless nights, and countless sacrifices were all for one goal: to create something successful and sustainable. But what happens when a trusted employee or an external scam threatens all that hard work? Financial fraud isn’t just something that happens to large corporations. Small and medium-sized […]

December 31, 2024 by

Important January 2025 Tax Due Dates

The start of the new year means tax season is here! Stay ahead of the curve by marking these critical January deadlines on your calendar. From making tax appointments to reporting tips, paying estimated taxes, and filing essential forms, being proactive can save you from penalties and stress. Read on for a detailed guide to […]

December 29, 2024 by
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Tax Season Is Coming: Here’s a Laugh Before the Madness Begins

As tax season approaches, the annual rush to gather documents, crunch numbers, and meet deadlines can be overwhelming. Amid the seriousness of tax preparation, it’s refreshing to remember that the world of taxes is also filled with quirky, humorous, and downright bizarre stories. These anecdotes not only provide a good laugh but also highlight the […]

December 23, 2024 by
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Start Off on the Right Foot for the 2025 Tax Year

 Article Highlights:  W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College Tuition Plans Record Keeping Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed, […]

December 22, 2024 by