• IRS Finally Gets It Right – This Is The Penalty-Free Path Forward American Late Filers Have Been Waiting For

    Big Data and an ever aggressive approach by the IRS toward ferreting out Americans living abroad who are not current with their US tax filing has, so far, not yielded the results that the US government hoped for. With a tax system that is based largely upon voluntary compliance, the United States wields a big stick, and yet they realize that in reality a carrot may yield a much better result. The big stick in this circumstance is FATCA, the Foreign Asset Tax Compliance Act, which so far has signed on 77 thousand banks worldwide and 70 countries to report to the US where Americans reside and what accounts they hold. The

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  • Understanding Dutch Payroll

    EAFS consulting BV are a Dutch Payroll consultancy for contractors.Each country has its own unique spin on payroll, social security and income taxation. The Dutch market is no exception, with the documentation and procedures often being complicated and time consuming. The Dutch tax authorities ruled in 1997 that any foreign company directing employees or contractors to an assignment within The Netherlands are seen as having 'fictitious residence' for tax purposes. What this means is that any employee on placement or assignment in Holland or The Netherlands are subject to Dutch income tax, right from the first working day.

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  • What You Should Know About Arizona Tax Sales

    There are a few changes to procedures in some counties for the Arizona tax sales, particularly the online tax sales. Here’s what you need to know for this year’s online tax sales in Arizona: The Single Simultaneous Bidder Rule Pinal and Yavapai counties incorporated this rule last year and this year Coconino County has a "single simultaneous bidder rule." That means that not only can you not bid under a different name or entity, it also means that if you register to bid at one of these tax sales, you cannot have a contractual, legal or financial relationship with any other bidding entity registered in the same sale. It

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  • Three Things The IRS Won

    Income tax liability is derived by multiplying taxable income by the applicable tax bracket rate. The lower the taxable income, the lower the rate, thus the lower the tax liability. Herein lies the secret to significant tax savings. Reduce taxable income, and, in turn, tax liability will be less. To maximize after-tax income, you have to reduce the income tax liability. That’s the primary goal of all tax planning. Let’s find out how this is accomplished. WAYS TO LOWER TAXABLE INCOME. What are the three simple underlying concepts used to reduce taxable income? 1. Spread income over time 2. Spread income to various

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  • How to Stop IRS Wage Garnishment

    If the IRS has sent you a wage garnishment notice because of back tax debt, it can be very stressful, not to mention embarrassing. After all, you don’t want your boss-or even just the H.R. department-to know you’re behind on taxes, right? Well, unfortunately, your employer does find out about a wage garnishment, mainly because the IRS sends specific instructions to your employer that they must follow in order to determine the garnishment amount to be withheld from your paycheck. The best thing you can do is to take steps to avoid wage garnishment in the first place, or at least try to deal with the issue head on. Just

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  • Personal Tax Returns – Top Tips!

    Do you dread preparing your personal tax return? Below are some top tips to decrease the pain and stress of preparing personal tax returns.TIP 1: Keep all the information you need for your tax return in a safe placeTIP 2: Common Required Tax Return ItemsIf you have a salaried job, keep the following PAYE (pay as your earn) documents, P60 (confirmation of the full year salary and tax deducted) and P11D (Benefits in kind statement).If you are a CIS contractor, keep all your CIS payslips with deductions, invoices, purchases and receipts.If you are a sole trader / partnership you will need to make sure you keep full accounts

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