There are many options for issuing payments to vendors; however, the fees involved need to be taken into consideration as over the course of a year it can impact your company’s bottom line.
Tag Archive for Tax Advisor
On December 17, 2014 we posted How to Complete Form W-8 BEN E & and W-8IMY? where we discussed how to fill out the various Form W–8’s, which now has increased to 8 pages in some cases.
This post provided foreign entities a set of step-by-step instructions to complete the new Forms W-8BEN-E and W-8IMY, as well as a general overview of the obligations imposed on foreign financial institutions under the new chapter 4 FATCA regime including: Read more
On April 4, 2016 we posted Huge Leak From the Panamanian Law Firm Mossack Fonseca! where we discussed that the offshore planning world was set on fire with the news that 11 million documents were leaked from the Panamanian law firm Mossack Fonseca. They allegedly show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax.
This post also speculated that U.S. persons will probably show up, Read more
While we are unlikely to see tax reform this year, there continues to be a lot of work going on in the tax committees on it. And President Obama updated and released his framework for business tax reform this month (first report was released in Sept. 2012). I think the main impetus for the update was to address inversions to tie to the recent activities of IRS and Treasury. Read more
These days a lot of Americans find themselves pounding the pavement in quest of a new job, whether they’ve gotten the pink slip or expect to get one soon. The good news: The search may help you cut your tax bill because under certain circumstances, job-hunting expenses are tax deductible. New job, same field… First, your hunt for new work must be in the same field in which you’re currently or were formerly employed. Uncle Sam won’t help out if you decide to totally switch career gears. Second, you can’t decide to chill out for a while and then expect the Read more
If you gave any one person gifts valued at more than $14,000, it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift.
The person who received your gift does not have to report the gift to the IRS or pay either gift or income tax on its value.
You make a gift when you give property, including money, or the Read more
Transparency as a principle of good tax policy means taxpayers should understand taxes and how they apply to them. Despite lots of data on a filer’s Form 1040, the one number people focus on is the amount due or refund. Clearly the better number is total federal income tax liability. And better yet, people should also Read more
When you leave your tax preparer’s office each year, there are two very important questions you should probably be asking yourself.
How secure is your personal information after you leave it with your tax preparer? Probably not very secure! Do they leave your paperwork lying about the place, accessible to all, after they have completed your taxes? Are their computers adequately protected by firewalls and effective anti-virus software? Is there adequate background checks done on their employees, who obviously will have unlimited access to your sensitive personal information? The honest truth is that you really don’t know.
Also, you should be concerned about hackers. These criminals have been successful in hacking into supposedly very secure government computer systems; the Office of Personnel Management, and even the IRS itself come to mind immediately. These people know that they will have access to a treasure trove of personal information if they were to hack into the computers of H&R Block, Liberty Tax, or any CPA or other tax preparation office. So what is to stop them from hacking into your tax preparer’s computer, which obviously will be a lot less protected than the government’s computers? Read more
Tax Partner in the Raleigh office of Cherry Bekaert LLP with 25 years of experience in the area of taxation. As a Certified Public Accountant, Ron serves a diverse client base including multi-national, public and closely held companies.
Prior to working at Cherry Bekaert, Ron Wainwright was a tax partner with McGladrey for ten years along with a regional CPA firm and served in various National and Local leadership roles. Spent seven years in Washington, D.C. serving in a National Tax Role focusing on domestic and international tax issues, mergers and acquisitions and IRS Tax controversy matters.
A Steering Committee Tax Member with the National Association of Manufacturer’s and serves on the R&D Credit Coalition Committee. Was named to the “Who’s Who in American Business Leaders” in 2006, 2008 and 2010.
View a short video introducing tax advisor Ron Wainwright as a Presenter in the Internet Tax Summit. See all Read more
When an employer withholds Social Security and income taxes from an employee, those funds are the property of the government, and the employer must hold those funds in “trust” until the funds are turned over to the government. Failure to do so could lead to the so-called trust fund penalty, which is equal to 100% of the withholding from the employees’ wages. The penalty applies to any willful failure to collect, account for and pay over Social Security and income taxes required to be withheld from employee wages.
A recent report issued by the Treasury Inspector General for Tax Administration has made recommendations to the IRS for timely assessing and collecting the responsible person penalty, and the IRS is adopting the recommendations. The government has always been very aggressive about collecting trust fund Read more
If people are looking to take a mortgage, the lender will usually ask to see accounts that have been certified by the accountant – another benefit of having a professional adviser, in addition to the potential tax savings that an adviser can bring.