by George Dimov | Nov 10, 2024 | NYC Accounting
Your Guide to the FBAR Deadline 2024 and Compliance The Foreign Bank Account Report (FBAR) is a mandatory filing for U.S. taxpayers with financial interests in foreign accounts. Here’s everything you need to know about the FBAR Deadline for 2024, staying compliant,...
by George Dimov | Nov 10, 2024 | NYC Accounting
What is the Airbnb Tax Loophole? The Airbnb Tax Loophole allows hosts to earn rental income tax-free if they rent out their property for 14 days or fewer each year. Known as the 14-Day Rule, this provision in U.S. tax law enables short-term rental hosts to avoid...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Is Section 179 Vehicle Deduction? The Section 179 vehicle deduction 2024 is a tax incentive that allows businesses to deduct the cost of qualifying vehicles in the year they are purchased and put into service. This deduction helps small and medium-sized...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Is PwC Cross Border Tax Talks? PwC Cross Border Tax Talks is a leading podcast that provides insights into international tax laws, compliance challenges, and important regulatory updates. It’s a valuable resource for businesses and individuals managing...
by George Dimov | Nov 10, 2024 | NYC Accounting
What is Expat Tax IRS? Expat Tax IRS refers to the tax obligations that U.S. citizens and green card holders have even when living abroad. The IRS requires all U.S. citizens to report their worldwide income, including income earned outside the United States, which...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Is Business Tax? Business tax includes a range of federal, state, and local taxes that businesses pay based on income, payroll, sales, and activities. The specific taxes owed depend on the business structure, such as sole proprietorship, partnership, corporation,...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Is Back Tax Relief? Back tax relief includes IRS programs designed to help taxpayers settle unpaid taxes, reduce penalties, and make manageable payments. When taxes go unpaid, they accrue interest and penalties. IRS relief options—such as installment agreements,...
by George Dimov | Nov 10, 2024 | NYC Accounting
What is an Expat Tax Advisor? An expat tax advisor helps U.S. citizens or residents living abroad manage their tax compliance and minimize liabilities. Despite living overseas, U.S. expats are required to report their worldwide income to the IRS. An expat tax advisor...
by George Dimov | Nov 10, 2024 | NYC Accounting
What is Airbnb Tax Preparation? Airbnb tax preparation involves organizing, reporting, and filing income earned from Airbnb rentals in compliance with federal, state, and local tax laws. As an Airbnb host, it is important to properly report your rental income and take...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Is Accelerated Depreciation Recapture? Accelerated depreciation recapture is a tax rule that requires taxpayers to repay some tax benefits gained from accelerated depreciation when an asset is sold. When an asset sells for more than its depreciated value, the IRS...
