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Tag Archive for Due Diligence

Digital Economy, Tax Issues And Due Diligence

We’ve been in the “digital economy” for some time, yet it continues to evolve with new business activities and ways of living. And, we see “old economy” businesses, like Ford Motor, move more into the new economy.

I define the digital economy from the perspective of how people and businesses engage in it:

• Transacting business with virtual currencies, such as Bitcoin;

• Providing digital goods and services; and

• Transacting business enhanced by the Internet, such as finding customers, including Read more

You Have Foreign Bank Accounts? Questions Your Tax Preparer Should Be Asking!

My expression was a jaw dropping experience when a client of ours revealed their foreign bank account balances a month after we had filed their tax returns. A long lecture about foreign account balances, and an Amended Tax Return followed with required attachments. We quickly realized the need for the right questions in the December Tax Organizer. This was a few years ago and there have been many updates to those questions now.

Unfortunately there are many taxpayers out there who are still unaware of their filing/ reporting requirements. More details on the requirements in my post here. And many a time this is because they have not been educated of their requirements by their tax preparers. Read more

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