In general, all businesses that pay any individual or non-corporate entity performing services in the U.S. $600 or more during a year, are required to file a Form 1099-MISC with the Internal Revenue Service…
In the 21st century, less and less checks are being written and more and more payments are being made electronically.
By enrolling for the Electronic Federal Tax Payment System (EFTPS), businesses and individuals can set Federal tax payments to be direct debited instead…
The Report of Foreign Bank and Financial Accounts, also known as the FBAR, is a disclosure form for reporting the highest balance achieved during the year of each and all foreign financial accounts.
The Form applies to both individuals and businesses.
The penalty for not filing the Form can be $10,000 or more…