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Category: Offshore Account Update

What Virginia Business Owners Need to Know About the IRS’ Work Opportunity Tax Credit

Posted in News, Offshore Account Update on September 16, 2022

The Internal Revenue Service (IRS) recently announced that it has extended the federal work opportunity tax credit through 2025. Like the employee retention credit offered for 2020 and 2021, Virginia businesses claiming the work opportunity tax credit must be careful, as improperly claiming eligibility can lead to liability for back taxes, interest and penalties. Read More

The Extended Deadline for 2022 FATCA and FBAR Compliance is Approaching—Do You Need to File By October 15?

Posted in Offshore Account Update on August 31, 2022

U.S. taxpayers who own qualifying offshore bank accounts and other foreign financial assets need to report these assets to the IRS annually. Technically, the deadline to report these “specified foreign financial assets” is April 15. However, all taxpayers receive an automatic extension to October 15. Read More

Do Businesses in Virginia Have to Pay Income Tax for Crowdfunding Campaigns?

Posted in News, Offshore Account Update on August 12, 2022

Crowdfunding platforms have become popular tools for businesses to launch new products and services. Using these platforms allows businesses to secure funding without going into debt or giving up shares to venture capitalists, and it allows them to promote their new offerings in ways not available through other means. Read More

What Virginia Businesses Need to Know About Nonemployee Compensation in 2022

Posted in News, Offshore Account Update on July 29, 2022

With the gig economy bolstered by the COVID-19 pandemic and wages skyrocketing as businesses compete for qualified employees, many businesses are finding themselves increasingly reliant on independent contractors. While hiring employee contractors offers a variety of benefits—including tax benefits—businesses need to ensure that their “nonemployee” compensation practices are not putting them at risk for IRS penalties. Read More

Did Your Company Improperly Claim the COVID-19 Employee Retention Credit?

Posted in News, Offshore Account Update on July 22, 2022

The employee retention credit was available to qualifying businesses in 2020 and 2021 to help offset the costs of keeping employees on staff during the height of the COVID-19 pandemic. The rules and restrictions governing the employee retention credit changed over time, and, as a result, it is likely that some businesses (if not many businesses) claimed the credit improperly. Read More

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