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Tax News

Form 3520 or Form 3520-A

June 5, 2021

Form 3520 or Form 3520-A Citizens and residents of the United States are taxed on their worldwide income. To help prevent the use of foreign trusts and other offshore entities for tax avoidance or deferral, Congress has enacted several specific provisions in the Internal Revenue Code. Some provisions trigger recognition...

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IRS Form 941, Employer’s Payroll Tax Return

September 20, 2020

IRS Form 941, Employer’s Payroll Tax Return Filing Instructions If you are an employer with employees, you will need to file a Form 941. This quarterly tax return is the IRS’s way of keeping track of employees and their wages as the taxes withheld from employees are credited to them in payment of their...

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Cancellation of Debt – Form 1099-C

September 16, 2020

Cancellation of Debt – Form 1099-C Americans are in debt; however, the debt is on a steady increase, specifically over the last five years. The average American carries $38,000 in personal debt, this does not include home mortgages. That is up $1,000 from a year ago. The Millennials, ages 25-34, are carrying...

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