“Save more” is a new year goal a lot of people put on their list, but it’s proven to be a difficult one to reach the last few years. In your Atlanta business, it’s likely some of your employees fall in this category — especially for those in lower income brackets. Thanks to the Secure Act 2.0, there are ways you can help support your employees in building an emergency… Read More
HOW TO ACHIEVE FISCAL AND PHYSICAL FITNESS IN 2024
If Fiscal AND Physical fitness are your resolutions for 2024, think about establishing a business gym for your employees on your business premises, or in a separate building, to create a tax deduction. Not only can this provide you with a tax deduction, but it also gives tax-free benefits to your employees. If you have no employees, you don’t qualify for the tax-free fringe gym benefit—and no, you cannot deduct… Read More
DUAL CITIZENS NEED TO AVOID TWO GOVERNMENTS TAXING THEIR WEALTH!
Dual U.S. Citizenship is ever more common due to our global economy and the lure of attractive investment, acquisition and employment in the United States and elsewhere. This leads to special tax circumstances such as the possibility of double taxation for dual citizens who need to consider how to avoid two governments dipping into your income along with tax residency, foreign account reporting and wealth transfers. If you are a… Read More
PREPARING FOR FinCEN FILINGS: Financial Crimes Enforcement Network
If you use an LLC to own a rental property or operate a business, you likely face the new filing requirement by the Department of the Treasury’s financial intelligence unit. Financial Crimes Enforcement Network (FinCEN). Businesses and Rentals existing on January 1, 2024, will trigger the FinCEN filing requirements. The individuals who ultimately own or control the company are known as Beneficial Owners. A Beneficial Owner is everyone with 25% or… Read More
SO MANY REGULATIONS, SO LITTLE TIME INTRODUCING THE CORPORATE TRANSPARENCY ACT
Owners of most existing corporations, limited liability companies, limited partnerships, or other business entities are about to encounter the Corporate Transparency Act (CTA). The CTA is scheduled to go into effect for small businesses that exist on January 1, 2024. Reporting for such businesses must be completed before January 1, 2025. Failure to comply with this new filing requirement can result in hefty monetary penalties and up to two years… Read More
DOES YOUR TAX PROFESSIONAL HAVE INCENTIVESTO TURN YOU IN IF YOU CHEAT?
The short answer is: Yes. Firstly, he or she is bound by The American Institute of Certified Public Accountants (AICPA) codes of professional conduct. The codes emphasize confidentiality but acknowledge the responsibility to act in the public interest. If you are engaged in fraud or other illegal activities that could harm the integrity of the tax system, there is an ethical duty to disclose this information, particularly if that professional’s… Read More