Last December when Congress passed the Protecting Americans from Tax Hikes Act of 2015, or PATH Act as it is more commonly known, many tax provisions were impacted.
Whether you are considering a business sale, merger, or acquisition or need to understand an organization’s value for another reason, such as estate planning or gifting, determining an accurate value will help you make smart.
There are many reasons that a business owner needs to have a business valuation performed. Often these include a merger or acquisition, divorce, estate planning, exit or succession planning, and shareholder or partner disputes.
E-commerce is a rapidly growing area and many individuals are trying to get in on the action. No matter what platform you chose for selling (Amazon, Ebay, Etsy, etc.), there are items that you may not consider or even know about, but must be addressed.
Sending yourself, your spouse or one of your children to college can be very expensive. Having to pay for books, tuition, meal plans and housing can take a toll on bank accounts. Luckily, the IRS has credits and deductions in place to help those who desire a higher education.
The IRS has issued sweeping changes to the way U.S. taxpayers are required to report interest in foreign bank accounts. Although taxpayers were always required to report and pay taxes on income earned in foreign accounts, not until recently did the IRS along with other government agencies step up enforcement to eliminate attempts to avoid paying taxes.
Does your foreign company sell products online to American customers? Are you interested in accepting payment in US dollars? If so, it may interest you to learn that to do so you must establish a US based entity which can accept the payments through a US bank account.
Does your company contract with the U.S government? Are you foreign owned? If so, it may interest you to learn that the U.S. government follows a policy of Buying American. This means that whatever you sell to the government needs to be sold by a U.S. company.
Starting a business in the US can be a rewarding experience for many. However, there are a lot of items to consider and issues to be aware of before you open your doors. The good news is that foreign nationals are able to create and open a US business as quickly and easily as Americans.
George Steinbrenner, the former Yankees owner, was in the news in 2010 when he died during a period of time when the estate tax was repealed, but the rest of us will likely not be as lucky (bad word choice?) as the estate tax appears to be around for the foreseeable future.