The Foreign Investment in Real Property Tax Act, better known as FIRPTA, has been put in place to make sure that foreigners owning real estate property in the U.S. complete and file the appropriate tax documentation in respect to the sale or transfer of that property. When a foreigner sells or transfers real estate here in America, there are various process and procedures outlined by the IRS that they must… Read More
5 Major Reasons to Incorporate Your Business
For many entrepreneurs who are keen to start their own business, limiting their personal liability may be foremost on their minds, and one way of doing so, is by incorporating the business. While it’s true that incorporating does require more paperwork and expense than a sole proprietorship or a partnership, it can offer a whole host of significant legal and tax benefits. It’s also important to remember that by working… Read More
A Short Guide to Tax Audits for Small Businesses
Despite the fact that audits are probably not as common an occurrence as most business owners might think, it still pays to do your best to avoid being targeted for one, by working closely with a tax and accounting professional, throughout the year. However, should you be selected by the IRS for a tax audit as a business owner (which likely means you’ve been managing your taxes without professional help),… Read More
6 Benefits of Cloud Accounting for Your Small Business
Safeguarding your businesses financial data is essential, and the most secure way to do this nowadays, is with the help of cloud accounting. Not only can it safeguard your data, but it can transform your financial administration and make all of your bookkeeping and accounting procedures, far more efficient. Fortunately, there are plenty of reputable tax and accounting companies out there who use cloud accounting, meaning that you can take… Read More
Why Accounting Is So Important for Law Firms
For busy law firms, staying on top of their accounts is essential for the smooth running of their business, and can help them not only continue to satisfy their clients, but to grow their business, too. Whether your law firm has an inhouse bookkeeper and legal accountant, or you choose to save money by outsourcing your requirements, you’ll only ever be able to make informed financial decisions for the benefit… Read More
How To Set Up a Power of Attorney
The best way of ensuring that you set up a power of attorney in the right way – by conforming with the requirements of your specific state – is to seek help from a firm who specialize in family law, or one that offers a range of tax services and advice. Many of the latter will be able to supply you with a power of attorney template to match your… Read More