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Some audits in California are like traffic, unavoidable.  Being a business owner means that you will end up dealing with the Employment Development Department, or the EDD, which handles all payroll matters, including taxes and employee pay. They have different types of audits which can mean different things for you depending on how you handle […]

If you have a bank account, mutual fund, or any other financial asset outside the U.S, you are required to report it to the IRS if it exceeds certain thresholds. This can be done by filing FBAR (Foreign Bank Account Reporting). As a U.S resident (All personnel holding green cards even if not physically present in […]

When you need to prepare for an EDD audit, here are some crucial steps to keep yourself safe. If you own a business in California, then you probably familiar with the Employment Development Department. They are the tax agency that is responsible for all the employment matters in the state. This includes all payroll taxes […]

If you are a U.S citizen and you have any type of bank account located outside of the U.S, then you might be familiar with FBAR (Foreign Bank Account Report), but if not, then according to the bank secrecy act you are required to report it to the IRS. Even if the foreign account does […]

Payroll taxes may seem like a nuisance for those who have to deal with them, but they are a vital part of owning a business nonetheless.  When it comes to collecting payroll tax, there are some easy steps you can take to ensure that everything is alright come time to pay. Not knowing what you […]

All U.S. residents must file their income tax returns on an annual basis. Failing to do so is illegal and can have serious negative consequences. According to the IRS, you must file all tax returns that are due, even if you cannot pay in full. Why File Tax Returns? Aside from the fact that it’s […]

Every state has their own version of payroll taxes that must be paid. While they may seem like a nuisance, they are an important part of being a business owner and are crucial to keeping your business alive and well. In California, there are four general payroll taxes that are taken out of each paycheck […]

Filing tax returns is compulsory for all U.S. residents. If you’re not filing intentionally, you’re committing a crime. IRS can investigate the matter that may lead to severe penalties. So, if you continue to suppose it’s an honest plan to not file returns, then you might need to change your thinking. Rather wherever finances are […]

Being a business owner in California means being responsible for making sure you cover and pay the payroll tax. While it is different in every state, Californians have to deal with them or possibly have to suffer the consequences of breaking tax law.  By staying on top of your job and knowing all the state […]

A revenue officer is a person who collects back taxes and enforces the filing of back tax returns. The IRS normally sends revenue officers to collect taxes when taxpayers have not set up a payment agreement with them, or when they owe large amounts of fees, back taxes, or have unfiled back tax returns. A revenue officer […]