Businesses and individuals operating foreign bank accounts should pay close attention to whether they are required to report this financial data. The IRS has guidelines in place that determine whether someone should be disclosing this information while filing their tax returns. If you feel like you may be required to report this as taxable income, […]
Author Archive | Deirdre Morhet
The Tax Implications of Online Currencies
Virtual currencies are a growing phenomenon in the online world. These digital currencies are mostly used to buy and sell virtual property. Some are referred to as “hybrid” currencies, which can actually be used to buy real world goods through an online transaction. One of the most popular of these hybrid currencies is called BitCoin. […]
Completing Your Education: The Benefits of the Lifetime Learning Credit
Many people are unaware of the provisions in the U.S. tax code for those that seek higher education. Because the government wants to encourage a more educated population (even for those that have been out of school for a while), there are certain credits available to offset your tax burden. One of the best known […]
How Will The Payroll ‘Tax Hike’ Affect You?
Please welcome Deirdre Morhet as our accounting expert. She is the owner of BASC Expertise, a full service accounting firm based in Chandler, Arizona (a suburb of Phoenix.) She will be providing insights on taxes and other accounting issues that pertain to business owners, families, and individuals. According to the Washington Post, the payroll tax […]
