IRS to Scale Back the Offshore Voluntary Disclosure Program

The Internal Revenue Service (IRS) recently announced that the Offshore Voluntary Disclosure Program (OVDP) will officially end on September 28, 2018. Acting IRS Commissioner David Kautter said, “Taxpayers have had several years to come into compliance with U.S. tax laws under this program.” He added, “All along, we have been clear that we would [...]

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Form 1120S – Everything you need to know!

‘Tis the season of tax filing and any & all information about it is valuable. There is a lot that’s said about individual tax forms. So, let’s take a look at the [...]

How to legally structure and set up multiple businesses?

Every entrepreneur has a consistent, common trait: their love for hustle, and an uncanny ability to not put up with anything rubbish. They’re doers by nature: if [...]

6 Questions to Ask Before Filing Your Own Taxes

Are you venturing out into the tumultuous terrains of tax-filing? As April inches closer, you are probably feeling everything between uncertainty and rage. It’s crucial to [...]

How to qualify for child tax credit in the US?

Note: This article is valid for your taxes for 2017, i.e., filed under the April 2018 deadline. You can file tax online yourself or have your CPA do it for you. We [...]

5 Benefits of filing taxes early that will blow your mind!

  From the New Year to April 15 -  the three and a half month period, known as tax season is the busiest time of the year for accounting professionals. This [...]

Are you hiring your family members? Know the taxman’s view on it!

Susan and Raul are first time parents. They had incurred a massive expense on renovating their house for the baby and when Susan had to go back to work, they were in dire [...]

Caterpillar’s $2 billion tax fight with the IRS – could this change how US companies do business?

Caterpillar is an American success story. The world’s largest manufacturer of construction equipment ranks #59 in the Fortune 500 list in 2016. A 92-year-old behemoth, [...]

5 Things New Small Businesses Should Know about Federal Income Taxes

While we only hear about the Fortune 500 companies in the news, it is the small and medium businesses that form the backbone of the US economy. In fact, small [...]

Small Business Tax Tips: Getting Your Small Business Through Tax Season

Tax Season is fast approaching. Have you filed your taxes? Didn’t think so. But hey, if you are looking for best tax preparation services, choose MyTaxFiler which is one of [...]

IRS warns taxpayers that prepaying property taxes might not work

The IRS is warning taxpayers in new guidance issued Wednesday that they might not be able to deduct their prepaid 2018 property taxes on their 2017 returns. Taxpayers [...]