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Monday, 22 October 2018
The Offshore Voluntary Disclosure Program is over? What’s next?
Topic: accounting
When it comes to reporting overseas income there are always options in place to help American citizens report their foreign income and foreign bank accounts to the IRS. The most familiar was the Offshore Voluntary Disclosure Program which has recently been discontinued ( www.EsquireGroup.com/Offshore-Voluntary-Disclosure-Program ), as of September 28, 2018. There are still options available for those who have not filed and still wish to voluntarily report.

Some history

The OVDP began in 2009 as a way of recovering lost tax revenues. The United States is one of the few countries that does require all of its citizens to report their revenue even if it was not earned, spent, or banked in the United States. Many citizens do not realize the extent of their reporting requirements and other citizens deliberately do not report. When the program began it brought attention to these obligations, and there were about 18,000 submissions per year, but since 2017, as more and more people have disclosed, the submissions had dwindled to 600. The Offshore Voluntary Disclosure Program recovered about $11 Billion in revenue for the IRS; the program option was popular because there were no criminal prosecutions for non-disclosure, but penalties were high. The program was overhauled in 2014 into a streamlined option, which was simpler and had lowered penalties.

So now what?

Now that the Offshore Voluntary Disclosure Program has ended, what can people do who wish to voluntarily disclose their unreported income? Requirements to be in compliance with FATCA, the Foreign Account Tax Compliance Act are still there, and there are a number of options available for people to file delinquent foreign assets and international information returns.  As a result, the IRS will continue offering the streamlined program, the IRS Criminal Investigation Voluntary Disclosure Program, delinquent FBAR submission procedure and Delinquent international information return submission procedures. These four programs remain in effect.

What’s the difference?

There are many differences, and some may not be obvious at first, and it can be difficult to know which option is the right one without expert advice. The programs have different needs and outcomes and are designed for different circumstances and it can be difficult to understand which one is the right one for you. In fact, the world of international taxation does require having an expert tax firm to guide you through it. A do-it-yourself method of reporting is not a good idea, nor is seeing a private tax attorney without experience in filing taxes for people living, and working overseas. There are numerous ways which a more in-depth look at your taxes can save you money and help you avoid penalties or even prosecution.

One of the reporting requirements that are still in effect even for those who have correctly filed their income statements is the necessity to correctly report all bank accounts they hold, including the foreign bank accounts containing foreign income. These regulations differ and citizens may not be aware of their obligations. The Offshore Voluntary Disclosure Program ( www.EsquireGroup.com/About ) may have ended but its obligations are still in place. If you are an expat, then see an expert for help with your taxes.

Posted by brucem231 at 4:31 AM EDT
Tuesday, 16 October 2018
Reasons Why Your Organization Needs a CFO
Topic: accounting
Every business owner strives to take the business to new heights ( ethicsplusuae.com/cfo-services ), and this can only be achieved if the finances of the organization are well managed.

What does a CFO do?

A CFO is a professional who is charged with managing the finances of a company. He / She has the knowledge, expertise, and experience in handling the finances with ease. CFOs are supposed to manage the risk associated with the business and ensure that the company is profitable and valuable to the shareholders. If you want to expand your business or add a new production line, you will need CFO services in Dubai. An accounting professional cannot suffice for the kind of work that a CFO can manage. A CFO is an expert in handling finances and will offer the right advice at all times. They have the ability to manage everything in a business, right from the books of accounts to your assets and investment. Whether you want to expand your business or liquidate the same, there is no person better than a CFO to guide you throughout the process.

CFO services in Dubai are available for every size and type of business. They can make every type of decision for your business and ensure that the decision leads to the generation of income for the business. They have the knowledge and understanding of the industry your business operates in and can help you understand your business better. You will be able to ensure that the business achieves its financial milestones while keeping the assets intact. A CFO can also help in the preparation of the financial statements of an organization and help you meet the expectations of the shareholders.

Do you need a CFO?

There is no right or wrong in hiring a CFO. However, if you think that your business might not be able to afford the services of a CFO, you can look for professional firms that offer the best services for your business. Their comprehensive services will do good to your business and will ensure that all your needs are satisfied. When you hire a CFO for your organization, you need to check whether they have the experience of working in the industry specific to your business.

A CFO can also help manage your finances and help your portfolio grow. As a business owner, you might have made investments into different products and only a CFO will be able to guide you with regard to mitigating the risks associated with the investment and generating wealth. In short, whether it is the business or a personal portfolio ( https://ethicsplusuae.com/ ), a CFO will be able to do justice and help you make a profit. Any business can choose to seek services of a CFO, and these services will definitely make a huge difference to the business in the long term.

Posted by brucem231 at 7:27 AM EDT
Tuesday, 14 August 2018
How Can VAT Consultants Help Your Business?
Topic: accounting
Dubai introduced VAT on certain products from the beginning of 2018 and it is the duty of every business owner to record and pay the same. In order to make the right payment on time ( Ethicsplusuae/vat-consultancy ), you need to consult a VAT consultancy in Dubai which will help you maintain records, file the documents and report the correct amount of VAT. The consultancies are well aware about the latest amendments to the laws and will ensure that your returns are error free.

VAT is an indirect tax which is charged to the consumers. You need to pay the VAT amount collected and report the same in your return. Many business owners are not aware whether their products come under VAT and whether they need to deduct and file a return. Only a professional can help you with the same. Due to lack of clarity with regard to the indirect tax, it is best to approach a VAT consultancy in Dubai and seek their services. Inquire about the tax and learn how it will have an impact on your business.

Apart from offering assistance in VAT, the professional experts will also help you with the process of book keeping, auditing and annual filing of the statement. They have professional knowledge and expertise in the field which allows them to make decisions that are apt for your business. If you hire the services of consultants for VAT, you can concentrate on your business and on those departments which need your attention. It will give you peace of mind and you will be able to understand its functioning and implications. You need to keep in mind that unless you have clarity about the tax, you will not be able to report the same.

Since the tax is new and recently introduced, it is best to hire the services of those professionals who understand the tax implication of the same to your business. You can grow your business with peace of mind, knowing that the right professionals are managing the same for you. Filling the VAT return ( https://ethicsplusuae.com/ ) is not an easy tax and only experienced individuals can help you with it. Hire a consultancy that has an experience in direct and indirect taxation. The professional experts keep themselves updated with any changes in the rules and regulations of the tax system. They will ensure that you pay the right amount of tax and receive a refund in case of an over payment. They will also report the right figures of your sales and purchases which are necessary to calculate the VAT amount.

Posted by brucem231 at 3:32 AM EDT
Tuesday, 3 July 2018
Importance of Hiring a VAT Consultant for Your Business
Topic: accounting
The indirect tax rates change from time to time and it is important to meet the necessary requirements of the board. Hiring the services of a VAT consultancy in Dubai ( ethicsplusuae.com/vat-consultancy ) will help you meet your business goals and save ample of time. The experts have professional knowledge and are abreast with the latest changes and developments in the industry. They will help you file the returns on time and make the payment within the due date. You do not need to hire specific employees to manage the indirect taxes of your organization, you can outsource the service to an expert who will manage everything for you at for small fees. Considering the global opportunities for your business, it is important that you focus on the areas that need your attention and leave the taxation in the hands of the experts.

It is expected that VAT will be introduced by the government at the rate of 5% and it is important to entrust your financial management and taxation services to a professional expert who knows where the rates are applicable and how to make the payment for the same. VAT consultancy in Dubai will also provide you with additional services like auditing and assurance, bookkeeping and corporate finance. The experts can help you make the right decisions when it comes to deduction and payment of VAT from time to time. You will be required to adhere to the given deadlines and make the payment due to the government. The consultancy will handle everything for you and will ensure that you do not have to pay a penalty for late payment. The returns will be filed on time and you will be able to prepare the financial statements with ease. It requires professional knowledge and expertise to understand the details and applicability of VAT for a business. Based on the same, the consultants will be able to determine whether VAT is applicable for your business or not. If yes, they will help you with the entire process of filing and updating the books of accounts.

You need to hire a VAT consultant mainly because the tax is recently introduced and there is not much clarity on the same. The consultants will gain knowledge and understand its applicability to as to ensure that you are on the right path. You will not need to spend a lot of time trying to decipher the laws and interpret the same. The consultants will handle everything for you and will also advice you going forward. Hiring VAT consultants ( https://ethicsplusuae.com/ ) will be the best business decision you make.

Posted by brucem231 at 3:52 AM EDT
Friday, 25 May 2018
What is Offshore Asset Protection?
Topic: accounting
Storing one’s assets in an offshore account or offshore holding is a great way to avoid undue or over-taxation, and the greedy hands of creditors. Some foreign countries offer better asset protection than U.S entities, which adds an extra layer of security for a person’s wealth. However, just because a person is storing assets offshore ( www.EsquireGroup.Com/Offshore-asset-protection ), doesn’t mean the assets are safe from potential dangers, such as lawsuits, economic downturns, identity theft, and over-taxation. People are always targeting the wealth and success of others, so it’s important to make sure one has a secure and impenetrable offshore asset protection plan.

Offshore assets allow people to keep as much of their wealth intact as the law allows. It doesn’t mean that offshore assets aren’t liable for taxation – they are – but it does help keep a person’s financial profile discreet.

Plan Ahead

The best offshore asset protection is that which will preserve a person’s wealth for future generations. A professional and experienced lawyer can help his or her clients develop a fool-proof asset protection plan to guard against frivolous lawsuits, identity theft, or the deep pockets of the IRS.

Contrary to popular belief, it’s not only the uber-rich who store their assets offshore. A growing number of people are recognizing the benefits of offshore assets, including less taxation and increased wealth and asset security. One of the ways to strengthen the protection around offshore assets is to set up a trust fund or custodial account in another person’s name or register them under an employee identification ( www.EsquireGroup.Com/about ), rather than a social insurance number, to make the offshore assets harder to track.

The more successful a person is, the more creditors, fraudsters, and criminals will attempt to go after them and take their hard-earned money. Offshore asset protection gives long-term security, and keep the wealth in the hands it belongs to.

Posted by brucem231 at 6:02 AM EDT
Monday, 27 May 2013
How to Select Accounting Law Firm Professionals
Topic: accounting

Law firms deal with case sensitive information on a daily basis; their clients rely on them to preserve their privacy and protect the vital information they entrust to them. For these reasons, any outside service that law firms choose to hire, has to meet certain criteria of discretion. Accounting Law firm protocol is of particular importance, as financial matters must be treated with caution.

A law firm must be able to ultimately trust the accountant that is hired; there are signs to look for when searching for such an accountant that will clue one into his character. Firstly, the process by which one searches for accounting law firm professionals is vital in weeding out those who would otherwise be untrustworthy. Start off by consulting other attorneys that have uses accounting services or independent accountants in the past, and check whether or not they have continued to use these services. Law firm accountants should ideally be successful enough that their services are retained for the long term; after finding the right accountant it is a good idea to maintain this relationship.

 After informally asking around as to which services have been the most successful for other attorneys and firms, one can undergo an independent search. Online resources can be a great option, but may also be incredibly overwhelming. Be sure to limit the search to those who are fully licensed, have an established presence in the community, and who have visible reviews or contact number. After isolating a few accounting law firm professionals and services, call and make an appointment to meet in person, to determine if they truly are the right fit.

When sitting down to meet with an accountant, don’t be afraid to ask as many questions about their previous experience as possible. They may not be able to give detailed accounts due to privacy, but through these conversations a lot can be gleaned about their successful and not so successful interactions. If the accounting law firm professional is vague and standoffish, this is likely a sign that they are hiding a sub-par track record. To ensure that the services they offer are of the highest quality, it is useful to ask to see client reviews and their qualifications. In addition, look at the surroundings and ascertain how organized the office is; how they treat their space is likely how they will treat their job. If there is an organized filing system that likely means they are efficient and timely, which are two very good qualities to look for in any accounting professional.

 Once an accounting law firm professional has been deemed a good match for the firm, determine the cost of the service upfront. Hidden charges can be avoided if one inquires as to any possible additional fees that could arise and be avoided. If it is an independent accountant, the fees can likely be debated, but through a service these fees are far more inflexible. Overall, make sure to be as upfront and inquisitive with ones potential accountant as possible, and one might very well find a faithful accounting partner for life.

This article was written by Maxima Dubler, on behalf of RBZ, offering reliable and affordable accounting services to legal firms. To know about the duties of a legal accounting supervisor, you may also visit eHow.

 

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Posted by brucem231 at 6:07 AM EDT
Updated: Monday, 27 May 2013 6:31 AM EDT
Saturday, 23 March 2013
How to Get a Great Accounting Los Angeles Professional
Topic: accounting

When you own your own business, no matter how big or small it is, one of the most important jobs is to proper keep your financial records in order and attended. Many people simply find this confusing due to the lack of education they have in the area of business law, accounting, and tax law. Financial records that have been mishandled and contain many errors or entries that are careless have the potential to turn into big problems that can include both fines and interest charges. If you find that your business is growing, and you are in over your head in paperwork, then it is time to get on the ball, and find a professional with an established firm that has a great reputation in accounting Los Angeles laws and federal tax laws.

The money and possible integrity of your business is what you are risking, if you hire a company or person that is inexperienced in the practices of accounting in Los Angeles. You want to be sure that you find someone who is going to be able to accommodate to your particular needs, while still offering quality services at affordable prices. There will be some things you need to verify and check out to make sure that you are hiring a legitimate accounting Los Angeles professional and not someone inexperienced in accounting, and definitely not someone scamming small business owners into handing over access to their finances.

 

When looking for a professional in accounting in Los Angeles, it is a good idea to do some investigation first. Asking around to for reputable companies in your area can help you find in which firm in Los Angeles, is accounting going to be the best for your business.

There are a few things that you want to find out about each firm when you contact, including the specific types of services they offer. There are many different firms in Los Angeles that offer accounting and it is beneficial to you and your business to find the one that offers the exact accounting, tax, and consulting expertise that you are looking for. An accountant is able to assist you in many different areas of your business finances and it is important to know exactly what you are looking for before you begin your search. You will also want to be able to ask questions in a comfortable setting with an accountant who is truly paying attention to you, so that they can recommend services that will best suit you; many times there are solutions that business owners do not know about until they describe their business and ask questions. 

Accounting firms that are readily available to address your concerns and give you lots of information and details about their services should be your top choices. This shows that not only do they know all about business accounting in Los Angeles, but they are ready to help you with the success of your business.

Having ‘that right hand’ assistance and management with accounting in Los Angeles with your business finances is critical for your business success. The reason it is so vital is that you can finally get your focus back where it belongs; on your services, products, and customer service. Finally, you can do that instead of worrying about catching up on laws and news that are applicable to your business financials.

 This article was written by Dorsey Bershadsky on behalf of RBZ, our accounting team understands the industry specific issues that often determine business success. To know how to prepare a fund flow statement visit eHow.com

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Posted by brucem231 at 2:12 AM EDT
Updated: Wednesday, 3 April 2013 2:42 AM EDT
Monday, 11 February 2013
Benefits of Hiring an Accountant in Tampa for Your Business
Topic: accounting

An accountant is a person who practices accountancy and who is trained in bookkeeping, auditing and analysis of accounts. An accountant is required to meet the legal requirements of any state he wants to practice. Many states in the US have terms such as accounting practitioner and registered accounting Practitioner. This is usually used for non-certified accountants. CPAs are highly qualified and provide DCAA compliant accounting. In this article, let us discuss the benefits of hiring Tampa CPA Accountants.

A Certified Public Accountant is the statutory title conferred to those accountants who have successfully cleared the Uniform Certified Public Accountant Examination and met the requirements for certification as CPA. Only Licensed CPAs can provide attestations for financial statements.

Tax planning: Your accountant Tampa help you to resolve your taxation problems with Internal Revenue Services. Some of the core taxation matters such as IRS audit notification, nonpayment of payroll taxes, owing back taxes, tax lien on your personal assets are handled with great care, caution and professional expertise. Tampa Accountants offer some proactive financial measures that help in tax saving. Accountants in Tampa advise on tax saving investments that produce income and deferring tax liabilities through certain investment choices. As the saying goes, “A stitch in time, saves nine”, tax savings are particularly important for small corporates for their growth and sustenance in the longer run. CPA’s adhere to guidelines, which help in eliminating tax penalties. 

Bookkeeping: Accountants in Tampa provide bookkeeping solutions for your businesses. All you have to do is to provide them your inputs. They ensure that the bookkeeping deadlines are met.

HR compliances: Routine HR processes such as time sheet management, leave reimbursement; accountants in Tampa efficiently manage payrolls.

Labor costs: Outsourcing your financial services to an accountant in Tampa will reduce constraints related to headcount in the organization. There will be no payments on employee insurance, gratuity and other compensatory matters of work force.

New business setup:  New entrepreneurs, setting up their business should consult accountants in Tampa  on startup capital investment, marketing, quantifying borrowing requirements and approvals on local licenses and permits.

Unlimited consultation:  Accountants in Tampa provide consultation on business matters, taxation and marketing throughout the year. The qualified CPAs provide useful information on minimizing taxation to your business by legitimate tax reduction strategies.

Managing support services for a medium sized business is expensive, considering the hiring of resources and managing their compensation. Accountants in Tampa help in tax preparation, HR services and payroll matters of your organization. They also reduce labour costs and help you focus on your core business.

This article was written by Courtney Browne on behalf of SK Financial CPA. To know about accounting professionals, please visit Wisegeek.com.

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Posted by brucem231 at 9:51 PM EST
Updated: Monday, 10 June 2013 6:07 AM EDT
Thursday, 24 January 2013
International Accountants Make Dreams Come True
Topic: accounting

Many people in the U.S. fantasize about moving away and living in tropical countries. They want to move their business or personal residence to a warm place so that they can spend their evenings walking on sandy beaches and sipping fruity drinks decorated with umbrellas or they just want to make money. In order to realize those dreams, they use international accountants to organize domestic and international business affairs, estate planning, and tax planning. Expanding or moving a business or residence internationally is a very complicated process. Tax laws vary from country to country, and compliance with local legislation can mean the difference between success and deportation. One must have a plan, carry it out, and evaluate the result.

Accounting isn’t easy. There are a wide variety of challenges that go with the position. Business accountants fall into categories such as payroll, capital, and investment. Most people don’t appreciate the inherent challenges of accounting until they sit down to try and figure out their tax returns and see the intricacies involved when dealing with money. The U.S. is not alone. Each country has its own set of business and tax rules. International accountants have to know them all in order to be successful for businesses or individuals. To take advantage of an international business opportunity, goals must be both defined and precise.


If an individual or company wants to move a business into the U.S., then it is important to find international accountants that understand U.S. tax and business laws. Language and culture can both be challenges when relocating a business. There are regulations and protocols that must be followed to protect business and personal finances. If a person’s livelihood or retirement is on the line, there is no room for error. One wants to enjoy the tropical lifestyle in addition to making a living.

Breaking into a new market is no guarantee of success. Products and services that thrive in some countries tend to fall flat in others. There is a limited market for winter jackets in Mexico for example. International accountants can structure business finances to offset the outlay of capital involved in opening a new outlet. They can also help mitigate risks. Statistics suggest that most new businesses fold within the first year because they were not properly managed in terms of operating capital. The caveat, “it takes money to make money,” holds true. Waiting a year to make a move could mean the difference between success and failure.


Business management professionals provide consultations and advice whether moving into or out of the U.S. International accountants can provide bookkeeping, tax and financial reporting advice, and solutions for everyone. Once the solution has been decided upon, and action taken, it is time to evaluate the results. If there is cash in the bank, and money coming in from the business, then it seems as though the solution is working. U.S. citizens still pay taxes when abroad, and foreign business owners still have to pay U.S. taxes. There are myriads of ways to structure all of these arrangements, but a good international accountant will have set up the business in such a way that taxes are included. The good life means not worrying about where the next paycheck is coming from.

This article was written by Jodi Tribbey, on behalf of RBZ, taking care of bookkeeping, accounting, tax and financial reporting needs of businesses in the US. To know the responsibilities of the accounts department in an organization, you may also visit Wiki.answers.

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Posted by brucem231 at 6:28 AM EST
Monday, 31 December 2012
Traditional Vs Modern Bookkeeping Service in Toronto
Topic: accounting

Gone are those days when bookkeeping services were performed manually. Today, businesses use online bookkeeping services at affordable rates to get more effective works from a bookkeeping service provider in Toronto in almost no time. Here we shall discuss the advantages of hiring professional bookkeeping services in Toronto.


You can hire bookkeeping service Toronto on a monthly, weekly or daily basis. You can also get into a long term contract with a bookkeeping service provider for your business. You can get reports diligently prepared by experts. You can also get back to them whenever you have any questions about the financial reports prepared. Since flexibility is an advantage that all businesses look for, the fact that reports can be mailed anywhere via the Internet offers additional advantage to big as well as the small companies.

Since a computer program does all the calculations for you, the chances of going wrong can be eliminated to a considerable extent. The traditional accounting processes involved adding up columns and moving numbers from one page to the other. Balancing of financial statements became very complicated this way. Automated bookkeeping services use software that spots errors automatically and saves your labor and time. The previously entered data also gets backed up this way.

Full extensive bookkeeping solutions involve payroll, tax, financial and process control services at cheaper rates. The data is interlinked, which frees you from the concerns of double or triple entry of the same information like financial data for business such as revenue and expenses used to produce profit and loss for the company. This data also helps to feed and populate tax returns for owner of the business. Payroll information offers business expenses and thus need not be entered twice. Once the tax returns are submitted, most of the information populates automatically when monthly bookkeeping has been done on a regular basis. Chances of operational errors get reduced and you also need not spend too much time for entering data into the system.

With online bookkeeping service in Toronto, you can be sure of the fact that financial data you entered will remain current. This helps you gain a better financial control on your company. You can arrive at better decisions when you have updated information in front of you. You can get payroll and processing services at affordable rates. Any tax return can be fed and entered on your returns. As you save substantial amount of your energy and time, you can concentrate more on the other crucial aspects of your business.


Once you get in touch with a reputed bookkeeping service in Toronto, you need not worry about the confidentiality of information about your business. Good bookkeeping and payroll services follow upright security techniques that guarantee there is no unauthorized or illegal access to the important information of your business.

So, go ahead and look for suitable bookkeeping service provider in Toronto and relieve your mind from the legal works and financial aspects of your business.

This article was written by Alaine Dammann, on behalf of WizeBiz, offering professional bookkeeping and accounting services. To know the different entry systems in bookkeeping, you may visit Wikipedia.

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Posted by brucem231 at 1:16 AM EST

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